PUBLISHER: Allied Market Research | PRODUCT CODE: 1365761
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365761
According to a new report published by Allied Market Research, titled, "Insurance Brokerage Market," The insurance brokerage market was valued at $259.7 billion in 2022, and is estimated to reach $628.3 billion by 2032, growing at a CAGR of 9.3% from 2023 to 2032.
The integration of IT & analytic solutions is a key driver for the growth of insurance brokerage market. The insurance industry is transforming at a fastest growth rate in terms of technology adoption. In addition, market vendors are integrating IT and analytics solutions to maximize their sales. Analytics solutions help in creating effective marketing strategies and underwriting services. Data analytics helps firms with product design and customer targeting through simulation and stochastic techniques. In addition, the expansion of digital brokers and increase in demand for insurance policies among the general public are the major driving factors for the market growth. However, availability of alternative platforms for purchasing insurance policy is a major factor that hamper the growth of the market. Increased availability of insurance intermediaries, online channels, and other third-part website, which do not require additional commission charges for insurance policy, restrains the market growth. Moreover, these intermediaries offer tailor-made policy and accelerate products & services for growing consumer demands, with exclusive ideas & solutions for their coverages. However, rise in personalized insurance policies presents a significant opportunity for the insurance brokerage market. Personalized insurance policies allow brokers to craft coverage solutions that precisely match each client's risk profile and requirements. By understanding individual circumstances, brokers recommend coverage that is neither excessive nor inadequate, enhancing customer satisfaction. Moreover, offering personalized policies demonstrates a deep understanding of clients' needs.
The insurance brokerage market is segmented on the basis of insurance type, brokerage type, and region. On the basis of insurance type, it is divided into life insurance and property & casualty insurance. By brokerage type it is categorized into retail and wholesale. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the insurance brokerage market such as Acrisure, LLC, Aon plc, Brown & Brown, Inc, Gallagher, HUB International Limited, Lockton companies, Marsh & McLennan Companies Inc., Truist Insurance Holdings, USI Insurance Services L.L.C, and Willis Towers Watson. These players have adopted various strategies to increase their market penetration and strengthen their position in the insurance brokerage market.
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