AI Integration Is Key Among Insurance Brokers Market Trends

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Global Insurance Brokers Market Report 2021 – COVID-19 Impact and Recovery

Business Research Company Global Insurance Brokers Market Report 2021 – Impact of COVID-19 and Recovery

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LONDON, Greater London, UK, November 2, 2021 / – The integration of artificial intelligence into the insurance sector is a major trend gaining popularity in the insurance brokers market. The combined power of artificial intelligence and human creativity is integrating Intelligent Broker, an automation software for the insurance industry. Intermediaries will be able to solve complex obstacles, produce innovative products and services, and join or build new markets. In addition, artificial intelligence in the insurance industry will improve customer service and prevent customers from fraud. In 2018, 79% of insurance managers believe that AI will revolutionize the way customers communicate with them, and 59% of insurance agents are looking for ways to use AI to speed up the launch of new products and services.

The global insurance brokers 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 rearranging their operations and recovering from the impact of COVID-19, which earlier led to restrictive containment measures including social distancing, remote working and closing of businesses which led to operational challenges. The market is expected to reach $113.99 billion in 2025 with a compound annual growth rate of 5.4%.

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The increasing demand for insurance policies is expected to boost the growth of the insurance brokers market in the coming years. The demand for insurance policies has increased due to the availability of security and financial services for clients. According to the Insurance Regulatory and Development Authority (IRDAI) of India, life insurance companies introduced 286.48 lakh individual policies during 2018-19, with LIC introducing 214.04 lakh policies and 72.44 lakhs issued by private life insurance companies. Therefore, the increasing demand for insurance policies is the driving force for the growth of the insurance brokerage market.

The major players included in the global insurance brokers industry are Aon Plc, Arthur J. Gallagher & Co, and BB&T Corp. and Brown & Brown Insurance Inc, and HUB International Ltd. and 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 TBRC Global Insurance Brokers market report is segmented by type into life insurance, general insurance, health insurance, and others, by offline, online, by end-user to corporate, and individual.

Global Insurance Brokers Market Report 2021 – By Type (Life Insurance, General Insurance, Health Insurance), By Mode (Offline, Online), By End User (Company, Individual), COVID-19 Impact and Recovery is one of a series New reports from a business research firm that provides an overview of the insurance brokers market, forecast insurance brokers market size and growth for the entire market, insurance brokers market segments, geographical regions, insurance brokers market trends, insurance brokers market drivers, restraints, key competitors revenue, profiles and market shares.

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