Insurance Aggregators Market to Garner $130 Bn, Globally, by 2031 at 21.2% CAGR, Says Allied Market Research
Increase in number of aggregators and digital brokers and surge in digital influence have boosted the growth of the global insurance aggregators market.
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Major determinants of the market growth
Increase in number of aggregators and digital brokers and surge in digital influence have boosted the growth of the global insurance aggregators market. Moreover, rise in internet userbase usage have supplemented the market growth. However, dearth of awareness among customers and lack of skilled workforce hinder the market growth. On the contrary, surge in awareness among customers would open new opportunities in the coming years.
Covid-19 scenario:
- The Covid-19 pandemic had a positive impacted on the market due to advent of novel digital solutions for insurance and surge in demand for insurance among people.
- Rise in demands for insurance aggregators services that can be accessed through their laptops and smartphones due to fear of spread of the virus and social distancing have fuelled the market growth.
The SMEs segment to showcase the highest CAGR through 2031
By enterprise size, the SMEs segment is estimated to register the highest CAGR of 22.1% from 2022 to 2031, as it reduces managing concerns efficiently and helps to achieve their claim process & premium underwriting, and evaluation process effectively. However, the large enterprises segment held the largest share in 2021, contributing to more than two-thirds of the global insurance aggregators market, as it helps insurers to maintain transparency in the claim process, and human connections and improves the decision-making capability.
The health insurance segment to manifest the highest CAGR through 2031
By insurance type, the health insurance segment is expected to portray the highest CAGR of 23.6% during the forecast period, due to increasing adoption of a technology revolution and increase in data availability. However, the life insurance segment held the largest share in 2021, contributing to more than half of the global insurance aggregators market, as it helps to improve mortality and lapse predictions and optimize decision-making.
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By region, the global insurance aggregators market across
Key market players
- Allianz SE
- Assicurazioni Generali Spa
AXA Group - Munich Re
- Swiss Re
- Aviva
- Zurich Insurance Group
Esurance Insurance Services, Inc. - Lemonade, Inc.
- RooT
The report analyzes these key players in the global insurance aggregators market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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