Torrance, California, USA – According to the latest study from MarkWide Research insurance brokerage market is expected to register a CAGR of 6.7% during the forecast period (2022-2030).

Insurance brokerage is a business that helps people buy and sell insurance policies. Brokers play a crucial role in America’s economy by facilitating the sale and purchase of insurance, which is an integral part of the industry. The role of brokers includes helping customers purchase their insurance products and providing advice on reducing premium costs.

In the global insurance brokerage market, several factors are contributing to the growth of the market such as: B. an increasing demand for insurance policies, the integration of IT and analytics solutions and the provision of professional solutions and services that contribute to its growth. A major constraint to the growth of the market is a large number of sites available for customers to buy insurance policies directly and the immense number of alternative platforms for buying insurance policies.

According to WNS Holdings Ltd. the market is facing enormous growth worldwide. It was estimated that the demand for insurance intermediation services reached $60 billion in 2019 thanks to a significant contribution from insurance premiums, which accounted for more than 60% of the market in the US and Europe. There is a constant search for ways in which insurance brokerage firms can improve their business practices. In order to run their business efficiently, reduce costs and retain customers, insurance brokers are investing heavily in technologies such as artificial intelligence, big data, the Internet of Things and digital devices.

Insurance brokerage market growth

The insurance brokerage market has seen an increase in demand for insurance policies, including life insurance, health insurance, and auto insurance. It is believed that the increase …