How Is The Insurance Brokers & Agents Market Segmented?
The insurance brokers & agents market covered in this report is segmented –
1) By Type: Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
2) By Insurance: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance
3) By Mode: Online, Offline
4) By End User: Corporate, Individual
Subsegments:
1) By Insurance Agencies: Captive Insurance Agencies, Independent Insurance Agencies
2) By Insurance Brokers: Retail Insurance Brokers, Wholesale Insurance Brokers
3) By Bancassurance: Bank-Affiliated Insurance Products, Integrated Banking and Insurance Services
4) By Other Intermediaries: Online Insurance Platforms, Insurance Consultants, Financial Advisors Providing Insurance Products
What Is Driving The Insurance Brokers & Agents Market? Digital Transformation Reshapes The Landscape Of Insurance Brokers And Agents Embrace Online Services For Growth
Insurance brokers and agents are investing in digital technologies to offer services online and thereby increase sales and boost margins. Digitalization is the process of converting information into digital formats. This includes providing tools and resources to agents and brokers in digital formats through insurance portals, exchange websites, and digital distribution channels. These web-based portals and other digital channels are aimed at improving efficiency in business processing and reducing costs. For instance, according to an insurance digital transformation survey, 39% of agents provide web-based portals to allow customers to request policy changes, check policy information and payments, report claims, obtain insurance ID cards, and get insurance certificates, and 78% of them are increasingly using social media to acquire new customers on Facebook and 68% on LinkedIn. Some of the major insurance companies offering insurance portals and digital distribution channels are Marsh & McLennan Cos., Inc., Willis Towers Watson P.L.C., and Aon P.L.C.
What Is Driving The Insurance Brokers & Agents Market? Surging Demand For Insurance Policies Fuels Robust Growth In The Insurance Broker And Agent Market
The increase in demand for insurance policies is expected to propel the growth of the insurance broker and agent market going forward. Insurance policies are contracts between an individual or entity (the policyholder) and an insurance company. Insurance policies are the core products that insurance brokers and agents offer, and their effective sales and management contribute to financial success, client satisfaction, and professional recognition within the industry. For instance, in 2023, according to the Insurance Information Institute, a US-based non-profit organization, insurance sales increased to $8.75 billion in 2022 from $8.3 billion in 2021. Additionally, in September 2023, according to the Centers for Medicare & Medicaid Services, a US-based federal agency, spending on private health insurance increased 5.8% to $1,211.4 billion in 2021, or 28% of total spending. Therefore, the increase in demand for insurance policies is driving the growth of the insurance broker and agent market.
Who Are The Major Players In The Global Insurance Brokers & Agents Market?
Major companies operating in the insurance brokers & agents market include Marsh & McLennan Cos Inc, Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Brown & Brown Inc., Truist Insurance Holdings Inc., Lockton Companies Inc, Acrisure LLC, USI Insurance Services LLC, HUB International Limited, Beacon Insurance Brokers Pvt. Ltd., Urjita Insurance Brokers Pvt. Ltd., Mahindra Insurance Brokers Limited, EFFICIENT Insurance Brokers Pvt. Ltd., VIBHUTI INSURANCE BROKERS PVT. LTD., UNISON Insurance Broking Services Pvt. Ltd., UIB Insurance Brokers Private Limited, MGA Insurance Brokers, Mega Capital, Roderick Insurance Brokers, Unity Insurance Brokers, Insurance Advisernet Australia, Fanhua Inc., Chang'an Insurance Brokers Co., Ltd., Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd., Shenzhen Huakang Insurance Agency Co., Ltd., Union Insurance Broker Co., Ltd., JiangTai Insurance Broker Co. Ltd., Air Union Insurance Brokers Co. Ltd., Huatai Insurance Agency & Consultant Service Ltd., Willis Insurance Brokers Co. Ltd., Lloyd's of London Limited (UK), Funk Gruppe GmbH, Ecclesia Holding GmbH, Insurance Brokers LLC, MAI Insurance Brokers Poland Sp. z o.o., Meijers Assurantiën B.V., International Insurance Brokers s.r.o., Arthur J. Gallagher, Lockton Inc., Alliant Insurance Services, Inc., NFP Corp., Assured Partners Inc., CBIZ, Inc., Canadian Insurance Brokers Inc., iCare Insurance Brokers, ALIGNED Insurance Inc., Novamar Insurance Mexico, JAH Insurance Brokers Corp, THB MEXICO, Intermediario de Reaseguro, S.A. de C.V., TTMS Argentina S.A., 123Seguro, Insur Insurance Company S.A., SRC Brokers, Lockton Brasil Corretora de Seguros Ltda, Uai Brazil Insurance Broker, ALC Corretora de Seguros, Capital Shield Insurance Brokers L.L.C., Nexus Insurance Brokers LLC, Wehbe Insurance Services LLC, New Shield Insurance Brokers LLC, Unitrust Insurance Broker LLC, Gulf Oasis Insurance Brokers LLC, Earnest Insurance Brokers LLC, Al Noor Insurance Broker, Arab Orient Insurance Brokers, Lusail Insurance Brokers, Glenrand MIB Limited, Howden, Northlink Insurance Brokers, Carrier Insurance Brokers, Glanvills Enthoven, Union Commercial Insurance Broker
What Are The Key Trends Of The Global Insurance Brokers & Agents Market? Revolutionizing The Insurance Landscape By Adoption Of Bridge Platforms Empowers Agents For Swift Commercial Line Quotes And Enhanced Efficiency
Major companies operating in the insurance broker and agent market are adopting new smart platforms, to maintain a strong grasp on the market. Smart insurance broker platforms are software solutions designed to help insurance agents and brokers manage their business operations more efficiently. For instance, in April 2023, Limit Inc., a US-based company that offers mobile applications and web platforms, launched a bridge platform that advances wholesale insurance brokers' ambitions. It is a digital platform that enables insurance agents to obtain commercial line quotes from their designated carriers right away. The platform allows insurance brokers to quote directly with carriers, streamlining the process and making IT more efficient. It is designed to improve the user experience and efficiency of insurance brokers by providing them with real-time information and access to a wider range of carriers.
What Are The Key Trends Of The Global Insurance Brokers & Agents Market? Transforming The Insurance Broker And Agent Market With Innovative Trading Solutions
Major companies operating in the insurance broker and agent market are adopting innovative platforms, such as Neuron, to strengthen their position in the market. Neuron is an end-to-end trading solution that has the potential to link various broker and insurer systems, allowing risks to flow at scale and with common data standards across several lines of business. For instance, in May 2023, Willis Towers Watson Public Limited Company, a UK-based insurance company, launched Neuron, a cutting-edge trading platform. The platform uses cutting-edge technology to help underwriters and brokers connect at speed, and IT is designed to be a simple solutiona data pathway that can connect any broker with any underwriter. Neuron enhances insurance processes by seamlessly connecting brokers and insurers, ensuring faster information transfer, high data quality, and more efficient decision-making.
Global Insurance Brokers & Agents Market Trend: Insurance Brokers And Agents Unite To Automate Workflows, Enhance Efficiency, And Elevate Customer Experience
Major companies operating in the insurance brokers and agents market are collaborating to enhance agency growth by streamlining workflows for member commercial insurance agents. Strategic partnership emphasizes automating routine processes, which can reduce manual tasks such as data entry and document management. For instance, in June 2024, Bold Penguin Inc., a US-based software company, partnered with Darkhorse Insurance Services, a US-based insurance company, aimed at enhancing the capabilities of commercial insurance agents. This collaboration focuses on providing advanced agency management tools that streamline operations for member agencies. The partnership introduces Bold Penguin's digital solutions, particularly its commercial insurance quoting platform, the Bold Penguin Terminal. This tool simplifies the quote process for Darkhorse member agencies, allowing them to operate more efficiently and accurately.
Regional Outlook For The Global Insurance Brokers & Agents Market
North America was the largest region in the global insurance brokers & agents’ market, accounting for in 2024. Western Europe was the second largest region insurance brokers & agents’ market. The regions covered in the insurance brokers & agents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the insurance brokers & agents market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Defines the Insurance Brokers & Agents Market?
The insurance brokers and agents’ market consist of sales of insurance products by entities and individuals that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. Insurance brokers and agents can be contracted with single or multiple insurance companies as they try to meet different client needs with available insurance products. This market excludes the direct selling of insurance products by insurance companies. The value of the market is based on the fees or commissions paid to brokers by the insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Insurance Brokers & Agents Industry?
The insurance brokers and agents research report is one of a series of new reports from The Business Research Company that provides insurance brokers and agents with statistics, including insurance brokers and agents industry global market size, regional shares, competitors with insurance brokers and agents share, detailed insurance brokers and agents segments, market trends and opportunities, and any further data you may need to thrive in the insurance brokers and agents industry. This insurance brokers and agents' research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
