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Insurance Brokers & Agents Market Trends and Forecasts 2024-2033 | Key Players Marsh & McLennan Cos Inc, Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Brown & Brown Inc.
Insurance Brokers & Agents Market Share
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According to The Business Research Company's, 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 growth in the historic period can be attributed to strong economic growth in emerging markets, increasing healthcare costs, and government led insurance reforms.
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%. The growth in the forecast period can be attributed to increase in chronic diseases and disabilities, impact of covid-19, and growth of the middle-class in emerging markets. Major trends in the forecast period include adoption of artificial intelligence digital insurance portal and distribution channels, strategic collaborations with baking organizations, mergers and acquisitions .
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Becton, Dickinson and Company, Baxter International, Gerresheimer AG, B. Braun Melsungen AG, Catalent, Inc., SkyePharma PLC, Antares Pharma, Pfizer Inc, GE Healthcare, Owen Mumford, Catalent Pharma Solutions, Philips, West Pharmaceutical Services, Inc., Alkermes, Schott AG, UCB, AstraZeneca, Johnson & Johnson, NEARMEDIC PLUS LLC, Pendant Biosciences, Siemens, H&T Presspart, B Braun, Copernicus, Ypsomed AG, 3M Company, Aptar, Congenica Ltd., Julphar, Nemera, Stryker, Roche, Nektar Therapeutics, Eli Lilly, Merck & Co. Inc., Sandoz, Sorrel Medical, Teleflex Medical, Gilero, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline, MediPrint Ophthalmics, Medtronic, Novartis, Pharmasyntez, Bayer, Mylan N.V, Aptalis Pharma, Inc., Sanofi, Novo Nordisk, Bilim Pharmaceuticals, Battelle Medical Devices, Caplin Steriles Limited, Abbot, Allergan, Boehringer Ingelheim, Hovione Technology, Jiangsu Delfu Medical Device Co, Ltd., Syqe Medical, Terumo Corporation, Kedalion Therapeutics, Amgen Inc.
Insurance Brokers & Agents Market 2024 Key Insights:
• 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%.
• Digital Transformation Reshapes The Landscape Of Insurance Brokers And Agents Embrace Online Services For Growth
• Transforming The Insurance Broker And Agent Market With Innovative Trading Solutions
• North America was the largest region in the global insurance brokers & agents market, accounting for in 2023
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