Industry Background:
Online Insurance Brokers play an important role in the Insurance industry; they act as an online intermediary between the policyholders and the insurers. Insurance brokerage firms provide professional and technical advice to their clients about insurance products from a range of Insurance carriers according to their clients' needs. The major insurance products sold by insurance brokers include property and casualty, health, and medical insurance.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Aon (United Kingdom), Brown & Brown Insurance (United States), Arthur J. Gallagher & Co. (United States), MARSH & MCLENNAN COMPANIES (United States), Willis Towers Watson (United Kingdom), Wells Fargo Insurance Services (United States), National Financial Partners (United States), Meadowbrook Insurance Group (United States), eHealth Inc (United States), QuoteWizard (United States), Policygenius (United States) and Jardine Lloyd Thompson Group (United Kingdom) |
This growth is primarily driven by Increasing Demand for Insurance Policies and Integration of IT and Analytics Solutions.
Globally, a noticeable market trend is evident New Products and Prices Offerings Major Players, such as Aon (United Kingdom), Brown & Brown Insurance (United States), Arthur J. Gallagher & Co. (United States), MARSH & MCLENNAN COMPANIES (United States), Willis Towers Watson (United Kingdom), Wells Fargo Insurance Services (United States), National Financial Partners (United States), Meadowbrook Insurance Group (United States), eHealth Inc (United States), QuoteWizard (United States), Policygenius (United States) and Jardine Lloyd Thompson Group (United Kingdom), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Key Developments in the Market:
In March 2022, Truist Insurance Holdings launched new Insurance Services Division with close of Kensington Vanguard acquisition. Truist Insurance Holdings announced the formation of a new Insurance Services Division, which will include not only the combined KV organization, but also its Premium Finance business, which is marketed under the AFCO brand in the United States and the CAFO brand in Canada. The new division will report to Todd Wartchow, Insurance Holdings' executive vice president of business development and strategy.
In June 2022, The Marsh McLennan Agency acquired a Maine insurance brokerage. Clark Insurance, founded in 1931, operates six offices in Maine and provides business insurance, employee health and benefits, and private client services. In 2021, the company acquired Haberman Insurance, a full-service Massachusetts agency, and that operation will be integrated into MMA.
Influencing Trend:
New Products and Prices Offerings
Market Growth Drivers:
Increasing Demand for Insurance Policies and Integration of IT and Analytics Solutions
Challenges:
Issues Related to Data Security and Privacy
Restraints:
Direct Purchase of Insurance Policies by Consumers
Opportunities:
Growing Disposable Income in Emerging Countries and Rise in Purchase of Damageable Properties Such as Cars, Jewelry and House
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Online Insurance Brokers Market
- Analysis about New Entrants in Online Insurance Brokers Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Online Insurance Brokers Study Sheds Light on
The Online Insurance Brokers Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Online Insurance Brokers industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Online Insurance Brokers industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.