Insurance Aggregators Market Expected to Reach $130 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Insurance Aggregators Market," The insurance aggregators market was valued at $19.3 billion in 2021, and is estimated to reach $130 billion by 2031, growing at a CAGR of 21.2% from 2022 to 2031.

The insurance aggregator market concludes agreements with a number of Insurers to provide a comparative quote based on a pre-determined list of specified needs as disclosed by potential clients. In addition, it is a strong online presence comparing insurance quotes and coverage, supported by extensive advertising to build visibility and drive traffic attracted clients on the basis of convenience and cost. 
Furthermore, the rising number of aggregators and digital brokers and the increase in internet userbase usage is boosting the growth of the insurance aggregators market. In addition, an increase in digital influence positively impacts the growth of the insurance aggregators industry. However, a lack of awareness among customers and a lack of skilled workforce is hampering the insurance aggregators market growth. On the contrary, increased awareness among customers to offer remunerative opportunities for expansion during the insurance aggregators market forecast.

Depending on insurance type, the large life insurance segment holds the largest insurance aggregators market share as it helps to improve mortality and lapse predictions and optimize decision-making. However, the health insurance segment is expected to grow at the highest rate during the forecast period, owing to increasing adoption of a technology revolution and increase in data availability.
Region-wise, the insurance aggregators market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, large scale adoption of IoT and other technology solutions. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing economies such as India and China.

The COVID-19 outbreak, which began in Wuhan, China, coincided with the Lunar New Year, known to be the world’s largest human migration. Businesses across many sectors of the economy have faced a significant decline in revenue as a result of government directives to close their businesses or curtail their activities in order to slow the spread of the virus among employees and customers. In addition, most governments have implemented programs to support businesses that have faced significant disruption as a result of COVID-19, focused on ensuring the availability of financing for businesses or income for their employees. Some commercial property insurance policies also include coverage for business interruption losses, which provides policyholders with protection against some of the losses that they incur when their business is forced to close, subject to the terms and conditions of the individual policy.

Key Findings of the Study

• By enterprise size, the large enterprise segment accounted for the largest insurance aggregators market share in 2021.
• Region wise, North America generated highest revenue in 2021.
• Depending on insurance type, the life insurance segment generated the highest revenue in 2021.

The key players that operate in the insurance aggregators market analysis are CHECK24 Comparison Portal GmbH Munich, Huize Holding Ltd, Gabi Personal Insurance Agency, Inc, Insurify, Inc, Moneysupermarket.com Ltd, Small Umbrella Insurance Brokers, Compare Policy Insurance Web Aggregators Pvt Ltd, Ping An Insurance, VERIVOX, Zebra Insurance Services. These players have adopted various strategies to increase their web aggregator in insurance market penetration and strengthen their position in the insurance aggregators market trends.