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Future of the Insurance Brokers & Agents Market: Trends, Innovations, and Key Forecasts Through 2034
Insurance Brokers & Agents Market
Insurance Brokers & Agents Market Size Growth Forecast: What to Expect by 2025?
In the past few years, there has been a significant growth in the market size of insurance brokers & agents. The market, which is predicted to grow from $467.3 billion in 2024 to $496.31 billion in 2025, will experience a compound annual growth rate (CAGR) of 6.2%. The remarkable growth in the historical period is associated with strong economic development in rising markets, escalating healthcare expenses, and insurance reforms initiated by the government.
How Will the Insurance Brokers & Agents Market Size Evolve and Grow by 2029?
The market for insurance brokers and agents is projected to experience significant expansion in the forthcoming years, growing to a robust $636.99 billion by 2029 with a compound annual growth rate (CAGR) of 6.4%. The anticipated growth during this prediction period can be credited to the rise in chronic illnesses and disabilities, the influence of the COVID-19 pandemic, and an expanding middle-class demographic in developing markets. The anticipated trends upsides during this period encompass the integration of artificial intelligence in digital insurance portals and distribution pathways, establishing strategic partnerships with banking entities, and an increase in mergers and acquisitions.
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What Drivers Are Propelling the Growth of Insurance Brokers & Agents Market Forward?
Agents and brokers in the insurance industry are adopting digital technologies to provide online services, aiming to enhance sales and improve profits. This digital transformation involves the conversion of data into digital form, supplying agents and brokers with digital format tools and resources via insurance platforms, exchange websites, and digital distribution pathways. The intention of these web-based platforms and other digital pathways is to raise efficiency in business processing and cut costs. For example, a survey on digital transformation in the insurance sector revealed that 39% of agents utilise web-based platforms to facilitate policy alterations requests from clients, verify policy details and payments, process claims, distribute insurance ID cards, and insurance certificates. Furthermore, they are increasing their use of social media platforms to secure new clients, with 78% choosing Facebook and 68% choosing LinkedIn. Companies like Marsh & McLennan Cos., Inc., Willis Towers Watson P.L.C., and Aon P.L.C. are leading the way in offering insurance platforms and digital distribution channels.
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What Are the Key Trends Driving Insurance Brokers & Agents Market Growth?
Leading companies within the insurance broker and agent market are embracing innovative smart platforms to solidify their market position. Smart insurance broker platforms, software tools aimed at enhancing insurance brokers and agents' business management, are at play. For example, Limit Inc., a company based in the US that specializes in mobile apps and web platforms, unveiled a bridge platform in April 2023 to advance the aspirations of wholesale insurance brokers. This digital platform allows insurance agents to instantly acquire commercial line quotes from their chosen carriers. It permits insurance brokers to quote directly from carriers, thus optimizing the process for greater efficiency. The platform is crafted to enhance the experience and productivity of insurance brokers by giving them access to real-time data and a broader selection of carriers.
What Are the Key Segments in the Insurance Brokers & Agents Market?
The insurance brokers & agentsmarket 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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Who Are the Key Players Shaping the Insurance Brokers & Agents Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Insurance Brokers & Agents Market?
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
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