Online Insurance Broker Market Size, Share, Trends, Growth Outlook

The Global Online Insurance Broker Market Size is estimated to register 12.6% growth over the forecast period from 2023 to 2030.

 

The market growth is driven by the increasing insurance industry undergoing a significant digital transformation, with more insurers and brokers shifting their services online to improve customer experience and streamline operations. Leading companies that are focused on Digitalization Continue, to increase customer Adoption, AI and Data Analytics, Ecosystem Integration, Cyber Insurance, and others to boost market shares in the industry.

 

 

 

Market Overview

The online insurance broker market is a rapidly growing segment of the insurance industry driven by digital transformation and consumer demand for convenience. These platforms offer a wide range of insurance products, prioritize transparency, leverage technology for efficiency, and provide cost savings. They empower customers to compare policies and prices easily, offer robust customer support, and maintain strict data security and regulatory compliance. With global reach and a competitive landscape, online insurance brokers must continually innovate to meet evolving customer preferences and stay ahead in this dynamic market.

 

Market Dynamics

Market Trends - Digital Transformation: The Key to Success in the Online Insurance Broker Market

Digital transformation is essential for success in the online insurance broker market, enabling convenience, efficiency, and cost savings for customers. Through technology integration, brokers offer personalized recommendations and streamline operations while maintaining regulatory compliance and data security. This transformation empowers customers to make informed choices and access support easily, fostering global expansion and competitiveness in a rapidly evolving industry.

 

Market Driver- Data Security and Privacy Demand Online Insurance Broker Market

Data security and privacy are essential in the online insurance broker market as customers demand the protection of their personal and financial information. To earn trust and stay competitive, brokers must implement strong cybersecurity measures, adhere to data protection regulations, and safeguard customer data. This not only ensures customer confidence but also enhances the brokers' reputation and fosters growth and retention in a competitive market.

 

Market Opportunity-Introduction of Increased Customer Demand

Increased customer demand is a defining factor in the online insurance broker market, driven by consumer preferences for convenience and transparency. Customers now favor digital platforms for purchasing insurance policies due to their user-friendly interfaces and comprehensive information. Online insurance brokers have responded by providing efficient customer support and have witnessed significant growth as a result, making these platforms increasingly popular among customers seeking insurance coverage.

 

 

Market Share Analysis- Personal Insurance Online Insurance Broker Market will register the fastest growth

The Global Online Insurance Broker Market is analyzed across Life and Accident Insurance, Personal Insurance, Health Insurance, Commercial Insurance, and others. Personal Insurance is poised to register the fastest growth. Personal insurance is a central aspect of the online insurance broker market, encompassing policies like auto, home, health, life, and travel insurance. Online brokers provide a convenient digital platform for individuals to research, compare, and purchase these policies, meeting the rising demand for customizable and accessible insurance coverage.

 

Market Share Analysis- Individuals held a significant market share in 2023

The Global Online Insurance Broker Market is analyzed across various Deployment including Institutions, Individuals, and others. Of these, individuals held a significant market share in 2023. In the individual-focused online insurance broker market, individuals can easily access and purchase various insurance products tailored to their personal needs through user-friendly digital platforms.

 

Online Insurance Broker Market Segmentation

By Type

• Life and Accident Insurance
• Personal Insurance
• Health Insurance
• Commercial Insurance
• Others

 

By Application

• Institution
• Individual
• Others

 

By Mode

• Online
• Offline

 

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

Online Insurance Broker Market Companies

 

• Bajaj Finserv (India)
• Allianz SE (Germany)
• Travellers (United States)
• Munich Re (Germany)
• Zurich Re (Switzerland)
• Max Life (India)
• HDFC Life (India)
• Liberty Mutual (United States)
• LIC (India)

*List not exhaustive

Online Insurance Broker Market Outlook 2023

1 Market Overview

1.1 Introduction to the Online Insurance Broker Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2023 Online Insurance Broker Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Online Insurance Broker Market Companies with Area Served

4.2.2 Products Offerings Global Online Insurance Broker Market

 

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 post-COVID-19 Scenario- Low Growth Case

5.1.3 post-COVID-19 Scenario- Reference Growth Case

5.1.4 post-COVID-19 Scenario- Low Growth Case

 

6 Global Online Insurance Broker Market Trends

6.1 Global Online Insurance Broker Revenue (USD Million) and CAGR (%) by Type (2018-2030)

6.2 Global Online Insurance Broker Revenue (USD Million) and CAGR (%) by Applications (2018-2030)

6.3 Global Online Insurance Broker Revenue (USD Million) and CAGR (%) by regions (2018-2030)

 

7 Global Online Insurance Broker Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Online Insurance Broker Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Online Insurance Broker Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Online Insurance Broker Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Online Insurance Broker Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Online Insurance Broker Development Regional Status and Outlook

8.1 Global Online Insurance Broker Revenue (USD Million) By Regions (2018-2022)

8.2 North America Online Insurance Broker Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Online Insurance Broker Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Online Insurance Broker Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Online Insurance Broker Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Online Insurance Broker Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Online Insurance Broker Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Online Insurance Broker Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Online Insurance Broker Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Online Insurance Broker Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Online Insurance Broker Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Online Insurance Broker Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Online Insurance Broker Revenue (USD Million) by Applications (2018-2022)

8.5 South America Online Insurance Broker Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Online Insurance Broker Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Online Insurance Broker Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Online Insurance Broker Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Online Insurance Broker Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Online Insurance Broker Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Online Insurance Broker Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Online Insurance Broker Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Online Insurance Broker Market Revenue (USD Million), by Type, and Applications (2023-2030)

10.1 Global Online Insurance Broker Revenue (USD Million) and Market Share (%) by Type (2023-2030)

10.1.1 Global Online Insurance Broker Revenue (USD Million), and Market Share (%) by Type (2023-2030)

10.2 Global Online Insurance Broker Revenue (USD Million) and Market Share (%) by Applications (2023-2030)

10.2.1 Global Online Insurance Broker Revenue (USD Million), and Market Share (%) by Applications (2023-2030)

 

11 Global Online Insurance Broker Development Regional Status and Outlook Forecast

11.1 Global Online Insurance Broker Revenue (USD Million) By Regions (2023-2030)

11.2 North America Online Insurance Broker Revenue (USD Million) by Type, and Applications (2023-2030)

11.2.1 North America Online Insurance Broker Revenue (USD) Million by Country (2023-2030)

11.2.2 North America Online Insurance Broker Revenue (USD Million), by Type (2023-2030)

11.2.3 North America Online Insurance Broker Revenue (USD Million), Market Share (%) by Applications (2023-2030)

11.3 Europe Online Insurance Broker Revenue (USD Million), by Type, and Applications (2023-2030)

11.3.1 Europe Online Insurance Broker Revenue (USD Million), by Country (2023-2030)

11.3.2 Europe Online Insurance Broker Revenue (USD Million), by Type (2023-2030)

11.3.3 Europe Online Insurance Broker Revenue (USD Million), by Applications (2023-2030)

11.4 Asia Pacific Online Insurance Broker Revenue (USD Million) by Type, and Applications (2023-2030)

11.4.1 Asia Pacific Online Insurance Broker Revenue (USD Million), by Country (2023-2030)

11.4.2 Asia Pacific Online Insurance Broker Revenue (USD Million), by Type (2023-2030)

11.4.3 Asia Pacific Online Insurance Broker Revenue (USD Million), by Applications (2023-2030)

11.5 South America Online Insurance Broker Revenue (USD Million), by Type, and Applications (2023-2030)

11.5.1 South America Online Insurance Broker Revenue (USD Million), by Country (2023-2030)

11.5.2 South America Online Insurance Broker Revenue (USD Million), by Type (2023-2030)

11.5.3 South America Online Insurance Broker Revenue (USD Million), by Applications (2023-2030)

11.6 Middle East and Africa Online Insurance Broker Revenue (USD Million), by Type, and Applications (2023-2030)

11.6.1 Middle East and Africa Online Insurance Broker Revenue (USD Million), by region (2023-2030)

11.6.2 Middle East and Africa Online Insurance Broker Revenue (USD Million), by Type (2023-2030)

11.6.3 Middle East and Africa Online Insurance Broker Revenue (USD Million), by Applications (2023-2030)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Online Insurance Broker Market Companies with Areas Served

Table 3 Products Offerings Global Online Insurance Broker Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Online Insurance Broker Revenue (USD Million) And CAGR (%) By Type (2018-2030)

Table 8 Global Online Insurance Broker Revenue (USD Million) And CAGR (%) By Applications (2018-2030)

Table 9 Global Online Insurance Broker Revenue (USD Million) And CAGR (%) By Regions (2018-2030)

Table 10 Global Online Insurance Broker Revenue (USD Million) By Type (2018-2022)

Table 11 Global Online Insurance Broker Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Online Insurance Broker Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Online Insurance Broker Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Online Insurance Broker Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Online Insurance Broker Market Share (%) By Regions (2018-2022)

Table 16 North America Online Insurance Broker Revenue (USD Million) By Country (2018-2022)

Table 17 North America Online Insurance Broker Revenue (USD Million) By Type (2018-2022)

Table 18 North America Online Insurance Broker Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Online Insurance Broker Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Online Insurance Broker Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Online Insurance Broker Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Online Insurance Broker Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Online Insurance Broker Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Online Insurance Broker Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Online Insurance Broker Revenue (USD Million) By Country (2018-2022)

Table 26 South America Online Insurance Broker Revenue (USD Million) By Type (2018-2022)

Table 27 South America Online Insurance Broker Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Applications (2018-2022)

Table 31 Financial Analysis

Table 32 Global Online Insurance Broker Revenue (USD Million) By Type (2023-2030)

Table 33 Global Online Insurance Broker Revenue Market Share (%) By Type (2023-2030)

Table 34 Global Online Insurance Broker Revenue (USD Million) By Applications (2023-2030)

Table 35 Global Online Insurance Broker Revenue Market Share (%) By Applications (2023-2030)

Table 36 Global Online Insurance Broker Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2030)

Table 37 North America Online Insurance Broker Revenue (USD)By Country (2023-2030)

Table 38 North America Online Insurance Broker Revenue (USD Million) By Type (2023-2030)

Table 39 North America Online Insurance Broker Revenue (USD Million) By Applications (2023-2030)

Table 40 Europe Online Insurance Broker Revenue (USD Million) By Country (2023-2030)

Table 41 Europe Online Insurance Broker Revenue (USD Million) By Type (2023-2030)

Table 42 Europe Online Insurance Broker Revenue (USD Million) By Applications (2023-2030)

Table 43 Asia Pacific Online Insurance Broker Revenue (USD Million) By Country (2023-2030)

Table 44 Asia Pacific Online Insurance Broker Revenue (USD Million) By Type (2023-2030)

Table 45 Asia Pacific Online Insurance Broker Revenue (USD Million) By Applications (2023-2030)

Table 46 South America Online Insurance Broker Revenue (USD Million) By Country (2023-2030)

Table 47 South America Online Insurance Broker Revenue (USD Million) By Type (2023-2030)

Table 48 South America Online Insurance Broker Revenue (USD Million) By Applications (2023-2030)

Table 49 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Region (2023-2030)

Table 50 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Region (2023-2030)

Table 51 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Type (2023-2030)

Table 52 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Applications (2023-2030)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

List of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Online Insurance Broker Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Online Insurance Broker Revenue Market Share (%) By Type (2022)

Figure 5 Global Online Insurance Broker Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Online Insurance Broker Revenue Market Share (%) By Applications (2022)

Figure 7 Global Online Insurance Broker Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Online Insurance Broker Market Share (%) By Regions (2022)

Figure 9 North America Online Insurance Broker Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Online Insurance Broker Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Online Insurance Broker Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Online Insurance Broker Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Online Insurance Broker Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Online Insurance Broker Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Online Insurance Broker Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Online Insurance Broker Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Online Insurance Broker Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Online Insurance Broker Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Online Insurance Broker Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Online Insurance Broker Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Online Insurance Broker Revenue (USD Million) By Type (2023-2030)

Figure 25 Global Online Insurance Broker Revenue Market Share (%) By Type (2030)

Figure 26 Global Online Insurance Broker Revenue (USD Million) By Applications (2023-2030)

Figure 27 Global Online Insurance Broker Revenue Market Share (%) By Applications (2030)

Figure 28 Global Online Insurance Broker Market Revenue (USD Million) By Regions (2023-2030)

Figure 29 North America Online Insurance Broker Revenue (USD Million) By Country (2023-2030)

Figure 30 North America Online Insurance Broker Revenue (USD Million) By Type (2023-2030)

Figure 31 North America Online Insurance Broker Revenue (USD Million) By Applications (2023-2030)

Figure 32 Europe Online Insurance Broker Revenue (USD Million) By Country (2023-2030)

Figure 33 Europe Online Insurance Broker Revenue (USD Million) By Type (2023-2030)

Figure 34 Europe Online Insurance Broker Revenue (USD Million) By Applications (2023-2030)

Figure 35 Asia Pacific Online Insurance Broker Revenue (USD Million) By Country (2023-2030)

Figure 36 Asia Pacific Online Insurance Broker Revenue (USD Million) By Type (2023-2030)

Figure 37 Asia Pacific Online Insurance Broker Revenue (USD Million) By Applications (2023-2030)

Figure 38 South America Online Insurance Broker Revenue (USD Million) By Country (2023-2030)

Figure 39 South America Online Insurance Broker Revenue (USD Million) By Type (2023-2030)

Figure 40 South America Online Insurance Broker Revenue (USD Million) By Applications (2023-2030)

Figure 41 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Region (2023-2030)

Figure 42 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Region (2023-2030)

Figure 43 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Type (2023-2030)

Figure 44 Middle East and Africa Online Insurance Broker Revenue (USD Million) By Applications (2023-2030)

Figure 45 Bottom-Up and Top-Down Approaches for This Report

Figure 46 Data Triangulation

 

By Type

• Life and Accident Insurance
• Personal Insurance
• Health Insurance
• Commercial Insurance
• Others

 

By Application

• Institution
• Individual
• Others

 

By Mode

• Online
• Offline

 

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)