Press release
Insurance Aggregators Industry Outlook 2025-2029: Market Set to Cross $106.24 Billion Milestone
Insurance Aggregators
How Large Will the Insurance Aggregators Market Size By 2025?
In recent years, the size of the insurance aggregators market has witnessed a major surge, rising from $35.73 billion in 2024 to an anticipated $44.53 billion in 2025, showing a compound annual growth rate (CAGR) of 24.6%. This significant growth rate during the past several years can be ascribed to a variety of factors such as the growth in the number of aggregators and digital brokers, heightened internet usage, growing influence of digital platforms, and the increase in healthcare spending.
How Big Is the Insurance Aggregators Market Size Expected to Grow by 2029?
Expectations are high for a substantial expansion in the insurance aggregators market size in the forthcoming years, projecting it to reach $106.24 billion by 2029, fueled by a compound annual growth rate (CAGR) of 24.3%. This momentum in the forecast period can be traced back to factors like the rise in customer behavior analysis to enhance business outcomes, increasing count of aggregators and digital brokers, growth in internet usage, amplified digital influence, and enhanced ability to make decisions. Essential trends to look out for during the forecast period encompass the deployment of analytic solutions, utilization of business intelligence (BI) tools, a system hinged on comparative quotes, and widened advertising for better visibility.
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Which Key Market Drivers Powering Insurance Aggregators Market Expansion and Growth?
The influx of digital brokers is expected to stimulate the growth of the insurance aggregator market. Digital brokers are firms or platforms that employ technology to expedite the transaction of financial assets such as stocks, bonds, commodities, currencies, among other securities. Triggered by the need for insurance aggregators, these brokers heighten market competition by offering the best prices and unique deals from insurance companies, thus effectively enthralling and keeping clients. To amplify their services, insurance aggregators engage digital brokers, who command sophisticated broker capabilities and robo-advisor properties, to provide consumers with an extensive range of products. For instance, as per The Insurance Business, a Canadian publication in the insurance field, the average growth for the fifteen Fast Brokerages surged 144% in the last two years by March 2024. Meanwhile, the four Fast Starters, being in operation for three years or less, achieved an average growth rate of 452%. Therefore, the ever-growing number of digital brokers is spearheading the expansion of the insurance aggregator market.
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Which Fast-Growing Trends Are Poised to Disrupt the Insurance Aggregators Market?
Top firms functioning in the insurance aggregator market are emphasizing the incorporation of advanced technologies such as AI-enabled health insurance schemes to improve customization and comparison capabilities, thus refining the consumer experience. An AI-infused health insurance plan operates through leveraging artificial intelligence in enhancing areas like risk evaluation, processing of claims, tailored suggestions, detection of fraud, as well as in customer service. For example, ICICI Lombard, an insurance entity based in India, introduced 'Elevate' in July 2024. This health insurance scheme by ICICI Lombard provides customized protection with aspects such as infinite insurance coverage, unlimited claim submissions, and reduced waiting intervals for pre-existing health conditions. It employs AI technology for proficient claim processing and also incorporates wellness schemes for endorsing a healthy lifestyle. The primary goal of Elevate is to offer a comprehensive financial shield and lessen the burden associated with managing healthcare expenses.
What Are the Emerging Segments in the Insurance Aggregators Market?
The insurance aggregators market covered in this report is segmented -
1) By Insurance Type: Life Insurance, Automotive Insurance, Health Insurance, Other Insurance Types
2) By Enterprise Type: Lead Generators, Call-Center Agencies, Digital Agencies
3) By Enterprise Size: Large Enterprise, Small And Medium Enterprises (SMEs)
4) By Distribution Channel: Online, Offline
Subsegments:
1) By Life Insurance: Term Life Insurance, Whole Life Insurance, Endowment Policies, Universal Life Insurance
2) By Automotive Insurance: Vehicle Insurance, Collision Insurance, Comprehensive Coverage, Liability Insurance
3) By Health Insurance: Individual Health Insurance, Family Health Insurance, Critical Illness Insurance, Dental and Vision Insurance
4) By Other Insurance Types: Travel Insurance, Property Insurance, Pet Insurance, Business Insurance, Homeowners Insurance
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Who Are the Global Leaders in the Insurance Aggregators Market?
Major companies operating in the insurance aggregators market are 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
Which are the Top Profitable Regional Markets for the Insurance Aggregators Industry?
North America was the largest region in the insurance aggregators market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance aggregators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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