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Insurance Aggregators Market Report 2024 - Insurance Aggregators Market Share And Size
Insurance Aggregators Market
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According to The Business Research Company's, The insurance aggregators market size has grown exponentially in recent years. It will grow from $28.76 billion in 2023 to $35.73 billion in 2024 at a compound annual growth rate (CAGR) of 24.2%. The growth in the historic period can be attributed to an increasing number of aggregators and digital brokers, an increase in internet usage, the deepening use of the internet, the rise of digital influence, and growing healthcare expenditures.
The insurance aggregators market size is expected to see exponential growth in the next few years. It will grow to $85.51 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%. The growth in the forecast period can be attributed to increasing customer behavioral analysis to improve corporate operations, a rising number of aggregators, a rising number of digital brokers, an increase in internet userbase usage, an increase in digital influence, and improved decision-making capability. Major trends in the forecast period include the implementation of analytics solutions, the use of business intelligence (BI) tools, a comparative quote-based system, and extensive advertising to build visibility.
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Market Drivers and Trends:
The rising number of digital brokers is expected to propel the insurance aggregator market forward. A digital broker is a company or platform that uses digital means to facilitate the buying and selling of financial assets such as stocks, bonds, commodities, currencies, and other securities. There is a demand for insurance aggregators due to their ability to enhance market competitiveness by providing access to the best prices and special deals from insurers, thereby enabling agencies to attract and retain clients effectively. Insurance aggregators use digital brokers to enhance their offerings by leveraging advanced broker functionalities and robo-adviser features, allowing consumers to choose from a wide array of products efficiently. For instance, in March 2024, according to The Insurance Business, a Canada-based insurance sector publication, the average growth rate for the fifteen Fast Brokerages is 144% over the last two years, with the four Fast Starters, with three years or less in business, achieving 452% average growth rate. Therefore, the rising number of digital brokers is driving the growth of the insurance aggregator market.
Major companies operating in the insurance aggregator market focus on modern technologies, such as fintech aggregator platforms, to streamline the purchasing process, enhance customer experience, and provide tailored insurance solutions. A fintech aggregator platform is a technological platform or service that combines multiple financial technology (fintech) products or services in a single interface. For instance, in May 2021, Choice Group, an India-based corporate company, launched a fintech aggregator platform called ISMOS. It offers life, health, and general insurance products. The platform aims to improve insurance penetration in the Indian market by providing a one-stop solution with in-built filters to eliminate mis-selling. This platform is designed to simplify the insurance purchasing process and offer customers a basket of risk mitigation products.
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Major Key Players of the Market:
InsuranceDekho Services Private Limited, One97 Communications Limited, Acko General Insurance Limited, TurtleMint Technologies Private Limited, CHECK24 Vergleichsportal GmbH, Go Digit General Insurance Limited, The Zebra Insurance Services LLC, Gocompare.com Limited, Hippo Comparative Services (Pty) Ltd, Huize Holding Limited, OneInsure Online Solutions Private Limited, Policybazaar Insurance Web Aggregator Private Limited, RenewBuy Insurance Services Private Limited, Acierto.com S.L.U., Toffee Insurance Broking Private Limited, Rastreator.com Correduría de Seguros S.L.U., PolicyX.com Insurance Web Aggregator Private Limited, Insurify Insurance Services Inc., LesFurets.com SAS, Covernest Insurance Web Aggregator Private Limited, Singsaver Insurance Brokers Pte. Ltd., GoBear Limited, LeLynx SAS, MoneyHero Insurance Brokers Limited, SureHits LLC, Tarifcheck.de AG
Insurance Aggregators Market 2024 Key Insights:
• The insurance aggregators market size is expected to see exponential growth in the next few years. It will grow to $85.51 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%.
• Rising Digital Brokers Fueling Insurance Aggregators Market Growth
• Innovative Services In Insurance Aggregation With Fintech Platforms
• North America was the largest region in the insurance aggregators market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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