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.
The insurance brokers and agents market in this report is segmented into agencies, brokers, bancassurance and other intermediaries.
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The global insurance brokers and agents market has been growing in the past years with a CAGR of almost 4%. TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the growth claims.
The report also shows the global insurance brokers and agents market to grow at a higher CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.
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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.cx The adoption of more diversified and enhanced products offered by banks is expected to drive the bancassurance market at a CAGR of nearly 8% to 2019.
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Companies included in the report are Marsh & McLennan Cos. Inc., Willis Towers Watson P.L.C., Aon P.L.C., Arthur J. Gallagher & Co., and Brown & Brown Inc.
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