Yemisi Izuora
The Business Research Company’s global market has updated its latest market sizing information for the year 2023 and forecasted to 2032”
The Business Research Company’s, TBRC, “Insurance Broker Global Market Report 2023” is a comprehensive source of information that covers every facet of the insurance broker market.
According to the market forecast, the global insurance brokers market is expected to grow to $130.35 billion in 2027 at a compound annual growth rate ,CAGR of 5.5 per cent.
The increasing demand for insurance policies is expected to fuel the growth of the insurance brokers market over the forecast period.
In the forecast, North America is expected to hold the largest insurance broker market share. Major players in the insurance broker market include Aon PLC., Arthur J. Gallagher & Co., BB&T Corp., Brown & Brown Insurance Inc., HUB International Ltd., Marsh & McLennan Companies Inc.
The integration of AI in the insurance sector is a key trend gaining popularity in the insurance brokers market.
The combined power of AI and human creativity enables the Intelligent Broker, an automation programme for the insurance industry.
Brokers will be able to resolve complicated obstacles, produce innovative products and services, and join or build new markets.
In addition to this, AI in the insurance industry will improve customer service and prevent customers from fraud.
In 2021, 60 per cent of the insurance companies are targeting AI to be used in decision making and to reduce manual input, which has doubled in the last two years.
