Insurance brokers act as intermediaries between consumers and insurance companies. They help consumers find the best policies that suit their needs. Insurance brokers represent consumers, not insurance companies. Insurance agents represent one or more insurance providers. They are often seen as insurance specialists, working for only one company.
The insurance brokers and agents market consist of sales of insurance policies by entities (organizations, sole traders and partnerships) and individuals that act as intermediaries (agents and brokers) in selling annuities and insurance policies. They represent consumers or insurance providers or both in insurance premium collection. Insurance brokers and agents can be contracted with single or multiple insurance companies as they try to meet different client needs with available insurance products.
The global insurance brokers & agents market was valued at $320,609.8 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 6.0%.
Increasing Healthcare Costs
The increasing healthcare costs drove the market for the insurance brokers and agents market during the historic period. The rising medical costs increased the demand for insurance policies, thus increasing the demand for insurance brokers and agents. Insurance brokers & agents help more people to purchase health insurance with a focus on cost-effective coverage, competitive pricing and value-added services. For example, according to the US Centers for Medicare and Medicaid Services (CMS) report, the national healthcare expenditure in the USA grew by 9.7% to $4.1 trillion in 2020, or $12,530 per person and accounted for 19.7% of the gross domestic product (GDP). Also, Medicare spending grew by 3.5% to $829.5 billion in 2020 and hospital expenditures grew 6.4% to $1,270.1 billion in 2020, over the previous year. Therefore, the rising healthcare costs drove the market for insurance brokers and agents in order to make healthcare more affordable in the historic period.
Increasing Application Of Artificial Intelligence
Companies operating in the market are focusing on increasing applications of artificial intelligence (AI) in the insurance brokers and agents market. AI is the simulation of human intelligence processes by machines, especially computer systems, with the potential to surpass human intelligence levels. AI is also used to find efficiency gains within insurance companies. Brokers are continuing to boost investments in artificial intelligence (AI), automation and big data while expanding the use of mobile devices. For instance, in September 2022, ICICI Lombard, an India-based private non-life insurance company, has partnered with Skit.ai, an AI-based software as a service (SaaS) voice automation platform, to introduce a digital voice agent for tracking claim status. The AI-powered digital voice agent is designed to assist customers in tracking the status of their insurance claims for health and motor insurance policies. This innovative approach is part of ICICI Lombard's commitment to modernizing and elevating customer experience in the insurance claim process.
The global insurance brokers and agents market is fairly fragmented, with large players operating in the market. The top ten competitors in the market made up to 54.0% of the total market in 2022
Insurance Brokers & Agents Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global insurance brokers & agents market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for insurance brokers & agents? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The insurance brokers & agents market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider insurance brokers & agents market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics: Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by mode, by insurance and by end-user market.
- Product Analysis: The product analysis section of the report describes the leading products in the insurance brokers and agents market, along with key features and differentiators for those products.
- Supply Chain: The supply chain section of the report defines and explains the key players in the insurance brokers and agents industry supply chain.
- Customer Information: The chapter covers recent customer trends/preferences in the global insurance brokers and agents market.
- Key Trends: Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- .* Macro-Economic Scenario: The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the insurance brokers and agents market.
- Global Market Size And Growth: Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis: Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation: Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by mode, by insurance and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size And Growth: Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape: Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers And Acquisitions: Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies: Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations: This section includes recommendations for insurance brokers & agents market providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix: This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Insurance Agencies; Insurance Brokers; Bancassurance And Other Intermediaries
- 2) By Insurance: Life Insurance; Property & Casualty Insurance; And Health & Medical Insurance.
- 3) By End User: Individual; Corporate
- 4) By Mode: Online; Offline
- Companies Mentioned: Marsh & McLennan; Chubb Limited; Arthur J. Gallagher & Co.; Aon plc; Hub international
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia; Czech Republic; Poland; Romania; Ukraine; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Egypt; Nigeria; South Africa; Iran; Israel; Saudi Arabia; Turkey; UAE; Argentina; Chile; Colombia; Peru; Canada; Mexico; Vietnam; Thailand; Singapore; Philippines; New Zealand; Malaysia; Hong Kong
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; insurance brokers & agents indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.