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.
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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.
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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
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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.
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