Allied Market Research

2024

Retirement Income Insurance Market

Retirement Income Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Type and by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2023-2032

BI : IT in BFSI

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Author's: | Onkar Sumant
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Retirement income insurance refers to a life insurance policy that pays a monthly income based on a percentage of the face amount when the policyholder reaches retirement age. In later policy years, the cash value of this type of policy will exceed the face amount to provide high death benefits or adequate retirement income.Retirement & pension plans give the customer financial security so that when their professional income starts to dwindle, they can still live proudly without sacrificing their lifestyle. Retirement planning has become even more important in light of the high cost of living and rising inflation.Retirement and pension plans provide a steady stream of income in retirementdue to the money saved during one's working years. In addition, despite rising living costs, retirement income insurance helps the family in maintainingtheirstandard of living without the regular paycheck. Furthermore,retirement planning allows one to meet unexpected expenses without stress. Therefore, the surge in demand for retirement income insurance is expected to boost the growth of the market in the coming years.

The Retirement Income Insurance market is segmented on the basis of Type, Distribution Channel and Region. Based on type, the market is divided into Traditional Requirement, Semi-Retirement, Temporary Retirement and Others. In terms of Distribution Channel, the market is categorized into Banks, Agents, Broker, Retailer, and Others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

COVID-19 scenario analysis
With the recent COVID-19 outbreak, more people are becoming aware of the importance of retirement income insurance. Many of them also see insurance as a necessity to be prepared in the event of any future unforeseen events. Several retirement income insurance companies are stepping up their digitization efforts and closing gaps in their business continuity plans. Due to this, customers have become increasingly aware of the policies the insurance firms provide and are reminded of the importance of insurance. 

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Rise in number of uncertain events and increased adoption of smart mobile devices &digital banking services among customers are expected to boost the growth of the market. In addition, increased adoption of cloud-based platforms to obtain higher security propels the growth of the market. However,rise in security concerns is expected to hamper the growth of the market. Contrarily, rise in retirement income insurance plans across the worldis expected to provide lucrative opportunities to the market in the coming years.

The globalretirement income insurancemarket trends are as follows:

Rise in number of uncertain events:

The process of getting access to retirement income insurancehas become easy. In the near future, utilizing mobile photo data captureand designing the processare easier for a smartphone user, and eliminating the need for legacy, paper-based documentation will significantly reduce the time.Digital capabilities will transform the retirement income insurance plans, allowing more time to discover the needs of the new customer, determine optimal financial solutions, and build a better onboarding experience for user-initiated processes. Therefore, rise in number of uncertain events is expected to boost the growth of the market during the forecast period.

Increased adoption of smart mobile devices & digital banking services among customers:

The advantages of using a mobile device to speed up various processes for the retirement income insurance plans are starting to filter down to the branch network. Many banks, insurance firms, and credit unions are replacing slow, error-prone desktop processes with mobile functionalities such as turning a smartphone into a document and ID scanner with character recognition (OCR) for improved accuracy, reduced friction, and risk management. Moreover, in the long run, using a mobile device to access various retirement income insurance plans will be more important than using an online desktop. Therefore, the increased adoption of smart mobiles & digital banking services among customers is expected to boost the growth of the retirement income insurance market during the forecast period. 

Key benefits of the report:

  • This study presents analytical depiction of the global retirement income insurancemarket along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.     
  • The current market is quantitatively analyzed to highlight the global retirement income insurancemarket growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Questions answered in the retirement income insurancemarket research report:    

  • Which are the leading players active in the global retirement income insurancemarket?
  • What would be the detailed impact of COVID-19 on the global retirement income insurancemarket?
  • What are current trends that would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the global retirement income insurancemarket?
  • What are the projections for the future that would help in taking further strategic steps?

Retirement Income Insurance Market Report Highlights

Aspects Details
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By Type
  • Traditional Requirement
  • Semi-Retirement
  • Temporary Retirement
  • Others
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By Distribution Channel
  • Banks
  • Agents
  • Broker
  • Retailer
  • Others
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By Region
  • North America  (U.S, Canada)
  • Europe  (UK, Germany, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

China Life Insurance Co. Ltd, MetLife Services and Solutions LLC, Japan Post Insurance Co. Ltd, Allianz, Prudential Financial Inc, AXA, Ping An Insurance (Group) Company of China Ltd, Berkshire Hathaway Inc., Reliance Nippon Life Insurance Company Limited, Legal & General Group Plc

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Retirement Income Insurance Market

Global Opportunity Analysis and Industry Forecast, 2023-2032