Report Code: A11988 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Independent Insurance Agents Market
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Independent insurance agents usually referred to as sales agents typically offer a wide range of insurance & financial products such as direct life insurance, general insurance, property & casualty insurance, among others. Insurance agents sell insurance policies that protect individuals and businesses from financial loss caused by car accidents, fires, theft, storms, and other unexpected future events. Independent agents receive commission in the form of a fixed or variable commission and play a vital role in selling of commercial insurance in the market.
The global independent insurance agents market is segmented on the basis of products, application and region. Based on products, the market is divided into direct life insurance, general insurance, and others. In terms of application, the market is categorized into claims management, customer management, process optimization, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global independent insurance agents industry include Aon Plc, Arthur J. Gallagher, Brown & Brown, Inc, HUB International, Lockton Companies, Marsh & McLennan Companies, NFP Corp, Pragmatic Insurance Broking Service, Southwest Insurance Brokers, LLC, and Willis Towers Watson. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.
COVID-19 Impact Analysis
 Top Impacting Factors
Increased demand for insurance policies, referral benefits, and a rise in government support & initiatives towards insurance agents drives the growth of the market. However, emerging internet sales channels are expected to hamper the growth of the market. Contrarily, increase in new customer engagement with the usage of digital experiences can be witnessed as an opportunity for the market growth.
Increased Demand for Insurance Policies
The demand for insurance policies, such as health insurance policies, auto insurance policies, and life insurance policies, among others, has tremendously increased in the insurance brokerage market. This increase in demand is primarily due to surge in consumer awareness toward insurance policies and numerous benefits provided by the policy. Therefore, an increase in demand for the insurance policy boosts the growth of the market.
Increased Government Support & Initiatives
Several government initiatives toward advertising the benefits of insurance policies propel the independent insurance agents market growth. Furthermore, governments across several countries are implementing various provisions to assist the insurance industry for providing coverages to all segments of society. As a result, these government initiatives are expected to provide lucrative opportunities to the market in the coming years.
Key Benefits of the Report
Questions Answered in Independent Insurance Agents Market Research Report        Â
Independent Insurance Agents Market Report Highlights
Aspects | Details |
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By Products |
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By Application |
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By Region |
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Key Market Players | Willis Towers Watson, Lockton Companies, Brown & Brown, Inc, Marsh & McLennan Companies, Aon Plc, Arthur J. Gallagher, LLC, Pragmatic Insurance Broking Service, Southwest Insurance Brokers, HUB International, NFP Corp |
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