Insurance Aggregators Market Report 2024

The insurance aggregators market size has grown exponentially in recent years. It will grow from $28.76 billion in 2023 to $35.73 billion in 2024 at a compound annual growth rate (CAGR) of 24.2%. The growth in the historical period can be credited to an uptick in aggregators and digital brokers, increased internet usage, deeper internet penetration, the rise of digital influence, and escalating healthcare expenditures.

The insurance aggregators market size is expected to see exponential growth in the next few years. It will grow to $85.51 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%. The growth in the forecast period can be attributed to enhanced customer behavioral analysis for operational improvements, a rise in aggregators and digital brokers, expanded internet user base, increased digital influence, and enhanced decision-making capabilities. Key trends anticipated in the forecast period include the adoption of analytics solutions, utilization of business intelligence (BI) tools, implementation of a comparative quote-based system, and extensive advertising for enhanced visibility.

The growth of digital brokers is expected to propel the insurance aggregator market forward. Digital brokers facilitate the buying and selling of financial assets such as stocks, bonds, commodities, currencies, and securities through digital means. Insurance aggregators are in demand because they enhance market competitiveness by providing access to the best prices and special deals from insurers, thereby helping agencies attract and retain clients effectively. These aggregators leverage digital brokers to enhance their offerings, utilizing advanced functionalities and robo-adviser features to efficiently offer a wide range of insurance products. For example, according to The Insurance Business in March 2024, Fast Brokerages have shown significant growth, with a 144% average growth rate over the last two years, and newer entrants achieving even higher rates at 452%, underscoring the impact of digital brokers on market expansion. Thus, the increasing number of digital brokers is a key driver of growth in the insurance aggregator market.

Leading companies in the insurance aggregator sector are focusing on leveraging modern technologies such as fintech aggregator platforms to streamline the purchasing process, enhance customer experience, and offer tailored insurance solutions. A fintech aggregator platform integrates multiple fintech products or services into a single interface. For instance, in May 2021, Choice Group launched ISMOS, a fintech aggregator platform in India offering life, health, and general insurance products. ISMOS aims to increase insurance penetration by providing a comprehensive solution with built-in filters to prevent mis-selling. This platform simplifies the insurance purchasing process, offering customers a variety of risk mitigation products conveniently in one place.

In April 2023, Religare Group, an India-based financial services company, acquired MIC Insurance Web Aggregator for an undisclosed sum. This strategic acquisition is intended to bolster Religare Group's insurance services, leveraging disruptive technologies and robust governance to extend its offerings to a wider audience and accelerate digital expansion. MyInsuranceClub (MIC), based in India and approved by IRDAI, operates as an online platform specializing in the distribution and comparison of insurance products.

Major companies operating in the insurance aggregators market are InsuranceDekho Services Private Limited, One97 Communications Limited, Acko General Insurance Limited, TurtleMint Technologies Private Limited, CHECK24 Vergleichsportal GmbH, Go Digit General Insurance Limited, The Zebra Insurance Services LLC, Gocompare.com Limited, Hippo Comparative Services (Pty) Ltd, Huize Holding Limited, OneInsure Online Solutions Private Limited, Policybazaar Insurance Web Aggregator Private Limited, RenewBuy Insurance Services Private Limited, Acierto.com S.L.U., Toffee Insurance Broking Private Limited, Rastreator.com Correduría de Seguros S.L.U., PolicyX.com Insurance Web Aggregator Private Limited, Insurify Insurance Services Inc., LesFurets.com SAS, Covernest Insurance Web Aggregator Private Limited, Singsaver Insurance Brokers Pte. Ltd., GoBear Limited, LeLynx SAS, MoneyHero Insurance Brokers Limited, SureHits LLC, Tarifcheck.de AG.

North America was the largest region in the insurance aggregators market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance aggregators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the insurance aggregators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Insurance aggregators are online platforms that gather quotes from multiple insurance companies and compare rates and services. They enable customers to easily assess insurance products and prices, offering a convenient and efficient method to find optimal coverage.

The primary insurance categories covered by aggregators include life insurance, automotive insurance, health insurance, and others. Life insurance involves a financial arrangement where an insurer pays a lump sum to designated beneficiaries upon the insured person's death, in exchange for premium payments. Enterprise types in this sector encompass lead generators, call-center agencies, and digital agencies of various sizes, including large enterprises and small and medium enterprises (SMEs). Insurance aggregators utilize a range of distribution channels, both online and offline.

The insurance aggregators market research report is one of a series of new reports that provides insurance aggregators market statistics, including insurance aggregators industry global market size, regional shares, competitors with an insurance aggregators market share, detailed insurance aggregators market segments, market trends and opportunities, and any further data you may need to thrive in the insurance aggregators industry. This insurance aggregators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The insurance aggregator market includes revenues earned by entities through commissions, listing fees, and advertising. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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