Insurance broking in India: A study undertaken to understand the opportunities and strategies for the next five years

Abstract

Globally, the clout of brokers has increased despite the advances in information and communication technology. This has benefitted the customers as brokers’ pressure has driven down insurance prices by squeezing insurers. Further, major players like Aon, MMC and Willis have grown inorganically by M&As and the industry has seen a lot of consolidation over the last 10 years. Since 2000, deregulation in Europe and other parts in the West has led to many new entrants like investment banks, internet companies offering financial services and specialized risk consultants.