The legal industry has seen a rapid increase in the provision of legal services by accounting firms, contractors, legal staffing services and other “alternative legal service providers.” In 2019, $14 billion was spent on ALSP, with about 10% of the market controlled by the “Big Four” accounting firms. The survey found that 38% of lawyers start their search through a free search engine such as Google, while 30% said they start their search with a paid online resource, while 10% start the search with the free legal research service available through a partnership with a bar association. In 2020, Westlaw was the most popular among available online legal services, with 49% of respondents. The top-rated free online sources were Findlaw (20%), followed by Fastcase (18%), Cornell`s Legal Information Institute (18%), government websites (15%) and Google Scholar (13%). Industry expansion will most likely be driven by a strong demand for expert legal advice at reasonable prices over the projected period. In 2019, the legal sector in Singapore generated nominal gross value added of SGD 2.4 billion and employed over 13,000 professionals. [58] What would improve this situation for young lawyers would be if in-house counsel recognized their impact on the talent supply chain by working with large corporations and other legal service providers to develop training programs that provide reasonable and sustainable training compensation either in the third year of law school or in the first year of practice. In addition to broadening the door to practice, such an approach could also improve diversity and reduce student debt. The market for life insurers is the sale of life insurance.
Life insurers enter into a legal contract with the policyholder in which the insurer (life insurer) undertakes to pay a designated beneficiary a sum of money in exchange for a premium in the event of the death of an insured. Life insurers are primarily interested in pooling risk through the underwriting of insurance (i.e., assumption of risk and allocation of premiums) and annuities. The global life insurance market is expected to grow from $2475.85 billion in 2020 to $2880.18 billion in 2021 at a compound annual growth rate (CAGR) of 16.3%. The growth is mainly due to companies transforming their operations and recovering from the effects of COVID-19, which had previously led to restrictive lockdown measures involving social distancing, telecommuting and the closure of business activities, creating operational challenges. The market is expected to reach $3519.44 billion in 2025 at a CAGR of 5.1%. Rising disposable income in emerging markets such as India and China is expected to boost the life insurers market. Economic growth in the middle-income group leads to an increase in disposable income, which allows them to invest in life insurance products. According to a report by the Swiss Re Institute, the world`s seven largest emerging economies will contribute 42% to global growth, China 27%. This increase in disposable income, particularly in emerging markets, is expected to increase demand for life insurance plans, boosting the life insurer market. Lack of knowledge about life insurance and complex insurance products is hampering the life insurer market.
Many people tend to invest in traditional investment vehicles because they don`t know the benefits of life insurance. According to a survey by the PHD Research Bureau, about 49% of the Indian population is not familiar with insurance products and about 57% of people find insurance products too complicated and difficult to understand. This lack of awareness and information is proving to be a barrier to the life insurer market. Robotic process automation and artificial intelligence have changed the way business is conducted in the insurance industry. Robotic process automation and artificial intelligence are used in the life insurance industry to accurately predict outcomes, improve customer service, guide new product development, identify risks, and promote cross-promotion products. For example, Aditya Birla Sun Life Insurance launched DISHA 2.0, an updated AI-powered chatbot, to find customized solutions for life insurance decisions. These technological developments will improve the customer experience and boost the market. Life insurance companies are overseen by regulatory bodies such as the National Association of Insurance Commissioners (NAIC) in the US, the Prudential Regulatory Authority (PRA) in the UK, and the China Insurance Regulatory Commission in China.
For example, the China Insurance Regulatory Commission (the “CIRC”), which was established on the 18th. Established in November 1998, it was authorized by the State Council to administer, supervise and regulate China`s insurance market and ensure that the insurance industry operates in a stable manner in accordance with the law. IARC is responsible for licensing, developing rules for the administration of reinsurance activities and measures for the administration of life and health insurance. In 2019, New York Life agreed to acquire Cigna`s group life and disability insurance business for $6.3 billion. This acquisition increases the value that New York Life can offer its policyholders and strengthens its well-defined business model. Cigna Corporation is a global healthcare services company that provides services to improve health and wellness. Cigna operates in 30 countries and has 165 million customer relationships. Cigna was founded in 1982 by the merger of CG and INA. The key players in the market are Munich Re, AXA, Generali, Allianz, and China Life Insurance Company Limited. The countries covered in the global life insurance market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the United Kingdom, the United States and Australia.
The regions covered in the global life insurance market are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The global life insurance market is segmented – 1) By Type: Term Life Insurance, Total Life Insurance, Variable Life Insurance, Stock Indexed Life Insurance, Accidental Death Insurance, Other Life Insurance 2) By Application: Agency, Broker, Bancassurance, Digital and Direct Channels 3) By Mode: Online, Offline Singapore offers the efficiency, integrity and capabilities of Switzerland and London in the heart of Asia. Singapore`s success in the legal services market is attributed to (a) its geographical advantage, (b) its modern, clean and highly efficient country with excellent infrastructure and first-class communications, and (c) respect for governments and courts. In Malaysia, legal services can be divided into two sectors – public practice or private practice. Legal lawyers are administered by the Commission on the Judiciary and Legal Service and are transferred to the Office of the Attorney-General or may be seconded to the State Government as legal advisers. There is no division of legal services in private practice. Law firms provide a wide range of legal services such as litigation, transfer of ownership, business advice and intellectual property. Specialist law firms advise in niche areas such as taxation, maritime law and competition law. The Figure 1 class of customer data is essentially a continuation of the Chicago Lawyers II scenario, with corporate clients generating nearly 75% of the legal services industry`s revenue. The biggest opportunities in the legal services market, segmented by service type, will come in the B2B legal services segment, which will have global annual revenue of $155.5 billion by 2025. The biggest opportunities in the segment by size will come in the large law firm segment, which will generate $216.5 billion in global annual revenue by 2025. The biggest opportunities in the consumer segment will come in the financial services segment, which will have global annual revenues of $92.2 billion by 2025.