Entrance Of Nontraditional Firms In The Insurance Brokers And Agents Market
Posted by sainath on October 16th, 2018
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 UDS508 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.
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 USD7.1 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 USD4000 for an individual user. To use across your office, the price is USD6000 and USD8000 if you wish to use across a multinational company.
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About the Authorsainath
Joined: June 13th, 2018
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