BURIAL INSURANCE MARKET Challenges and Opportunities

One of the key challenges faced by the global burial insurance market is the limited understanding of burial insurance products among potential customers. Burial insurance is still a relatively niche product compared to more mainstream insurance plans such as life or health insurance. Many people are simply unaware of how burial insurance works or the benefits it provides. Educating customers about the product features, payout structure, enrollment process, etc. is important to boost demand. However, this remains a challenge due to the complexity of products offered by insurers.

Market Opportunities - Expansion of online insurance platforms

One major opportunity for the global burial insurance market is the expansion of online insurance platforms. The insurance industry has been making a strong push towards online and digital transformation over the past few years. Innovative models like InsurTech are disrupting traditional methods of purchasing insurance. The burial insurance market is well positioned to ride this digital wave. Online platforms enhance the accessibility of products by making information readily available online and allowing customers to purchase policies via websites and mobile apps from the comfort of their homes.