Insurance Brokers Global Market Briefing 2017
The
Entrance of Nontraditional Firms in the Insurance Brokers Market
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 collaboration have enabled new entrants to acquire market knowledge and understand the industry dynamics.
Insurance brokers and agents should consider collaborating with cash rich companies to increase their service offerings and market share.
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