Major companies in the insurance brokers and agents market include Marsh & McLennan Cos Inc; Willis Towers Watson PLC; Aon PLC; Arthur J Gallagher & Co and Brown & Brown Inc. The global insurance brokers & agents market is expected to grow from $350.
New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Insurance Brokers & Agents Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009791/?utm_source=GNW
24 billion in 2020 to $362.54 billion in 2021 at a compound annual growth rate (CAGR) of 3.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $457.31 billion in 2025 at a CAGR of 6%.
The insurance brokers and agents market consists of sales of insurance policies by entities (organizations, sole traders and partnerships) and individuals that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. They represent consumers or insurance providers or both in insurance premium collection. 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 insurance brokers and agents market is segmented into insurance agencies; insurance brokers; bancassurance and other intermediaries.
North America was the largest region in the global insurance brokers & agents market, accounting for 44% of the market in 2020. Western Europe was the second largest region accounting for 31% of the global insurance brokers & agents market. Eastern Europe was the smallest region in the global insurance brokers & agents market.
Nontraditional companies such as Google, Amazon and Walmart are entering the insurance intermediary market to capitalize on their brand image, large capital and customer base. Their primary focus is on distribution of health, property and casualty insurance products. In line with this trend, these companies are also entering into partnerships, joint ventures and alliances with other established insurance carriers to offer insurance products and services to their customers. For instance, Magma Fincorp and HDI-Gerling came together to form a joint venture in 2015.According to a 2018 report by RISKHEADS.org, a blog offering information on software products for the software industry ,Verily formerly known as Google Life Sciences is expected to enter the health insurance industry. These collaborations have enabled new entrants to acquire market knowledge and understand the industry dynamics.
Insurance brokers and agents are investing in digital technologies to offer services online and thereby increase sales and boost margins. Digitalization is a 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 reduction of costs. For instance, according to 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% through 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.
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