Insurance agents referred to as captive agents, representing the insurance companies. Insurance brokers, on the other hand, denote multiple insurance companies providing the right insurance for their clients. Insurance is a legal contract between two parties i.e. the insurance company and individual. The insurance company adds the possibilities for making losses of the insured contingency. The insurance donates and symbolizes the general economic growth of society by providing stability over the functioning process. The insurance industries develop financial institutions and reduces the uncertainties burdens by improving the overall financial resources. Insurance has evolved as a process of safeguarding the interest of people from all sorts of losses and uncertainties.
According to the study, “Insurance Brokers & Agents Global Market Report 2019” the key companies operating in the global insurance brokers & agents, the market is Marsh & McLennan Cos Inc., Aon PLC, Willis Towers Watson PLC, Brown & Brown Inc., Arthur J Gallagher & Co. The key players offer insurance coverage, reinsurance services, risk management, investment advisory, talent management and management consulting services.
The insurance brokers and agents’ market are largely engaged in acting as mediators (i.e., agents, brokers) in marketing allowances and insurance policies. Brokers engaged with consumers for dealing with all insurance transactions. Insurance brokers & agents can be hired and contracted with single or the multiple insurance agencies as they try to meet the client’s requirements with appropriate insurance products. This market eliminates the direct selling of insurance products by insurance companies. Insurance agents & brokers have specialized in offering to start from small business insurance or large organizations. The advancement of technology, insurance sale has now started from more and more young specialists that prefer buying policies online. The internet access has now made buying policies just a click away, the role of insurance agents and insurance brokers have now been increased as many people still require assistance in finalizing their policies. Some of the key insurances provided by companies in the market include General liability insurance, Business owner’s policy, Errors, and omissions insurance, Professional liability insurance, Commercial property insurance, Business interruption insurance, Workers compensation insurance, Commercial auto insurance
Based on type, the market is segmented into insurance brokers, insurance agencies, bancassurance, and other intermediaries. Bancassurance is being used by banks to cross-sell their products & services and generate additional revenue. It also benefits the insurance a company by providing a revelation to a wider customer base via the bank’s distribution network of agents & branches. Based on insurance coverage, the market is segmented into life insurance, health & medical insurance, and property & casualty insurance. Based on activities, the market is segmented into annuity distribution & brokerage, risk management consulting, life-health-medical insurance policy distribution & brokerage, reinsurance distribution and brokerage, property and casualty insurance policy distribution & brokerage and administration of insurance initiatives for instance employee benefits and captive insurance programs. Based on mode, the market is segmented into online mode and offline mode. In addition, based on end-user, the market is segmented into individual and corporate.
In upcoming years, it is estimated that the global insurance brokers & agents market owing to the presence of many commercial establishments seeking property & casualty insurance during the forecast period.
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Ankur Gupta, Head Marketing & Communications