What Is The Scope Of The Global Insurance Aggregators Market?
Insurance aggregators are online platforms that collect quotes from several insurance companies and compare the rates and services offered. They allow customers to easily compare insurance products and prices, often providing a convenient and time-saving way to find the best coverage.
Insurance Aggregators Global Market Report 2024 provides data on the global insurance aggregators market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The insurance aggregators market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Insurance Aggregators Market?
The insurance aggregators market has grown exponentially, expanding from $28.76 billion in 2023 to $35.73 billion in 2024 at a CAGR of 24.2%. Growth has been driven by the rise of digital brokers, internet penetration, and healthcare expenditure increases. The market is projected to reach $85.51 billion in 2028 at a CAGR of 24.4%, supported by behavioral analytics, digital transformation, and improved decision-making processes. Emerging trends include analytics tools, comparative quoting systems, and increased advertising.
What Are The Core Factors Supporting Growth In The Insurance Aggregators Market?
The increasing number of digital brokers is likely to drive the insurance aggregator market. Digital brokers are platforms that utilize digital technology to facilitate the buying and selling of financial products like stocks, bonds, and insurance. The demand for insurance aggregators is rising because they enhance market competitiveness by providing access to the best prices and deals from insurers, helping agencies attract and retain clients. These aggregators leverage digital broker functionalities, such as robo-adviser features, to streamline the selection of insurance products for consumers. For instance, a March 2024 report by The Insurance Business revealed that the top-performing digital brokerages in Canada experienced an average growth rate of 144% over two years, demonstrating the strong market demand for digital solutions in insurance.
Get Your Free Sample of the Global Insurance Aggregators Market Report
What Is The Segmentation Of The Global Insurance Aggregators Market?
The insurance aggregators market covered in this report is segmented –
1) By Insurance Type: Life Insurance, Automotive Insurance, Health Insurance, Other Insurance Types
2) By Enterprise Type: Lead Generators, Call-Center Agencies, Digital Agencies
3) By Enterprise Size: Large Enterprise, Small And Medium Enterprises (SMEs)
4) By Distribution Channel: Online, Offline
Which Trends Are Expected To Transform The Insurance Aggregators Market?
Key participants in the insurance aggregator market are leveraging fintech platforms to enhance the insurance buying process, offering tailored solutions and improving accessibility. Fintech aggregator platforms simplify financial product selection and increase transparency for consumers. In May 2021, Choice Group, an Indian corporate firm, launched ISMOS, a fintech aggregator platform that provides life, health, and general insurance products. This platform aims to reduce mis-selling and improve insurance penetration by offering a streamlined purchasing experience.
What Is The Fastest Growing Region In The Insurance Aggregators Market?
North America was the largest region in the insurance aggregators market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance aggregators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
