AI integration is key to insurance broker market trends
The Business Research Company Global Insurance Broker Market Report 2021 – Impact and Recovery of COVID-19
LONDON, GREATER LONDON, UK, November 2, 2021 /EINPresswire.com/ – The integration of AI into the insurance industry is a key trend that is gaining popularity in the insurance broker market. The combined power of AI and human creativity integrates the Intelligent Broker, an automation program for the insurance industry. Brokers will be able to solve complex obstacles, produce innovative products and services and reach or create new markets. On top of that, AI in the insurance industry will improve customer service and prevent customers from cheating. In 2018, 79% of insurance managers believe AI will revolutionize the way customers communicate with them and 59% of insurance agents are looking for ways to use AI to accelerate new product launches and services.
The global insurance broker market size is expected to grow from $ 88.16 billion in 2020 to $ 92.20 billion in 2021 at a compound annual growth rate (CAGR) of 4.6%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 113.99 billion in 2025 at a CAGR of 5.4%.
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The growing demand for insurance policies is expected to fuel the growth of the insurance broker market in the coming years. The demand for insurance policies has increased due to the availability of personalized security and financial services for clients. According to the Insurance Regulatory and Development Authority (IRDAI) of India, life insurers provided 286.48 lakh of new individual policies during 2018-19, in which LIC provided 214.04 lakh policies and 72.44 lakh policies were issued by private life insurers. Hence, the increasing demand for insurance policies is driving the growth of the insurance brokerage market.
Major players in the global insurance broker industry are Aon Plc, Arthur J. Gallagher & Co, BB&T Corp., Brown & Brown Insurance Inc, HUB International Ltd., Marsh & McLennan Companies Inc, NFP Corp, Willis Towers Watson Plc , Wells Fargo Insurance Services, Meadowbrook Insurance Group, Jardine Lloyd Thompson Group, Lockton Inc, USI Insurance Services LLC, Truist Financial Corp.
The global TBRC Insurance Brokers Market report is segmented by type into Life Insurance, General Insurance, Health Insurance, Others, by offline mode, online, by corporate end user, particularly.
Global Insurance Brokers Market Report 2021 – By Type (Life Insurance, General Insurance, Health Insurance), By Mode (Offline, Online), By End User (Business, Consumer), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company which provide insight into the Insurance Brokers market, forecasts on the size and growth of the Insurance Brokers market for the overall market, Insurance brokers market segments and geographies, insurance brokers market trends, insurance brokers market drivers, restraints, major competitor revenues, profiles and market shares.
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