LONDON, Feb. 7, 2017 /PRNewswire/ -- Brokers are engaged as intermediaries in selling annuities and insurance policies. These companies offer wide range of insurance products from various insurance carriers. These entities charge premium or commission from insurance companies as well as from customers.
The Americas was the x largest geographic region in the insurance brokers services market in 2016, accounting for $x billion or x% of the global market. Asia was the x largest geographic market, accounting for $x billion or x% of the global market. Europe was the x largest geographic market, accounting for $x billion or x% of the global market. The Middle East and Africa accounted for x% and $x billion, while Oceania accounted for x% of the global insurance brokers market.
Entrance of Nontraditional Firms in the Insurance Brokers Market
Nontraditional companies such as Google, Amazon and Walmart are entering the insurance intermediary market to capitalize on their brand image, large capital and customer base. Their primary focus is on distribution of health, property and casualty insurance products. In line with this trend, these companies are also entering into partnerships, joint ventures and alliances with other established insurance carriers to offer insurance products and services to their customers. For instance, Walmart and Autoinsurance.com formed an alliance in 2014. Similarly, Magma Fincorp and HDI-Gerling came together to form a joint venture in 2015. These collaboration have enabled new entrants to acquire market knowledge and understand the industry dynamics.
Insurance brokers and agents should consider collaborating with cash rich companies to increase their service offerings and market share.
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