Insurance Brokerage Market to Grow at 4.27% CAGR - Big Data and BI Incorporation Driving Market Growth to 2020

PUNE, India, May 24, 2016 /PRNewswire/ --

A key trend to note in the insurance brokerage market is adoption of big data analytics and the incorporation of BI with data analytics providing analysis and reporting capabilities that yield more insightful and future-oriented actionable answers, which cannot be addressed by business intelligence methodologies. It performs predictive analysis, such as stochastic, simulation techniques, and What-if scenarios, which help to evaluate the trade-off between different strategies and tactics. Business intelligence is a powerful tool or set of processes that transforms raw data into significant information and insights. It compiles KPI data using the central database, and performs a descriptive analysis of what is currently happening in the organization. This drives better-informed decision-making, which ultimately helps increase performance, reduce costs, improve customer service, and boost profitability.

Complete report on insurance brokerage market spread across 57 pages, analyzing 4 major companies and providing 22 data exhibits now available at http://www.sandlerresearch.org/global-insurance-brokerage-market-2016-2020.html .

The analysts forecast Global Insurance Brokerage Market to grow at a CAGR of 4.27% during the period 2016-2020. According to the 2016 insurance brokerage market report, a key growth driver is the rise in the middle-income customer group and HNW clients in developing countries. Many top market players in the insurance brokerage industry are using new ways to insure new, unusual, and complex risks with the help of underwriting services. Concurrently, there has been an increase in consolidation of different companies in the insurance industry catering to middle-class and high net worth (HNW) customers. As a result, the big insurance brokerage firms may pursue M&A transactions to expand their market share in developing countries during the forecast period. The demand for insurance brokerage services depends on customers' income and company's business activity. When an economy grows, there is a rise in consumer income and business activity, which ultimately increases demand for insurance products.