LONDON--(BUSINESS WIRE)--The global insurance brokerage market is expected to post a CAGR nearly 5% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
The demand for insurance products is increasing due to the provision of security services and personalized financial services. The market is witnessing an increase in demand for medical insurance, property insurance, vehicle insurance, accidental insurance, and liability insurance because they help in minimizing financial uncertainties and risks in future. The increase in awareness about the benefits of insurance policies and rising demand for insurance policies will boost the growth of the insurance brokerage market during the forecast period.
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As per Technavio, the integration of IT and analytic solutions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Insurance Brokerage Market: Integration of IT and Analytic Solutions
Many market vendors are adopting IT and analytic solutions as it helps them with their underwriting services and propagate effective marketing strategies. Data analytics not only helps them in forecasting possible market scenarios by employing simulation and stochastic techniques but also helps them in terms of customer targeting and product-design improvement. Insurance fraud is a major white-collar crime in the US. The adoption of advanced analytics tools such as big data analytics and geospatial analytics minimizes the probability of fraudulent practices. Consequently, the market for insurance brokerage is expected to showcase a positive outlook during the forecast period.
“The increase in HNWIs in developing regions and the implementation of distinct valuation strategies are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Insurance Brokerage Market: Segmentation Analysis
This market research report segments the global insurance brokerage market by type (life insurance and general insurance) and geography (Americas, APAC, and EMEA).
The Americas led the market in 2017, followed by EMEA and APAC respectively. During the forecast period, the Americas is expected to maintain its dominance over the global market. This is due to the rising financial advisory requirements, growing need for insurance protection, and increasing awareness about insurance policies in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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