Online Insurance Brokers
The rising likelihood of consumers and businesses to complete their insurance transactions over the internet has continued to drive revenue for the Online Insurance Brokers industry. Growth in the percentage of services conducted online and in key macroeconomic variables like per capita disposable income partially explains the sharp improvements to industry commissions during the five-year period. Industry operators have also benefited from a hardening premium price cycle, which enabled industry operators to collect more in commissions on the insurance policies they were selling consumers and businesses. Over the five years to 2022, industry revenue is forecast to increase, and the acceptance of industry services among consumers and businesses is anticipated to continue rising. Moreover, while technological and marketing investments among the industry's largest players are anticipated to pick up, market share concentration and barriers to entry are forecast to remain low, enticing additional entrants.
This industry includes independent individuals and businesses that act as intermediaries between consumers and insurance carriers through online web portals and websites. Industry participants earn commission income from insurance carriers and may earn fee income for providing value-added services. Industry revenue includes sales that are initiated and completed online.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.