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Online Insurance Brokers in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Online Insurance Brokers Market Research Report | Advisory & Financial Services | Specialist Insurance Lines | Jul 2014

Rest insured: Rising home and car owner rates will drive demand for insurance brokers

The Online Insurance Brokers market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

Report Snapshot
Market Share of Companies
There are no companies with a dominant market share
Industry Statistics & Market Size
Revenue
$14bn
Annual Growth 09-14
5.9%
Annual Growth 14-19
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Profit
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Employment
84,021
Businesses
35,955
Industry Analysis & Industry Trends

Online insurance brokers have benefited in part from an increasing percentage of services conducted online and in part from the economic recession. The majority of insurance policies are now initiated online; however, most are still completed using an agent. The potential to convert more consumers to completing the purchase online points to stronger growth during the next five years. Accelerated revenue growth will be fostered by further consumer movement to online services, the improving economy and healthcare reform.... purchase to read more

Industry Report - Starting a New Business Chapter

The Online Insurance Brokers industry operates with low barriers to entry. The industry's market is highly fragmented, with the industry's massive number of operators leading to a very low level of market share concentration. Similarly, while the industry relies heavily on skilled employees, licensing regulations largely do not pose a significant threat to the size of the industry's labor force. Moreover, according to the latest available data, employment for insurance sales agents is anticipated to grow at an average pace from 2012 to 2022, providing an incentive for individuals to obtain the skills to enter this profession.

Yet, to successfully compete with the industry's largest players, a significant amount of investment is required... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Online Insurance Brokers Industry?

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.

Industry Products
Personal P&C insuranceCommercial P&C insuranceLife and health insuranceOther annuity and insuranceAnnuities
 
Industry Activities
Property and casualty insurance policy brokerageHealth and medical insurance brokerageLife and accident insurance brokerageReinsurance brokerage and administrationAnnuity brokerage


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