Global Insurance Brokers Market

Doll, Toy and Game Market Definition

Life And Health Reinsurance Market Definition

Asset Management Market Definition

An insurance agency is a business or individual authorized by an insurance company to sell their insurance products on their behalf. They find, write, and bind policies between their clients and insurance companies. The main types of insurance agencies are life insurance, property and casualty insurance, health and medical insurance, and other insurance. Life insurance refers to the contract between the insurer and the insurance policyholder that promises to pay a total sum of money upon the death of an insured person. The services are provided in various modes, such as online, offline. These are used by corporations and individuals. The insurance agencies research report is one of a series of new reports from The Business Research Company that provides insurance agency statistics, including insurance agencies industry global market size, regional shares, competitors with insurance agencies share, detailed insurance agencies segments, market trends and opportunities, and any further data you may need to thrive in the insurance agencies industry. This insurance agencies research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global insurance agencies market will grow from $125.59 billion in 2022 to $132.27 billion in 2023 at a compound annual growth rate (CAGR) of 5.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global insurance agencies market is expected to grow to $156.46 billion in 2027 at a CAGR of 4.3%. Increased awareness about the benefits of insurance coverage is expected to drive the insurance agency's market. The pandemic has alerted the public and made them aware of the uncertainty, which led them towards opting for insurance to protect their and their family's lives. For instance, according to the Max Bupa survey on the difference of mindset of people before and after the COVID-19 onset, during pre-COVID times the percentage of buyers and planners for comprehensive plans was 32% and 41%, respectively. The demand for insurance plans has seen a significant increase over the last few months, with the percentages of buyers and people intending to buy rising to 55% and 60%, respectively. These insurance agencies help the people in obtaining the best insurance policy as per their needs and budget. Hence, a higher awareness rate among the public on the benefits of insurance coverage aids in the growth of the insurance agencies market. Change in consumers' behavior of approaching the insurance providers directly for availing insurance policies instead of insurance agencies is expected to hinder the market growth. Customers feel empowered to forego agents and brokers as most of the insurance providers are providing online services. According to Capgemini and Efma’s World Insurance Report 2020, people of all ages are now adopting a millennial mentality where they trust their research through a variety of channels, primarily digital channels to gather information and directly purchase insurance products online. Moreover, online term plans offered by life insurance companies are comparatively 20-30% cheaper than offline ones. Thus, changing customer approach towards insurance agencies eliminates the involvement of agencies and brokers in the process of insurance purchase, which in turn is restricting the growth of the insurance agencies market. Introduction to technology-enabled services and platforms is a leading trend in the insurance agencies market. Insurance and technology companies are assisting insurance agencies by developing technology-enabled services and platforms for enhancing smooth customer experience and versatility. For instance, April 2020, Aureus Analytics, an artificial intelligence technology company, partnered with HawkSoft to help independent insurance agents understand better how well their agency serves the insured. Furthermore, in October 2021, a digital asset financial services platform called BVNK was launched which would make crypto financial services more accessible to the patients. In March 2020, USI Insurance Services, a USA-based consulting and insurance brokerage firm with expertise in risk management, employee benefits, and retirement plan consulting, acquired Full Service Insurance Agency, Inc. for an undisclosed amount. This acquisition is expected to expand USI Insurance Services' commercial, employee benefit, and personal risk expertise into Tennessee. Full-Service Insurance, Inc., is a US-based insurance agency concentrating on commercial insurance, employee benefits, and risk solutions for businesses and individuals. Major players in the market are McGriff Insurance Services, Marsh & McLennan Agency LLC., Aon PLC., Brown & Brown Insurance Inc., HUB International Ltd., and USI Insurance Services. North America was the largest region in the insurance agencies accounting for in 2022. Western Europe was the second largest region in the global insurance agencies market. The regions covered in the global insurance agencies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the insurance agencies market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The insurance agencies market consists of sales of insurance products by entities that act as agents in selling annuities and insurance policies. This market excludes the direct selling of insurance products by insurance companies. The value of the market is based on the fees or commissions paid to brokers by the insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The global insurance agencies market is segmented - 1) By Insurance: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance, Other Insurance 2) By Mode: Online, Offline 3) By End User: Corporate, Individual

An insurance broker is a person who is authorized to sell insurance and frequently collaborates with numerous insurance providers to provide customers with a range of products. The main types of insurance brokers are life insurance, general insurance, health insurance, others. Life insurance in the insurance brokers market refers to the contract between the insurer and the insurance policyholder that promises to pay a total sum of money upon the death of an insured person. The services are offered in various modes, such as offline, and online mode. These are used by corporate, and individuals. The insurance brokers research report is one of a series of new reports from The Business Research Company that provides insurance brokers statistics, including insurance brokers industry global market size, regional shares, competitors with insurance brokers share, detailed insurance brokers segments, market trends and opportunities, and any further data you may need to thrive in the insurance brokers industry. This insurance brokers research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global insurance brokers market will grow from $98.82 billion in 2022 to $105.33 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global insurance brokers market is expected to grow to $130.35 billion in 2027 at a CAGR of 5.5%. The increasing demand for insurance policies is expected to fuel the growth of the insurance brokers market over the forecast period. The demand for insurance policies has risen due to the availability of security services and customized financial services to clients. According to the Insurance Regulatory and Development Authority (IRDAI) of India, the Life Insurance Corporation of India sold 2.17 crore insurance policies in the fiscal year 2021-2022 which was an 3.54% increase from previous year’s 2.10 crore policies. Therefore, the increasing demand for insurance policies drives the growth of the insurance brokerage market. The impact of COVID-19 is predicted to limit the growth of the insurance brokers market over the forecast period. The COVID-19 pandemic has taken the lives of millions of people, affected supply chains & business sectors, and disrupted economies worldwide. The coronavirus outbreak has several impacts on the insurance sector, from employee and business continuity concerns to customer care considerations to the financial outlook. For instance, the Indian insurance industry's productivity has been hit by 30% in March 2020. The pandemic has pushed the insurance industry to heavily depend on digitalization for selling new policies, setting up claims, and making other transactions. Therefore, the impact of COVID-19 restraints the growth of the insurance brokers market. The integration of AI in the insurance sector is a key trend gaining popularity in the insurance brokers market. The combined power of AI and human creativity enables the Intelligent Broker, an automation programme for the insurance industry. Brokers will be able to resolve complicated obstacles, produce innovative products and services, and join or build new markets. In addition to this, AI in the insurance industry will improve customer service and prevent customers from fraud. In 2021, 60% of the insurance companies are targeting AI to be used in decision making and to reduce manual input, which has doubled in the last two years. In March 2020, Aon, a UK-based global professional services firm that is engaged in selling a wide range of financial risk-mitigation products, including pension administration, insurance, and health-insurance plans, acquired Willis Towers Watson for $30 billion. The acquisition provided Aon with the ability to serve clients in areas including intellectual property, cyber, and climate risk to the company clients. Moreover, the deal will accelerate the innovations and strengthen the company’s position in the insurance industry with more relevant solutions for clients. Willis Towers Watson is a British-American company engaged in providing risk management, insurance brokerage, and advisory services. Major players in the market are Aon PLC., Arthur J. Gallagher & Co., BB&T Corp., Brown & Brown Insurance Inc., HUB International Ltd., Marsh & McLennan Companies Inc., NFP Corp., Willis Towers Watson PLC., Wells Fargo Insurance Services, and Meadowbrook Insurance Group. North America was the largest region in the insurance brokers market in 2022. Western Europe was the second largest market in the global insurance brokers market. The regions covered in the global insurance brokers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the insurance brokers market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The insurance brokers market consists of sales of insurance products by entities that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. This market excludes the direct selling of insurance products by insurance companies. The value of the market is based on the fees or commissions paid to brokers by the insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The global insurance brokers market is segmented - 1) By Type: Life Insurance, General Insurance, Health Insurance, Other Types 2) By Mode: Offline, Online 3) By End User: Corporate, Individual

Custody services typically include the settlement, safekeeping, and reporting of marketable securities and cash held by customers. By lending securities to approved borrowers on a short-term basis, a customer can earn additional income on custody assets. The main services of custody services are core custody services, ancillary services, core depository services, and other administrative services. Core custody service providers settle trades, invest cash balances as requested, collect income, execute corporate activities, price securities positions, and assist with record keeping and reporting. The services are available as equity, fixed income, alternative assets, and other types. The global custody services market grew from $38.17 billion in 2022 to $41.57 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The custody services market is expected to grow from $57.9 billion in 2027 at a CAGR of 8.6%. The custody services research report is one of a series of new reports from The Business Research Company that provides custody services statistics, including global market size, regional shares, competitors with custody services share, detailed custody services segments, market trends and opportunities, and any further data you may need to thrive in the custody services industry. This custody services research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. Automation and standardization are key factors driving the growth of the custody services market. The custody services industry is focusing on using technology to improve efficiency. The automation and standardization of core custody services and operations result in higher visibility, enhanced productivity due to operational efficiency, and cost reductions for customers; they improve quality of service and allow the custodian to react quickly to future needs. Due to the automation and standardization of custody services in the forecast period, the asset-centric model is expected to be augmented by a more data-centric, open platform method where the custodian will have access to a variety of available services. For instance, an automated reporting system provides daily reports of exceptions, securities available for loan, securities on loan, valuation of cash collateral, daily mark-to-market information, and margin calls. Therefore, such automation and standardization features are expected to drive the growth of the custody services market. Increased competition is a key factor hampering the growth of the custody services market. The market for custody services is highly competitive, with numerous banks that provide custody services in addition to other banking services on a global, regional, or local scale. The price competition, in particular, is causing enormous pressure on the banks in the global market. Many custodians find it challenging to keep up with high volumes and offer competitive prices. Traditional players in securities services such as multinational custodians, local custodians, and specialists in fund management are experiencing increasing competition from central securities depositories (CSD), central counterparty clearing houses (CCP), and outsourced service providers. Fund services professionals are increasing their competitiveness by significantly developing new and targeted offerings. Therefore, increasing competition from various areas is expected to hinder the growth of the custody services market. The development of digital asset custody platforms in custody services is gaining traction in the market. Companies in the global custody services market are increasingly focusing on digital asset custody with better security and operational efficiency. For example, in 2022, US based investment banking services company, BNY Mellon launched its Digital Asset Custody platform in the US, which allows clients to hold and transfer bitcoin and ether. The multi-asset platform bridges digital and traditional asset custody. The platform store clients' private keys and provide some bookkeeping on the crypto assets in their portfolios. In January 2021, U.S. Bank, a US-based financial institution, acquired the debt servicing and securities custody client portfolio of MUFG Union Bank, N.A. for an undisclosed amount. The acquisition complements the bank’s portfolio and would help it better serve its customers. MUFG Union Bank is a US-based full-service bank. Major players in the custody services market are Bank of New York Mellon, Citigroup, JP Morgan Chase, State Street Bank and Trust, BNP Paribas, Northern Trust Corporation, HSBC, Societe Generale Securities Services, Brown Brothers Harriman & Co., and Caisse d'Epargne Investor Services. North America was the largest region in the custody services market in 2022. Western Europe was the second largest market in the global custody services market. The regions covered in the global custody services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the custody services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The custody service market consists of revenues earned by entities by providing services such as settlement, safekeeping, and reporting of customers' marketable securities and cash. Securities lending can allow a customer to make additional income on custody assets by loaning securities to approved borrowers on a short-term basis. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The global custody service market is segmented - 1) By Service: Core custody services, Ancillary services, Core depository services, Other Administrative Services 2) By Type: Equity, Fixed Income, Alternative Asstes, Other Types

Life reinsurance is an insurance practice in which one insurance company buys its own insurance contract to protect itself against a large loss to a large group of their current life insurance clients' policies. Reinsurance programs pay health insurers to help them offset the costs of enrollees who have large medical claims. The main types of life and health reinsurance are facultative reinsurance and treaty reinsurance. Facultative reinsurance refers to the coverage that is purchased by the insurer primarily to cover a single risk. The various products are life and health. The distribution channels involved are direct response, agents & brokers, banks, and other distribution channels. The life and health reinsurance research report is one of a series of new reports from The Business Research Company that provides life and health reinsurance statistics, including global market size, regional shares, competitors with life and health reinsurance shares, detailed life and health reinsurance segments, market trends and opportunities, and any further data you may need to thrive in the life and health reinsurance industry. This life and health reinsurance research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global life & health reinsurance market will grow from $163.59 billion in 2022 to $173.74 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global life & health reinsurance market is expected to grow to $214.9 billion in 2027 at a CAGR of 5.5%. The rise in the demand for life and health insurance policies is expected to drive the market for life and health reinsurance during the forecast period. The COVID-19 outbreak has raised the importance and demand for life insurance in the minds of the people. The uncertainty of getting diagnosed with COVID-19 and its high treatment cost in private hospitals is the main reason behind the surge in demand for life and health insurance policies. For instance, in the fiscal year2021-2022, Life Insurance Corporation (LIC), India’s largest life insurer, sold around 2.17 crore policies. Therefore, increased demand for life and health insurance policies is expected to impact the market for life and health reinsurance positively. Low interest rates in life and health insurance policies make the insurance company's products less attractive, which results in lower sales and lower income in the form of premiums that the insurance company has available to invest in. Therefore, a low interest rate is expected to be a restraint on the life and health reinsurance markets during the period. Munich Re, a German-based reinsurance company, indicated that interest rates, exacerbated by the coronavirus pandemic, are impacting the profitability of reinsurers. Due to this, insurance cover is likely to become more expensive, impacting the growth of the market, which in turn will hinder the life and health reinsurance market as well. The increasing demand for artificial intelligence in life and health reinsurance is an emerging trend in the life and health reinsurance market. According to Reinsurance News, Swiss Re is partnering with Tencent’s WeBank to research artificial intelligence use in reinsurance. Swiss Re and WeBank will work collaboratively to explore the technology involved in addressing the challenges imposed by data silos. Swiss Re is expecting the partnership to build a foundation for a new business supported by federated learning and will also encourage the reinsurance industry to adopt a new framework to improve technological capabilities. In January 2020, HDFC Ergo, a Mumbai-based general insurance company, acquired a 50.08% stake in Apollo Munich Health Insurance for $183 million (INR 1,494 crore). The acquisition would combine the expertise of both companies to provide better value to their customers. Apollo Munich Health Insurance is an India-based insurance company. Major players in the market are Swiss Reinsurance Company Ltd., Munich Re Group, Reinsurance Group of America (RGA), SCOR SE, Hannover Re, China Reinsurance Corporation, Berkshire Hathaway Re, PartnerRe Ltd., Korean Reinsurance Company, Taiping Reinsurance Co., Great-West Life Co., and General Insurance Corporation of India (GIC Re). North America was the largest region in the life and health insurance market in 2022. Western Europe was the second largest market in the global life and health insurance market. The regions covered in the global life and health insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the life and health insurance market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The life & health reinsurance market consists of sales of life & health reinsurance products by entities that are engaged in assuming all or part of the risk with existing life and health insurance policies originally underwritten by other insurance providers (direct insurance carriers). The size of the market is based on the value of the premiums reinsured. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The global life and health reinsurance market is segmented - 1) By Type: Facultative Reinsurance, Treaty Reinsurance 2) By Distribution Channel: Direct Response, Agents & Brokers, Banks, Other Distribution Channels 3) By Product: Life, Health

Prepaid cards are preloaded payment cards issued by financial institutions that can be used to make both online and in-store payments. Once the amount loaded on the card is used, it may be disposed of (for a non-reloadable prepaid card) or reloaded (for a reloadable prepaid card) by the cardholder. The main types of prepaid cards are general-purpose reloadable cards, prepaid gift cards, government benefit cards, payroll cards, and other types. The general purpose Reloadable cards can be used as debit cards for retail purposes and are used for depositing online payments. The various card types are open-loop prepaid cards and closed-loop prepaid cards. The cards are used in retail establishments, corporate institutions, government establishments, and other establishments. The prepaid card research report is one of a series of new reports from The Business Research Company that provides prepaid card statistics, including prepaid card industry global market size, regional shares, competitors with prepaid card share, detailed prepaid card segments, market trends and opportunities, and any further data you may need to thrive in the prepaid card industry. This prepaid card research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global prepaid card market will grow from $15 billion in 2022 to $16.32 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global prepaid card market is expected to grow to $21.7 billion in 2027 at a CAGR of 7.4%. Increasing the use of prepaid cards as a substitute for traditional bank cards is a key factor driving the growth of the prepaid card market. A prepaid card is not connected to a bank checking account or a draught account for a credit union share; instead, users invest money in advance deposited into the prepaid card account. According to the Reserve Bank of India, debit card payments in 2021 reached 412 crore. Prepaid cards are similar to debit cards and permit the consumer to spend money up to the amount loaded on the card for making purchases, paying gas bills, shopping, and paying online bills. Therefore, increasing usage of prepaid cards is expected to propel the growth of the prepaid card market in the forecast period. The increasing incidents of fraudulent cases are expected to hamper the growth of the prepaid card market in the forecast period. Card fraud losses are sustained on all credit, debit, prepaid general-purpose, and private-label payment cards distributed around the world by payment card issuers, retailers, purchasers of card purchases from retailers, and acquirers of card transactions at ATMs. For instance, according to the Aite Group, a company that provides insurance services, in 2020, 47% of Americans experienced financial theft and found that losses from these identity theft cases cost $502.5 billion in 2019 and increased 42 percent in 2020, totaling $721.3 billion in 2021. Therefore, the increasing incidences of fraud restrain the growth of the prepaid market. Major players operating in the industry are undertaking various strategic initiatives such as partnerships and collaborations, which are gaining significant popularity in the prepaid card market. Companies are collaborating with other market players to offer prepaid cards with flexible credit limits to attract a large consumer base for prepaid cards. For instance, in November 2020, MobiKwik collaborated with the American Express (Amex) card network to introduce its first virtual prepaid payment card with a flexible credit limit. With the launch of the prepaid payment card, MobiKwik becomes the first non-bank in India to issue cards. In June 2022, Rewire, an Israel-based prepaid debit card provider, acquired Imagen for an undisclosed amount. The acquisition would complement the company’s offerings and expand its portfolio. Imagen is an Israel-based pre-paid card company that provides pre-paid cards to immigrants. Major players in the prepaid card market are American Express Company, BBVA Compass Bancshares Inc., Green Dot Corporation, JPMorgan Chase & Co., Kaiku Finance LLC., Mango Financial Inc., NetSpend Holdings Inc., PayPal Holdings Inc., UniRush LLC., and Master Card Incorporated. The Asia-Pacific was the largest region in the prepaid card market in 2022. Western Europe was the second largest market in the global prepaid card market. The regions covered in the global prepaid card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the prepaid card market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The prepaid cards market consists of revenues earned by entities that are engaged in storing, processing and transmitting prepaid card data. Prepaid cards may be open-loop or closed-loop. While an open-loop prepaid card can be used at any locations accepting cards, a closed-loop prepaid card can only be used at certain locations such as a specific store or a group of stores. Revenue generated from the cards market include all processing and service fees levied by banks and financial institutions for processing card-based payments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The global prepaid card market is segmented - 1) By Type: General-Purpose Reloadable Card, Prepaid Gift Card, Government Benefit Card, Payroll Card, Other Types 2) By Card Type: Open Loop Prepaid Card, Closed Loop Prepaid Card 3) By Application: Retail Establishments, Corporate Institutions, Government, Other Applications