Major companies in the insurance brokers and agents market include Marsh & McLennan, Chubb Limited, Toyota Motor Corp, Arthur J. Gallagher & Co., Bank of China, Hub international, Willis Towers Watson, Brown & Brown, BB&T Insurance Holdings Inc, and Jardine Matheson.
The insurance brokers and agents market consists of sales of insurance policies by entities (organizations, sole traders, and partnerships) and individuals that act as intermediaries (i.e., agents or 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. This market excludes the direct selling of insurance products by insurance companies. The value of the market is based on the fees or commissions paid to brokers by the insured, both commercial and personal.
The main types of insurance brokers and agents are insurance agencies, insurance brokers, bancassurance, other intermediaries. Insurance agencies refer to the agencies that act as a broker between the holder and the provider. The various insurance offered are life insurance, property and casualty insurance, health and medical insurance. The different modes involved are online and offline modes. These are used by corporate and individual end-users.
North America was the largest region in the global insurance brokers & agents market, accounting for in 2021. Western Europe was the second largest region insurance brokers & agents market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Insurance brokers and agents are investing in digital technologies to offer services online and thereby increase sales and boost margins. Digitalization is the process of converting information into digital formats. This includes providing tools and resources to agents and brokers in digital formats through insurance portals, exchange websites, and digital distribution channels. These web-based portals and other digital channels are aimed at improving efficiency in business processing and reduction of costs.
For instance, according to an insurance digital transformation survey, 39% of agents provide web-based portals to allow customers to request policy changes, check policy information and payments, report claims, obtain insurance ID cards, and get insurance certificates, and, 78% of them are increasingly using social media to acquire new customers on Facebook and 68% through LinkedIn. Some of the major insurance companies offering insurance portals and digital distribution channels are Marsh & McLennan Cos. Inc, Willis Towers Watson P.L.C, and Aon P.L.C.
Nontraditional companies such as Google, Amazon, and Walmart are entering the insurance intermediary market to capitalize on their brand image, large capital, and customer base. Their primary focus is on the distribution of health, property, and casualty insurance products. In line with this trend, these companies are also entering into partnerships, joint ventures, and alliances with other established insurance carriers to offer insurance products and services to their customers.
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