Rest insured: Increased market acceptance of the industry will keep revenue on the rise

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...purchase to read more.

Industry Statistics & Market Size
Revenue
$16bn
Annual Growth 12-17
9.8%
Forecast Growth 17-22
Profit
Employment
109,196
Businesses
45,523
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • The acceptance of industry services among consumers and businesses is anticipated to continue rising
  • Online insurance brokers rely on a range of technologies to increase web traffic
  • Improving home and car sales will drive demand for related insurance
  • Industry Report - Industry Locations Chapter

    The geographic distribution of industry operators is highly correlated with domestic population trends, given the average enterprise's small size and reliance on a relatively small geographic area for revenue. Consequently, the Southeast and Great Lakes regions account for the majority of the Online Insurance Brokers industry's establishments.SoutheastIn 2017, the Southeast region is anticipated to account for 24.9% of total industry establishments, which is similar to its 25.7% share of the domestic population. Moreover, the region is exposed to a higher frequency of hurricanes and other natural disasters compared with other parts of the country, with industry operators locating in the region to take advantage of greater demand for property and casualty insurance. Yet...purchase to read more.

    Additional Insights for the Online Insurance Brokers Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Online Insurance Brokers Industry are

  • Having links with suppliers
  • Having an extensive distribution network
  • Having a good technical knowledge of the product
  • IBISWorld analysts also discuss how external factors such as Percentage of services conducted online and Homeownership rate in the Online Insurance Brokers industry impact industry performance..

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    What's in this report

    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 insurance
  • Commercial P&C insurance
  • Life and health insurance
  • Other annuity and insurance
  • Annuities
  • Industry Activities
  • Property and casualty insurance policy brokerage
  • Health and medical insurance brokerage
  • Life and accident insurance brokerage
  • Reinsurance brokerage and administration
  • Annuity brokerage
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Percentage of services conducted online
  • Homeownership rate
  • Number of motor vehicle registrations
  • Per capita disposable income
  • External competition

  • Current Performance
  • Online growth contrasts swelling external competition
  • Capital investment and technology platforms
  • Industry structure
  • Chart: Revenue Growth

  • Industry Outlook
  • Insurance sector outlook
  • Regulatory landscape
  • Table: Online Insurance Brokers Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Online Insurance Brokers Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Wholesale Trade
  • Information
  • Educational Services
  • Consumers

  • Key Selling Industries
  • Health & Medical Insurance
  • Life Insurance & Annuities
  • Property, Casualty and Direct Insurance

  • Products & Services
  • Commercial P&C insurance
  • Personal P&C insurance
  • Life and health insurance
  • Other annuity and insurance
  • Annuities
  • Chart: Online Insurance Brokers Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Business
  • Consumers aged 35 to 44
  • Consumers aged 45 to 54
  • Consumers aged 34 and younger
  • Consumers aged 55 to 64
  • Consumers aged 65 and older
  • Government
  • Chart: Major Market Segmentation for the Online Insurance Brokers Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Marketing
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Online Insurance Brokers

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Online Insurance Brokers Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Online Insurance Brokers Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Online Insurance Brokers Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Percentage of services conducted online (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Commission
  • Fee paid to a broker as a percentage of the policy premium. The percentage depends on coverage, the insurer and the marketing methods.
  • Directors And Officers Liability Insurance
  • Liability insurance payable to directors and officers of a company stemming from losses associated with alleged wrongful acts.
  • Insurance Broker
  • An independent agent who represents the buyer during an insurance transaction by trying to find the best policy in regard to coverage and pricing; insurance brokers do not represent the insurer.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Industry Market Report on Online Insurance Brokers is a comprehensive guide to market size and growth prospects. Ensure due diligence in your research with our strategic analysis of the factors influencing companies, including new product developments; economic, lifestyle and demographic influences; distribution and supply chain factors; and pricing issues.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Online Insurance Brokers:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Online Insurance Brokers market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Online Insurance Brokers, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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