The Business Research Company’s Insurance Brokers & Agents Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, April 28, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
Insurance brokers and agents are investing in digital technologies to offer services online and thereby increase sales and boost margins. Digitalization is a process of converting information into digital formats. This includes providing tools and resources to agents and brokers in digital formats through insurance portals, exchange websites and digital distribution channels. These web-based portals and other digital channels are aimed at improving efficiency in business processing and reduction of costs. For instance, according to insurance digital transformation survey, 39% of agents provide web-based portals to allow customers to request policy changes, check policy information and payments, report claims, obtain insurance ID cards, and get insurance certificates, and 78% of them are increasingly using social media to acquire new customers on Facebook and 68% through LinkedIn. Some of the major insurance companies offering insurance portals and digital distribution channels are Marsh & McLennan Cos. Inc, Willis Towers Watson P.L.C and Aon P.L.C.
Other major players covered in the insurance brokerage industry are Arthur J Gallagher & Co and Brown & Brown Inc.
The insurance brokers and agents market consists of sales of insurance policies by entities (organizations, sole traders and partnerships) and individuals that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. They represent consumers or insurance providers or both in insurance premium collection. Insurance brokers and agents can be contracted with single or multiple insurance companies as they try to meet different client needs with available insurance products. 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 insurance brokers and agents market is segmented into insurance agencies; insurance brokers; bancassurance and other intermediaries.
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The global insurance brokers and agents market is expected to grow from $350.24 billion in 2020 to $362.54 billion in 2021 at a compound annual growth rate (CAGR) of 3.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $457.31 billion in 2025 at a CAGR of 6%.
North America has the largest insurance broker market share, accounting for 44% of the market in 2020. Western Europe is the second largest region, accounting for 31% of the global market. Eastern Europe is the smallest region in the insurance agents market.
The global insurance brokers & agents market is segmented by type into insurance agencies, insurance brokers, bancassurance, other intermediaries, by end user into corporate, individual, by mode into online, offline, and by insurance into life insurance, property & casualty insurance, health & medical insurance.
Insurance Brokers & Agents Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides insurance brokers and agents market overview, forecast insurance brokers and agents market size and growth for the whole market, insurance brokers and agents market segments, and geographies, insurance brokers and agents market trends, insurance brokers and agents market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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