Overview

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

IBISWorld’s Online Insurance Brokers market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

REPORT SNAPSHOT

Market Share of Companies
There are no companies with a dominant market share in this industry
Industry Statistics & Market Size
Revenue
$13bn
Annual Growth
11-16
6.2%
Annual Growth
16-21
Profit
Employment
76,805
Business
33,052

Industry Threats & Opportunities

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

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    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...

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    Industry Report - Industry Investment Chapter

    The Online Insurance Brokers industry operates with a low level of capital intensity. IBISWorld estimates that for every $1.00 spent on wages, the industry will allocate $0.05 to capital investment. The industry's level of capital intensity has remained the same over the five-year period, as the industry also allocated $0.05 in capital expenditure per dollar in wages in 2011. Given their web-based service systems, industry operators are required to invest heavily in computers, software and other equipment. Moreover, a significant share of annual sales is typically allocated to servers and website creation or adjustments.

    However, industry operators still extensively rely on labor for each of their product offerings. Ind..

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    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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    Look under the hood?

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    Industry Products

    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

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    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

  • Products & Markets
    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 65 and older
  • Consumers aged 55 to 64
  • Government
  • Chart: Major Market Segmentation for the Online Insurance Brokers Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    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 competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Online Insurance Brokers Industry

  • Industry Globalization
    Major Companies
    There are no major players in this industry
    Operating Conditions
    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
    Key Statistics
    Table: Industry Data for the Online Insurance Brokers Industry
    Includes:
  • Industry Revenue (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • Percentage of services conducted online (2007-2021)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    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.
  • Why buy this report?

    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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