|
|
Insurance AgenciesPublished by: First Research, Inc. Published: Oct. 5, 2009 - 10 Pages Table of Contents
AbstractAbout 150,000 insurance agency and broker offices in the US generate annual revenues of $93 billion. Large companies include Aon, Marsh & McLennan, Arthur J Gallagher, and the North American operations of Willis Group. Despite the prominence of large companies in the commercial segment, the industry remains highly fragmented: the largest 50 firms only hold 20 percent of the total market. Many companies that primarily offer insurance products to businesses function mainly as brokers. Captive agencies operate as a sales agent for a single insurer, working on its behalf; independent brokers sell products from several providers.See the Insurance Carriers profile for coverage of insurance providers and the Managed Healthcare profile for coverage of group health insurance providers. COMPETITIVE LANDSCAPE Demand is related to consumer income and commercial business activity. When the economy grows, so does the demand for personal and business insurance. When the economy contracts, as it did in the late 2000s, demand for insurance falls. The profitability of individual agencies depends on effective marketing, client referrals, and customer service. Large agencies have advantages in name recognition, connections with more insurers, and the ability to craft more complex insurance packages. Although small agencies formerly competed by specializing in a specific product line, they are increasingly diversifying to build business. Average annual revenue per employee is around $200,000. PRODUCTS, OPERATIONS & TECHNOLOGY Major insurance products, excluding group health insurance, sold by agents and ... Get Full Details About This Report >> |
|
|||
|
About MarketResearch.com
|
||||