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Insurance Brokers & Agents Market: Navigating Towards Growth! In-Depth Market Analysis, Trends, and Key Factors Driving Demand
Insurance Brokers & Agents Market
As per the report, the insurance brokers & agents market size has grown strongly in recent years. It will grow from $436.16 billion in 2023 to $467.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The insurance brokers & agents market size is expected to see strong growth in the next few years. It will grow to $612.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
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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.
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 solution-a 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.
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
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Major companies operating in the insurance brokers & agents market report are 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, Allianz Global, Crédit Agricole Assurances, CNP Assurance, Société Générale, BNP Paribas Cardif, AXA France Vie, Malakut, 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
Contents of the report:
1. Executive Summary
2. Insurance Brokers & Agents Market Report Structure
3. Insurance Brokers & Agents Market Trends And Strategies
4. Insurance Brokers & Agents Market - Macro Economic Scenario
5. Insurance Brokers & Agents Market Size And Growth
…..
27. Insurance Brokers & Agents Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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