LONDON--(BUSINESS WIRE)--The global insurance brokerage market is expected to grow at a CAGR of close to 5% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global insurance brokerage market by geography, which includes APAC, the Americas, and EMEA. The report covers a vast array of topics, ranging from market trends, drivers, and challenges that are expected to impact market growth.
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Market driver: increased demand for insurance policies
In the global insurance brokerage market, purchasing an insurance policy is a key financial decision for the customers. A deviation in customer demographics has pressurized insurance brokerage firms to strategize actuarial models and effective sales strategies to adopt efficient pricing policies. The increasing population of baby boomers and millennials generate growth opportunities for medical insurance, life insurance, accidental insurance, and others. At present, insurance brokers stress on insurance policies that provide maximum benefits for customers.
The demand for insurance products has increased due to the provision of security services and personalized financial services to customers. The demand for accidental insurance, life insurance, medical insurance, vehicle insurance, liability insurance, and property insurance are high in the global insurance brokerage market.
According to a senior analyst at Technavio, “Lately, consumers demand insurance policies that are characterized by effective pricing. Insurance firms are focusing on investing in innovative insurance products and services to tap the potential in emerging markets. Increased awareness about the benefits of insurance policies are expected to drive the demand for such policies during the forecast period.”
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Market trend: integration of IT and analytic solutions
To maximize sales, the key players in the market integrate IT and analytic solutions. Analytic solutions aid in spreading effective marketing strategies and underwriting services. Data analytics has also helped firms in terms of product-design improvement and customer targeting. To forecast possible market scenarios, data analytics employs simulation and stochastic techniques. At present, insurance brokers employ data analytic tools to attain customer data and maintain a competitive edge. These tools help in identifying hidden data patterns by utilizing complex models and predicting possible future outcomes.
At present, the major players in the market are focusing on business intelligence, which includes processes that convert raw data into key marketing insights and information. An analysis of the key performance indicator data helps analyze the current market scenario. This improves decision making, enhanced performance, improved customer service, and high profits. The incorporation of IT and analytic solutions facilitates the analysis of negative performance trends of a firm.
Market challenge: direct purchase of insurance policies by customers
Globally, the increase in the use of the Internet and smartphones has contributed to direct sales of insurance policies. The on-set of online mediums has led to an increase in product awareness, increased customer expectations, and changed buying behaviors. Consumers seek direct advice from insurance firms for distinct insurance products. This eliminates the scope of insurance brokers or intermediaries, which is expected to limit the growth of the global insurance brokerage market. Insurance brokerage firms have resorted to online distribution strategies to minimize the impact of direct purchases and to provide enhanced customer experiences.
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