Press release
Life Insurance Broker Services Industry Outlook 2025-2029: Market Set to Cross $105.39 Billion Milestone
Life Insurance Broker Services Market Size
How Large Will the Life Insurance Broker Services Market Size By 2025?
The market size of life insurance broker services has been burgeoning over the recent years. This market is projected to inflate from $69.20 billion in 2024 to $75.47 billion in 2025, with a compound annual growth rate (CAGR) of 9.1%. The growth witnessed in the past can be credited to the surge in internet usage for insurance research, heightened dependence on third-party consultants, escalated need for retirement planning, expansion of urban areas, lifestyle risks, and an inflating number of autonomous insurance brokers.
How Big Is the Life Insurance Broker Services Market Size Expected to Grow by 2029?
Expectations are high for robust expansion in the life insurance broker services market in the coming years. The market is forecasted to escalate to a value of $105.39 billion by 2029, with a compound annual growth rate (CAGR) of 8.7%. This predicted growth during the forecast period is a result of the rising acceptance of digital broker platforms, enhanced AI integration in policy advice, increased requirement for hybrid advisory models, expanded application of data analytics in risk profiling, and an increased emphasis on smooth customer onboarding processes. Notable trends during this period are projected to be improvements in automated underwriting tools, development of mobile-based insurance platforms, innovative strides in virtual advisory services, advancements in API-enabled broker ecosystems, and the creation of customized insurance dashboards.
View the full report here:
https://www.thebusinessresearchcompany.com/report/life-insurance-broker-services-global-market-report
Which Key Market Drivers Powering Life Insurance Broker Services Market Expansion and Growth?
The advancement of digital technology in the financial sector is anticipated to drive the expansion of the life insurance broker services market. The digitalization of financial services involves employing digital methods to enhance and streamline the provision of financial goods and services for improved efficiency, accessibility, and consumer comfort. As more customers prefer managing their finances at their convenience and from any location, firms are pushed to provide quicker, more user-friendly digital solutions. Life insurance broker services contribute to this digital transformation by providing online platforms that simplify policy comparison, application processes, and customer service, thus making insurance more manageable and effective. For example, based on the data from UK Finance-an organization that represents the banking and financial services sector in the UK - approximately 86% of UK adults, which represents around 46 million people, utilized online banking as of 2024. Moreover, the percentage of digital-only bank accounts has dramatically increased from 24% in 2023 to 36% in 2024. Consequently, the digitalization of financial services is fueling the expansion of the life insurance broker services market.
Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=27110&type=smp
Which Fast-Growing Trends Are Poised to Disrupt the Life Insurance Broker Services Market?
Leading companies in the life insurance brokerage market are focusing their efforts on the creation of innovative solutions like life insurance digital platforms. These platforms are designed to improve customer interaction, simplify the policy comparison and purchase journey, and enhance overall operational efficacy. Life insurance digital platforms are essentially internet-based systems that facilitate comparison, acquisition, and management of life insurance policies in an easy manner, using tailored suggestions, real-time quotations, and digital tools. For instance, Traffk, a US-based insurance product provider, launched the Hero Life Insurance digital platform in May 2022. The said platform is specifically tailored for agents and brokers based in the United States. It allows intermediaries to propose instant-decision term life insurance policies covering up to $2 million, many times without the requirement of a medical exam, within 20 minutes for those qualified. Unlike most insurtech solutions marketed directly to consumers, Hero Life arms brokers with an efficient, fully digital sales and application procedure. Assured by Assurity Life Insurance Company and SCOR, the platform employs artificial intelligence for underwriting and cloud technology for efficiency enhancement, aiming to bridge the gap in life insurance coverage through digital transformation.
What Are the Emerging Segments in the Life Insurance Broker Services Market?
The life insurance broker services market covered in this report is segmented -
1) By Type Of Insurance Product: Term Life Insurance, Whole Life Insurance, Universal Life Insurance, Variable Life Insurance, Indexed Universal Life Insurance
2) By Client Type: Individual Clients, Small And Medium Enterprises (SMEs), Large Corporations, Non-Profit Organizations, Employees Through Group Insurance Plans
3) By Policy Features: Coverage Options, Underwriting Process, Claim Settlement Ratio, Flexibility In Policy Terms
4) By Distribution Channel: Direct Sales, Independent Insurance Agents, Insurance Brokerages, Online Insurance Platforms, Financial Service Providers
Subsegments:
1) By Term Life Insurance: Level Term Insurance, Decreasing Term Insurance, Renewable Term Insurance, Convertible Term Insurance, Return Of Premium Term Insurance
2) By Whole Life Insurance: Non-Participating Whole Life Insurance, Participating Whole Life Insurance, Limited Payment Whole Life Insurance, Single Premium Whole Life Insurance, Modified Whole Life Insurance
3) By Universal Life Insurance: Guaranteed Universal Life Insurance, Indexed Universal Life Insurance, Variable Universal Life Insurance, Flexible Premium Universal Life Insurance, No Lapse Guarantee Universal Life Insurance
4) By Variable Life Insurance: Scheduled Premium Variable Life Insurance, Flexible Premium Variable Life Insurance, Modified Variable Life Insurance, Joint Variable Life Insurance, Survivorship Variable Life Insurance
5) By Indexed Universal Life Insurance: Traditional Indexed Universal Life Insurance, Multi Index Strategy Indexed Universal Life Insurance, Capped Indexed Universal Life Insurance, Uncapped Indexed Universal Life Insurance, Fixed Account Indexed Universal Life Insurance
Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=27110&type=smp
Who Are the Global Leaders in the Life Insurance Broker Services Market?
Major companies operating in the life insurance broker services market are Marsh McLennan, Aon plc, Willis Towers Watson (WTW), Arthur J. Gallagher & Co., AJG Australia Pty Ltd., Hub International Ltd., Acrisure LLC, Alliant Insurance Services Inc., Aditya Birla Group, Brown & Brown Inc., Lockton Companies Inc., USI Insurance Services, Howden Insurance Brokers, Amwins Group, Coverfox Insurance Broking Pvt. Ltd., SREI Insurance Broking Ltd., Capitas Financial Inc., Policygenius Inc., Anand Rathi Insurance Brokers Ltd., SPA Insurance Brokers Private Limited, Helios Insurance Broking Services Pvt. Ltd., Square Insurance Brokers
Which are the Top Profitable Regional Markets for the Life Insurance Broker Services Industry?
North America was the largest region in the life insurance broker services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life insurance broker services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=27110
This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work.
Speak With Our Expert:
Saumya Sahay
Americas +1 310-496-7795,
Asia +44 7882 955267 & +91 8897263534,
Europe +44 7882 955267
Email: saumyas@tbrc.info
The Business Research Company - www.thebusinessresearchcompany.com
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Life Insurance Broker Services Industry Outlook 2025-2029: Market Set to Cross $105.39 Billion Milestone here
News-ID: 4164750 • Views: …
More Releases from The Business Research Company
Top Trends Transforming the Fluoropolymer Films Market Landscape in 2025: Techno …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Fluoropolymer Films Industry Market Size Be by 2025?
The fluoropolymer films market has seen strong growth recently. It will expand from $2.5 billion in 2024 to $2.65 billion in 2025 at a CAGR of 5.7%. Growth drivers in the past included high thermal stability, electronics manufacturing…
Driving Digitally Printed Wallpaper Market Growth in 2025: The Role of Rising Ur …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Digitally Printed Wallpaper Market Size Growth Forecast: What to Expect by 2025?
The digitally printed wallpaper market has expanded rapidly in recent years. It will grow from $9.13 billion in 2024 to $10.26 billion in 2025, at a CAGR of 12.4%. Historic growth was fueled by interior design preferences,…
Top Market Shifts Transforming the Biodegradable Paper and Plastic Packaging Mar …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Biodegradable Paper and Plastic Packaging Market Through 2025?
Over the past few years, we've witnessed a significant expansion in the size of the biodegradable paper and plastic packaging market. It is projected to rise from $12.97 billion in 2024 to $14.12 billion…
Acrylic Rubber Market Landscape to 2034: Key Forces Shaping the Next Decade of G …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
How Large Will the Acrylic Rubber Market Size By 2025?
The acrylic rubber industry has seen robust growth in the past few years. The market value, which is projected to escalate from $1.63 billion in 2024 to $1.74 billion in 2025, implies a compound annual growth rate (CAGR) of…
More Releases for Insurance
Renters Insurance Market Dazzling Worldwide with Major Giants Travelers Insuranc …
According to HTF Market Intelligence, the Global Renters Insurance market to witness a CAGR of xx% during the forecast period (2024-2030). The Latest research study released by HTF MI "Renters Insurance Market with 120+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know-how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint, and status. Understanding the segments helps in identifying…
Renters Insurance Market to See Competition Rise | Travelers Insurance, Geico In …
HTF MI introduces new research on Renters Insurance covering the micro level of analysis by competitors and key business segments (2023-2029). The Renters Insurance explores a comprehensive study of various segments like opportunities, size, development, innovation, sales, and overall growth of major players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing. Some of the major key players profiled…
Insurance Road Assistance Services Market Is Booming Worldwide | Travelers Insur …
Insurance Road Assistance Services Market: The extensive research on Insurance Road Assistance Services Market, by Qurate Research is a clear representation on all the essential factors that are expected to drive the market considerably. Thorough study on Insurance Road Assistance Services Market helps the buyers of the report, customers, the stakeholders, business owners, and stockholders to understand the market in detail. The updated research report comprises key information on the…
Agriculture Crop Insurance Market Type (MPCI Insurance, Hail Insurance, Livestoc …
Agriculture Crop Insurance market worldwide Agriculture is an important contributor to any economy. The extensive use of crops for direct human consumption and industrial processes has resulted in increasing the pressure on the existing supply demand gap. Increasing need for food security is expected to augment the demand for insurance policies. The two major risks in agricultural sector are price risk, caused due to volatility in prices in the market…
Household Insurance Market By Key Players: Discount Insurance Home Insurance, On …
Household Insurance Industry Overview
The Household Insurance market research study relies upon a combination of primary as well as secondary research. It throws light on the key factors concerned with generating and limiting Household Insurance market growth. In addition, the current mergers and acquisition by key players in the market have been described at length. Additionally, the historical information and current growth of the market have been given in the scope of the research report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Household Insurance market…
Life Insurance Market in Kuwait By Warba Insurance Company, Al Ahleia Insurance …
GlobalData’s 'Life Insurance in Kuwait, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Kuwaiti life insurance segment, and a comparison of the Kuwaiti insurance industry with its regional counterparts.
It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).
The report also…
