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. 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 collaborations
have enabled new entrants to acquire market knowledge and understand the industry
dynamics.
THE BUSINESS RESEARCH COMPANY EXPECTS
THE INSURANCE BROKERS AND AGENTS MARKET TO GROW TO $508 BILLION BY 2021
North America was the largest
region in the insurance brokers and agents market in 2017, accounting for
almost two-fifth of the market share, because of high broker presence, strong
distribution network and a wide range of feed-based services.
Read report: https://www.thebusinessresearchcompany.com/report/insurance-brokers-and-agents-global-market-report-2018
According to The Business
Research Company’s Consultant, Nitin Gianchandani, Bancassurance is gaining
prominence within the insurance intermediation industry. This distribution
channel is being used by banks to cross-sell its products and services and
generate additional revenue. Bancassurance also benefits the insurance company
by providing an exposure to a wider customer base via the bank’s distribution
network of agents and branches. The
adoption of more diversified and enhanced products offered by banks is expected
to drive the bancassurance market.
Marsh & McLennan Cos. Inc. was the
largest player in the global insurance brokers and agents market in 2017,
with revenues of $7.1 billion in 2016. The company’s growth strategy is
to make investments in new markets through acquisitions to increase its
geographical presence and capabilities.
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.
Insurance Brokers And Agents Global Market Report 2018 is a detailed
report giving a unique insight into this market. The report is priced at $4000
for an individual user. To use across your office, the price is $6000 and $8000
if you wish to use across a multinational company.
About
The Business Research Company
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The Business Research Company is a
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It has research professionals at its
offices in the UK, India and the US as well a network of trained researchers
globally. It has specialist consultants in a wide range of industries including
manufacturing, healthcare, chemicals and technology.
The Business Research Company's
management has more than 20 years of varied business research experience. They
have delivered hundreds of research projects to the senior management of some
of the world's largest organizations.
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