The insurance brokers and agents market is primarily engaged in acting as intermediaries (i.e., agents, brokers) in selling annuities and insurance policies. They represent consumers in insurance transactions. 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.
The global insurance brokers and agents market was valued at around $408 billion in 2017. North America was the largest region in the insurance brokers and agents market in 2017, accounting for above 34% market share. The USA was the largest country in the market in 2017, accounting for around 32% market share.
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 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.
The top five companies covered are Marsh & McLennan Cos. Inc, Willis Towers Watson P.L.C., Aon P.L.C, Arthur J. Gallagher & Co. and Brown & Brown Inc. Marsh & McLennan Cos. Inc. was the largest company in the insurance brokers and agents market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The insurance brokers and agents market is segmented into Agencies, Brokers, Bancassurance and Other Intermediaries.
Agencies are entities or individual persons acting as intermediaries in selling annuities and insurance policies. This includes both companies and independent intermediaries who are tagged to particular insurance carriers. However, some agents sell policies from multiple insurance carriers. These entities charge a certain proportion of premium from insurance companies as commission for their intermediation services.
Brokers are engaged as intermediaries in selling annuities and insurance policies. These companies offer wide range of insurance products from various insurance carriers.
Bancassurance refers to selling insurance products and services through banking institutions. This distribution channel includes joint ventures between banks and insurance companies or banks selling insurance policies of companies by charging transaction based commission. These entities charge commission from insurance companies.
Other Intermediaries segment comprise all other establishments involved in selling insurance products and services. This includes channels such as online retailing, financial institutions (excluding banks) and third party sites. This channel excludes direct selling by the insurance companies themselves of their own products.
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