Insurance Brokerage Market to Grow at 4.27% CAGR - Big Data and BI Incorporation Driving Market Growth to 2020

May 24, 2016, 04:00 ET from Sandler Research

PUNE, India, May 24, 2016 /PRNewswire/ --

A key trend to note in the insurance brokerage market is adoption of big data analytics and the incorporation of BI with data analytics providing analysis and reporting capabilities that yield more insightful and future-oriented actionable answers, which cannot be addressed by business intelligence methodologies. It performs predictive analysis, such as stochastic, simulation techniques, and What-if scenarios, which help to evaluate the trade-off between different strategies and tactics. Business intelligence is a powerful tool or set of processes that transforms raw data into significant information and insights. It compiles KPI data using the central database, and performs a descriptive analysis of what is currently happening in the organization. This drives better-informed decision-making, which ultimately helps increase performance, reduce costs, improve customer service, and boost profitability.

Complete report on insurance brokerage market spread across 57 pages, analyzing 4 major companies and providing 22 data exhibits now available at .

The analysts forecast Global Insurance Brokerage Market to grow at a CAGR of 4.27% during the period 2016-2020. According to the 2016 insurance brokerage market report, a key growth driver is the rise in the middle-income customer group and HNW clients in developing countries. Many top market players in the insurance brokerage industry are using new ways to insure new, unusual, and complex risks with the help of underwriting services. Concurrently, there has been an increase in consolidation of different companies in the insurance industry catering to middle-class and high net worth (HNW) customers. As a result, the big insurance brokerage firms may pursue M&A transactions to expand their market share in developing countries during the forecast period. The demand for insurance brokerage services depends on customers' income and company's business activity. When an economy grows, there is a rise in consumer income and business activity, which ultimately increases demand for insurance products.

Global Insurance Brokerage Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. This report covers the present scenario and the growth prospects of the Global Insurance Brokerage Market for 2016-2020. To calculate the market size, the report considers the revenue generated primarily through the fees paid by clients; commissions and fees collected from the insurers; and funds that are held on behalf of the clients.

Key players in the Global Insurance Brokerage Market: Aon, Arthur J. Gallagher, Willis, and Marsh and McLennan. Other prominent vendors in the market are: BB&T Insurance Services, Brown & Brown, HUB International, Jardine Lloyd Thompson Group, Meadowbrook Insurance Group, and National Financial Partners. Order a copy of Global Insurance Brokerage Market 2016-2020 report @ .

 A nation's economic growth usually drives its citizen's income and business activities. The rise in spending power of the people drives demands for various products and services, including insurance products among others. Growing demand for insurance products in developing countries such as India, China, and nations in Southeast Asia has heralded the entry of new insurance agents (or brokers) that earn huge sums as brokerage fees. Insurance brokerage market competition is based on services, product features, prices, commission structures, financial strength and resources, customer bases, geographical presence, and brand recognition. Further, the report states that one challenge that could restrict market growth is the facility of online purchasing of policies from insurance firms.

Another related report is Global Property Insurance Market 2016-2020, the analysts forecast global property insurance market to grow at a CAGR of 5.6% during the period 2016-2020. An upcoming trend in the insurance industry is the use of data analytics and predictive modeling strategies. Many top analytics companies are tying-ups with property insurance firms to improve the underwriting profits and also to lower the loss ratio. Customers are demanding innovative solutions and telematics in the commercial property policy and commercial package offered. Browse complete report @ .

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SOURCE Sandler Research