New Delhi, June 26, 2023 (GLOBE NEWSWIRE) -- The increasing number of aggregators and digital brokers, the deepening use of the internet, and the growing healthcare expenditures are fueling the growth of the Global Insurance Aggregators Market during the forecast period between 2023 and 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global insurance aggregator market size at USD 21.43 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global insurance aggregator market size to grow at a robust CAGR of 19.54% reaching a value of USD 128.54 million by 2029. The global insurance aggregator market is being driven by the increasing demand for insurance products, deepening digital technology usage, and the need for more efficient and transparent insurance purchase processes. The need for more efficient and transparent insurance purchase processes is propelling the insurance aggregator business forward. Insurance aggregators make it easier for customers to make informed decisions about their insurance needs by offering a platform for them to compare policies and pricing from multiple insurance providers. Thus, the insurance sector is seeing more competition and lower pricing.
Global Insurance Aggregators Market
Opportunity: Increasing digital influence globally
The growing digital influence has played a vital role in propelling the global insurance aggregator market forward. Consumers may now access insurance products, compare policies, and purchase coverage online thanks to advances in digital technology. Insurance aggregators have been quick to embrace digital technologies, harnessing advances in artificial intelligence (AI), machine learning (ML), and blockchain to provide personalized services that fit clients' demands. The rise of mobile internet is one of the primary factors of the expanding digital influence in the insurance aggregator business. With the development of smartphones and tablets, users may now access insurance aggregator platforms at any time and from any location, enabling better convenience and accessibility. Insurance aggregators' market reach has extended as a result, allowing them to reach a bigger audience of consumers. Therefore, increasing digital influence will be expected to impel the market growth globally during the forecast period.
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Global Insurance Aggregator Market - By Distribution Channel
On the basis of distribution channel, the global insurance aggregator market is segmented into online and offline. The online segment is expected to be a faster-growing distribution channel segment in the insurance aggregator market during the forecast period. Several reasons are predicted to fuel the fastest development in the online segment in the future years. The rising usage of digital technologies is one of the primary reasons driving the expansion of the online segment. Consumers are increasingly purchasing insurance products through online channels, and insurance aggregators are well-positioned to accommodate this need. Customers can compare policies and choose the coverage that best matches their needs by using online channels.
Global Insurance Aggregator Market - By Region
The global insurance aggregator market is dominated by the Asia-Pacific region. Asia Pacific is expected to hold a significant share of the insurance aggregators over the forecast period. The increasing adoption of digital technologies in the region is likely to boost the growth of the Asia-Pacific insurance aggregator market. Consumers are increasingly resorting to digital means to purchase insurance goods in the region, which has a huge and expanding internet user base. Insurance aggregators are well positioned to address this need by providing customers with a simple and convenient way to compare products and locate the coverage that best matches their needs.
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Impact of COVID-19 on the Global Insurance Aggregator Market
The COVID-19 pandemic significantly impacted the global insurance aggregator market. In response to the increasing demand for health insurance products as a result of the pandemic, insurance aggregators are advising customers on the numerous options available and assisting them in finding the correct coverage. Customer behavior changes, such as an emphasis on value for money and a preference for digital channels, have also had an impact on the market. Supply chain problems caused by the pandemic have hampered insurance aggregators' ability to provide certain goods and services. Regulatory developments have also had an impact on the market, with changes to licensing requirements and other restrictions affecting insurance aggregators' operations. Insurance aggregators that can quickly adjust to these changes are more likely to succeed in the post-pandemic era.
Competitive Landscape
The global insurance aggregator market is highly competitive, with all the players continually competing to gain a larger market share. The key players are Iris ID, Inc., IDEMIA, IriTech, Inc., Princeton Identity, EyeLock LLC, Bioenable Technologies, Crossmatch, HID Global Corporation, 3M Cogent, Inc., IrisGuard UK Ltd, Aware, Inc., CMITech Company Ltd., Delta ID Inc., ImageWare Systems, Inc., NEC Corporation, and SRI International. The key marketing strategies adopted by the players include facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Insurance Aggregator Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Insurance aggregator Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Recent Developments:
- In April 2023 - Religare Enterprises announced that it would purchase Indian Express Group's insurance web aggregator MyInsuranceClub in an all-cash transaction. The company declared in a statement that it had entered into a share purchase agreement with iGear Holdings Private Limited, a subsidiary of The Indian Express Group, for the planned acquisition of MyInsuranceClub (MIC).
- In October 2022 - In the latest sign of Big Tech's rising ambitions in financial services, Amazon opened a gateway for purchasing insurance in the United Kingdom, taking on established price comparison websites. Customers will be able to compare and acquire buildings and contents insurance from a variety of carriers without leaving the company's website as a result of this rollout. Ageas, Co-op, and LV are its first three partners, with more suppliers promised "early next year." Customers will also be able to rate their service providers using the portal.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical Data – 2019–2022 |
| Base Year – 2022 | |
| Estimated Year – 2023 | |
| Forecast Period – 2023–2029 | |
| Facts Covered | Revenue in USD Million |
| Product/ Service Segmentation | Enterprises Size, Insurance Type, Distribution Channel, Region |
| Key Players | PolicyBazaar, GoCompare, Coverfox, SingSaver, Hippo, Compare Policy Insurance Web Aggregators Pvt Ltd, EasyPolicy, The Zebra, ACKO, Gabi |
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMES)
By Insurance Type
- Life Insurance
- Automotive Insurance
- Health Insurance
- Other
By Distribution Channel
- Online
- Offline
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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