Press release
Prominent Insurance Brokers & Agents Market Trend for 2025: Revolutionizing The Insurance Landscape By Adoption Of Bridge Platforms Empowers Agents For Swift Commercial Line Quotes And Enhanced Efficiency
Insurance Brokers & Agents
A surge in investment in digital technologies by insurance agents and brokers aims to elevate their services online, augmenting their sales and subsequently expanding their profitability margin. Digitalization, or the conversion of data into digital form, has been implemented by providing resources and tools to these professionals through insurance portals, exchange websites, and digital distribution routes. These internet-based platforms and other digital pathways aspire to enhance operational efficiency and slash expenses. As evidenced by an insurance digital transformation survey, 39% of representatives implement web-based portals that allow clients to request policy modifications, verify policy details and payments, file claims, receive insurance identification cards, and secure insurance certificates. Furthermore, the rising use of social media outlets like Facebook, utilised by 78% of these agents, and LinkedIn, used by 68%, is helping them reach fresh clientele. Marsh & McLennan Cos., Inc., Willis Towers Watson P.L.C., and Aon P.L.C. are some of the leading insurance corporations that provide insurance portals and digital distribution channels.
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What is the future CAGR of the insurance brokers & agents market, and how will it impact industry expansion?
The market size for insurance brokers & agents has seen substantial growth in the past years. The market, which currently stands at $464.66 billion in 2024, is projected to rise to $496.24 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%. The growth observed during the past years can be credited to the robust economic development in emerging markets, rising healthcare expenditures, and insurance reforms initiated by the government.
The market size for insurance brokers & agents is anticipated to witness robust growth in the coming years, with an expected value of $637.12 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.4%. This growth expectation for the forecast period is driven by the rise in chronic illnesses and disabilities, effects of the COVID-19 pandemic, and the expanding middle class in emerging markets. Key trends projected for this period involve the uptake of AI digital insurance portals and distribution channels, strategic partnerships with banking entities, and mergers and acquisitions.
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What trends are poised to drive the future success of the insurance brokers & agents market?
Prominent businesses in the insurance broker and agent sector are embracing innovative smart platforms in order to retain their powerful market hold. These intelligent broker platforms in the insurance sector are software application solutions, designed to enhance business operation management efficiency for brokers and agents in the industry. For instance, a US-based firm, Limit Inc., known for providing mobile apps and web platforms, launched an innovative bridge platform in April 2023 aiming to boost wholesale insurance brokers' aspirations. This digital platform facilitates direct quote procurement for commercial line from designated carriers for insurance brokers. It simplifies the process by enabling direct quotation with carriers, and thereby enhances efficiency. It has been crafted to augment the user experience and efficiency of insurance brokers by offering real-time data and wider access to various carriers.
Which key market segments comprise the insurance brokers & agents market and drive its revenue growth?
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
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What regions are at the forefront of insurance brokers & agents market expansion?
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
Who are the leading players fueling growth in the 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
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What Is Covered In The Insurance Brokers & Agents Global Market Report?
• Market Size Forecast: Examine the insurance brokers & agents market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the insurance brokers & agents market for a structured understanding.
• Key Players Overview: Analyze major players in the insurance brokers & agents market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the insurance brokers & agents market.
• Segment Contributions: Evaluate how different segments drive overall growth in the insurance brokers & agents market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the insurance brokers & agents market.
• Industry Challenges: Identify potential risks and obstacles affecting the insurance brokers & agents market.
• Competitive Landscape: Review strategic developments in the insurance brokers & agents market, including expansions, agreements, and new product launches.
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