Global Insurance Brokerage Market 2018-2022 | USD 14.49 Billion Incremental Growth Over the Next Five Years | Technavio

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LONDON--(BUSINESS WIRE)-- Technavio analysts forecast the global insurance brokerage market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.

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Technavio has announced its latest market research report titled global insurance brokerage market 2018-2022. (Graphic: Business Wire)

The integration of IT and analytic solutions is one of the major trends being witnessed in the global insurance brokerage market 2018-2022. Analytic solutions are helpful in developing effective marketing strategies and underwriting services while improving product-design. The growing dependence on business intelligence will drive the need for analysis of key performance indicators to analyze the current market scenario. Integration of IT and analytic solutions results in improved decision making, enhanced performance, improved customer service, and high profits. Thus, due to such advantages, the market for insurance brokerage is expected to showcase a positive outlook during the forecast period.

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According to Technavio analysts, one of the key factors contributing to the growth of the global insurance brokerage market is the increase in demand for insurance policies.

Insurance Brokerage Market: Increased Demand for Insurance Policies

The growing demand for insurance policies is one of the primary growth factors for the insurance brokerage market. Purchasing an insurance policy is a key financial decision for customers in the global insurance brokerage market, as insurance policies help minimize financial uncertainties and risk in future. Due to a shift in consumer behavior, insurance brokerage firms are strategizing actuarial models and effective sales strategies to adopt efficient pricing policies. Insurance brokers offer policies with multiple benefits to attract and retain customers. These insurance policies also provide security and personalized services due to which there is a significant increase in demand for insurance products among consumers.

According to a senior analyst at Technavio, “Apart from the increased demand for insurance policies, other factors such as consolidation of the insurance brokerage industry and the emergence of digital marketing platform are expected to augment the growth of the insurance brokerage market during the forecast period.”

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Insurance Brokerage Market: Segmentation Analysis

The global insurance brokerage market research report provides market segmentation by type (life insurance and general insurance) and geography (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The Americas held the largest share of the market in 2017, accounting for close to 54% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period owing to the expansion of digital capabilities by existing market players in the region.

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