Insurance Brokers And Agents Market Global Briefing 2018

Insurance Brokers And Agents Market Global Briefing 2018
Starting Price : $ 1000.00 | Pages : 31 | Published : January 2018

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The insurance brokers and agents market comprise establishments primarily engaged in acting as intermediaries (i.e., agents, brokers) in selling annuities and insurance policies. They represent consumers in insurance transactions. The insurance brokers and agents can be contracted with single or multiple insurance companies as they try to meet different client needs with suitable insurance products. This market excludes the direct selling of insurance products by insurance companies.

North America was the largest region in the insurance brokers and agents market in 2017, accounting for around 34% market share. North Americas is the largest market because of high broker presence, strong distribution network and wide range of feed based services. Asia Pacific was the second largest region accounting for around 34% market share. Eastern Europe was the smallest largest region accounting for around 1% market share.

Non-traditional 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 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. For instance, Walmart and Autoinsurance.com formed an alliance in 2014. Similarly, Magma Fincorp and HDI-Gerling came together to form a joint venture in 2015. These collaboration have enabled new entrants to acquire market knowledge and understand the industry dynamics.

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