Healthcare

Insurance Agency Management System Market Size

The Insurance Agencies Global Market Report 2023 by The Business Research Company, provides insurance agencies market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/insurance-agencies-global-market-report

According to The Business Research Company’s Insurance Agencies Global Market Report 2023, the market size is expected to grow from $125.59 billion in 2022 to $132.27 billion in 2023 at a compound annual growth rate (CAGR) of 5.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global insurance agencies market is expected to grow to $156.46 billion in 2027 at a CAGR of 4.3%.

Increased awareness about the benefits of insurance coverage is expected to drive the insurance agency’s market. The pandemic has alerted the public and made them aware of the uncertainty, which led them towards opting for insurance to protect their and their family’s lives.

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The insurance agencies market is segmented:

1) By Insurance: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance, Other Insurance

2) By Mode: Online, Offline

3) By End User: Corporate, Individual

Introduction to technology-enabled services and platforms is a leading trend in the insurance agencies market. Insurance and technology companies are assisting insurance agencies by developing technology-enabled services and platforms for enhancing smooth customer experience and versatility. For instance, April 2020, Aureus Analytics, an artificial intelligence technology company, partnered with HawkSoft to help independent insurance agents understand better how well their agency serves the insured. Furthermore, in October 2021, a digital asset financial services platform called BVNK was launched which would make crypto financial services more accessible to the patients.

The insurance agencies market report table of contents includes: