Insurance brokerage is a type of business currently serving about 80 percent of insurance operations in the developed world. Insurance brokers who know the insurance market, its products, prices and providers, as well as a good understanding of the needs of insurance clients, acquire a unique role.
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After taking a look at the practice of several European countries, we will see that without insurance brokers there are very few insurance contracts concluded.
Given the importance of brokerage firms, the digitization of the insurance industry is also having an impact on distribution channels. Aggregators, i.e. online brokers, have had their place in Europe for 20 years. The future of brokerage firms in Europe is entirely shaped by technological advances in the key roles of brokers.
Brexit has an eternal impact on every possible industry in the EU and UK. Brokerage firms operating in the EU and UK are no exception to this rule. From registration to business profitability, insurance brokers need to work more carefully.
Key market trends
Importance of brokerage firms as a distribution channel in the European region
We see a preference for brokers and independent financial advisers in the Americas for all types of insurance while in Europe the distribution of non-life insurance is mainly carried out by agents followed by brokers.
In non-life insurance products, brokerage companies represent more than 50% of the gross premiums written in the countries of Bulgaria and Belgium, and represent 15 to 50% of the gross premiums of the countries namely Malta, Spain, Germany , Portugal, France and Poland, in the year 2017.
Even in life insurance, brokerage firms accounted for 20-45% of gross premiums in countries like Belgium, Bulgaria and Germany. Overall, brokerage firms have consistently been the choice of certain countries in Europe over the past 15 years with 19% of total premiums written in Europe acquired through the brokerage channel in 2017.
Importance of digital brokers in the European region
European aggregators are digital brokers and expert advisers have come a long way in recent years. According to one estimate, almost 50% of online insurance in Europe is sold through aggregators. In many countries, aggregators have been the client side of their business. This activity is mutually beneficial as aggregators achieve good profit margins and renewed interest in mergers and acquisitions from potential acquirers and insurers can respond to a large customer base by understanding the pros and cons of aggregator business models. .
General Aggregators start out as specialists in any product and expand their reach by incorporating more verticals. In many large European markets, insurance products still represent 75% or more of total aggregator turnover.
The report includes an overview of the largest insurance brokers and online aggregators operating in the studied market. The oligopoly market with some of the major players dominating the studied market, in terms of market share, is covered in detail.
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