About Insurance Brokers Agents
Insurance Brokers agents are Insurance brokers that act as intermediaries between insurance companies and insurance buyers. Insurance Brokers Agents perform the same functions as insurance agents, they differ from insurance agents in that they act in the interest of insurance buyers. Insurance brokers specialize in insurance and risk management and they work directly with insurance buyers, Insurance brokers perform a plethora of duties for individuals and businesses in search of the right insurance agents, often referred to as captive agents, typically represent one insurance company Agents sell policies under contractual agreements with the insurance companies they represent. Geographically, North America is leading for higher adoption for insurance broker agents due to wide demand in various sectors such as oil and gas, construction, transportation. The demand for insurance broker agents has huge demand, which is driving the growth over the forecast period
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 8.2% |
The market is expected to grow market in the Manufacturing as well banking sector. It has wide application in various industries such as Construction and banking is driving the demand for the market. Several companies such as Marsh & McLennan Cos. Inc., Aon P.L.C., Willis Towers Watson P.L.C are operating in the market to provide customers with the better offers with various features & unique offerings. The market is a fragmented market with the presence of several market players and local players. Which is triggering the market growth over the forecast period Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Insurance Brokers Agents market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Marsh & McLennan Cos. Inc (United States), Aon P.L.C (United Kingdom), Willis Towers Watson P.L.C (United Kingdom), Arthur J. Gallagher (United States), HUB International (Canada), Brown & Brown, Inc (United States), Truist Insurance Holdings Inc (United States), Lockton Inc (United States), Acrisure (United States), USI Insurance Services L.L.C (United States), Alliant Insurance Services, Inc (United States), NFP Corp (United States), Assured Partners Inc (United States) and Others are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Insurance Brokers Agents market by and Region.
On the basis of geography, the market of Insurance Brokers Agents has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Type, the sub-segment i.e. Insurance Agencies will boost the Insurance Brokers Agents market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Insurance, the sub-segment i.e. Life Insurance will boost the Insurance Brokers Agents market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Use, the sub-segment i.e. Corporate will boost the Insurance Brokers Agents market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising demand for machine learning process for faster claiming
Market Growth Drivers:
Less cost and Tailor-made policies
Challenges:
The customer has to pay additional charges apart from the premium
Restraints:
Insurance brokers may show a lack of professionalism while claiming a policy
Opportunities:
Huge demand for agents in the construction sector
Market Leaders and their expansionary development strategies
On April 2019, Marsh completed its acquisition of Jardine Insurance Brokers, a multinational brokerage based in London.
On October 2021, Liberty Company Insurance Brokers launches a new managing general agent
Key Target Audience
Regulatory Authorities, New Entrants/Investors, Strategic Business Planners, Governments and End-Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.