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The US Insurance Distribution Technology Market: Size & Forecasts with Impact Analysis of COVID-19 (2021-2025)

  • ID: 5310285
  • Report
  • March 2021
  • Region: United States
  • 86 Pages
  • Daedal Research

FEATURED COMPANIES

  • EverQuote, Inc.
  • GoHealth
  • Goosehead Insurance, Inc.
  • MediaAlpha, Inc.
  • MORE

Scope of the Report

The report titled “The US Insurance Distribution Technology Market: Size & Forecasts with Impact Analysis of COVID-19 (2021-2025)”, provides an in depth analysis of the US insurance distribution technology market by value, by application, by function, etc. The report also provides a detailed analysis of the COVID-19 impact on the insurance technology market.

The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall US insurance distribution technology market has also been forecasted for the period 201-2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.

The US insurance distribution technology market is fragmented with many major market players operating in the region. The key players of the insurance distribution technology market are EverQuote, Inc., GoHealth, MediaAlpha, Inc., and Goosehead Insurance, Inc. are also profiled with their financial information and respective business strategies.

Country Coverage

  • The US

Company Coverage

  • EverQuote, Inc.
  • GoHealth
  • MediaAlpha, Inc.
  • Goosehead Insurance, Inc.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • EverQuote, Inc.
  • GoHealth
  • Goosehead Insurance, Inc.
  • MediaAlpha, Inc.
  • MORE

1. Executive Summary

2. Introduction
2.1 Insurance: An Overview
2.1.1 Types of Insurance
2.1.2 Challenges faced by Traditional Insurance
2.2 Insurance Distribution: An Overview
2.2.1 Steps to Select the Most Efficient Insurance Distribution Channels
2.3 Insurance Distribution Segmentation: An Overview
2.3.1 Insurance Distribution Segmentation
2.4 Insurance Distribution Technology: An Overview
2.4.1 Insurance Distribution Technology – Focus Areas
2.5 Insurance Distribution Technology Segmentation: An Overview
2.5.1 Insurance Distribution Technology Segmentation by Function 
2.5.2 Insurance Distribution Technology Segmentation by Application

3. The US Market Analysis
3.1 The US Insurance Distribution Market: An Analysis
3.1.1 The US Insurance Distribution Market by Value
3.1.2 The US Insurance Distribution Market by Application (Property and Casualty (P&C), Health and Life)
3.1.3 The US Insurance Distribution Market by Segments (Retail and Commercial)
3.2 The US Insurance Distribution Market: Application Analysis
3.2.1 The US Property and Casualty (P&C) Insurance Distribution Market by Value
3.2.2 The US Health Insurance Distribution Market by Value
3.2.3 The US Life Insurance Distribution Market by Value
3.3 The US Insurance Distribution Market: Segment Analysis
3.3.1 The US Retail Insurance Distribution Market by Value
3.3.2 The US Retail Insurance Distribution Market by Application (Auto & Home, Health, Life and SMB P&C)
3.3.3 The US Commercial Insurance Distribution Market by Value
3.4 The US Insurance Distribution Technology Market: An Analysis
3.4.1 The US Insurance Distribution Technology Market by Value
3.4.2 The US Insurance Distribution Technology Market by Function (Commission, Broker IT and Advertising) 
3.5 The US Insurance Distribution Technology Market: Function Analysis
3.5.1 The US Commission Insurance Distribution Technology Market by Value
3.5.2 The US Broker IT Insurance Distribution Technology Market by Value
3.5.3 The US Advertising Insurance Distribution Technology Market by Value
3.5.4 The US Advertising Insurance Distribution Technology Market by Application (Auto, Health, Life, Home and SMB Commercial P&C)
3.5.5 The US Auto Advertising Insurance Distribution Technology Market by Value
3.5.6 The US Health Advertising Insurance Distribution Technology Market by Value
3.5.7 The US Life Advertising Insurance Distribution Technology Market by Value
3.5.8 The US Home Advertising Insurance Distribution Technology Market by Value
3.5.9 The US SMB Commercial P&C Advertising Insurance Distribution Technology Market by Value

4. Impact of COVID-19
4.1 Impact of COVID-19
4.1.1 Impact of COVID-19 on Insurance Industry
4.1.2 Impact of COVID-19 on Insurance Technology Industry

5. Market Dynamics
5.1 Growth Driver
5.1.1 Soaring Urban Population 
5.1.2 Rising Millennial Population
5.1.3 Rise in the Use of Internet to Buy Insurance Products
5.1.4 Increasing Use of Mobile Technology and Applications (Apps)
5.1.5 Integration of Artificial Intelligence (AI) with Insurance
5.2 Challenges
5.2.1 Security Concerns
5.2.2 Infrastructure Bottlenecks
5.3 Market Trends
5.3.1 Increasing Use of Social Media as a Distribution Channel
5.3.2 Rising Personalization Trend
5.3.3 Growing Adoption of Telematics
5.3.4 Rising Penetration of Cloud-based Insurance Technology Services
5.3.5 Escalating Demand for Digital Self-Service
5.3.6 Collaboration with BigTechs
5.3.7 Surging Popularity of Virtual Insurance Advisor
5.3.8 Emergence of Subscription Models
5.3.9 Growing Adoption of Connected Insurance
5.3.10 Increasing Use of Blockchain in Insurance
5.3.11 Rising Popularity of Gamification in Insurance Industry

6. Competitive Landscape
6.1 The US Insurance Distribution Technology Market Players by Sales Growth 
6.2 The US Insurance Distribution Technology Market Players by Business Models

7. Company Profiles
7.1 EverQuote, Inc.
7.1.1 Business Overview
7.1.2 Financial Overview
7.1.3 Business Strategy
7.2 GoHealth
7.2.1 Business Overview
7.2.2 Financial Overview
7.2.3 Business Strategy
7.3 MediaAlpha, Inc.
7.3.1 Business Overview
7.3.2 Financial Overview
7.3.3 Business Strategy
7.4 Goosehead Insurance, Inc. 
7.4.1 Business Overview
7.4.2 Financial Overview
7.4.3 Business Strategy

List of Figures
Figure 1: Types of Insurance
Figure 2: Challenges faced by Traditional Insurance
Figure 3: Steps to Select the Most Efficient Insurance Distribution Channels
Figure 4: Insurance Distribution Segmentation
Figure 5: Insurance Distribution Technology – Focus Areas
Figure 6: Insurance Distribution Technology Segmentation by Function
Figure 7: Insurance Distribution Technology Segmentation by Application
Figure 8: The US Insurance Distribution Market by Value; 2020-2025 (US$ Billion)
Figure 9: The US Insurance Distribution Market by Application; 2020 (Percentage, %)
Figure 10: The US Insurance Distribution Market by Segments; 2020 (Percentage, %)
Figure 11: The US Property and Casualty (P&C) Insurance Distribution Market by Value; 2020-2025 (US$ Billion)
Figure 12: The US Health Insurance Distribution Market by Value; 2020-2025 (US$ Billion)
Figure 13: The US Life Insurance Distribution Market by Value; 2020-2025 (US$ Billion)
Figure 14: The US Retail Insurance Distribution Market by Value; 2020-2025 (US$ Billion)
Figure 15: The US Retail Insurance Distribution Market by Application; 2020 (Percentage, %)
Figure 16: The US Commercial Insurance Distribution Market by Value; 2020-2025 (US$ Billion)
Figure 17: The US Insurance Distribution Technology Market by Value; 2020-2025 (US$ Billion)
Figure 18: The US Insurance Distribution Technology Market by Function; 2020 (Percentage, %)
Figure 19: The US Commission Insurance Distribution Technology Market by Value; 2020-2025 (US$ Billion)
Figure 20: The US Broker IT Insurance Distribution Technology Market by Value; 2020-2025 (US$ Billion)
Figure 21: The US Advertising Insurance Distribution Technology Market by Value; 2020-2025 (US$ Billion)
Figure 22: The US Advertising Insurance Distribution Technology Market by Application; 2020 (Percentage, %)
Figure 23: The US Auto Advertising Insurance Distribution Technology Market by Value; 2020-2025 (US$ Billion)
Figure 24: The US Health Advertising Insurance Distribution Technology Market by Value; 2020-2025 (US$ Billion)
Figure 25: The US Life Advertising Insurance Distribution Technology Market by Value; 2020-2025 (US$ Million)
Figure 26: The US Home Advertising Insurance Distribution Technology Market by Value; 2020-2025 (US$ Million)
Figure 27: The US SMB Commercial P&C Advertising Insurance Distribution Technology Market by Value; 2020-2025 (US$ Million)
Figure 28: The US Urban Population; 2015-2020 (Percentage, %)
Figure 29: The US Millennial Population; 2016-2036 (Million)
Figure 30: The US Number of Internet Users; 2018-2025 (Million)
Figure 31: The US Social Network Users; 2018-2023 (Million)
Figure 32: Potential Business and Technology Benefits of Cloud
Figure 33: EverQuote, Inc. Revenue; 2016-2020 (US$ Million)
Figure 34: EverQuote, Inc. Revenue by Insurance Verticals; 2020 (Percentage, %)
Figure 35: EverQuote, Inc. Revenue by Distribution Channels; 2020 (Percentage, %)
Figure 36: GoHealth Net Revenue; 2018-2020 (US$ Million)
Figure 37: MediaAlpha, Inc. Revenue; 2018-2020 (US$ Million)
Figure 38: MediaAlpha, Inc. Revenue by Product Vertical; 2020 (Percentage, %)
Figure 39: MediaAlpha, Inc. Revenue by Transaction Model; 2020 (Percentage, %)
Figure 40: Goosehead Insurance, Inc. Total Revenues; 2018-2020 (US$ Million)
Figure 41: Goosehead Insurance, Inc. Total Revenues by Segments; 2020 (Percentage, %)

List of Tables
Table 1: Technologies Supporting Insurers’ Battle with COVID-19
Table 2: The US Insurance Distribution Technology Market Players by Sales Growth; 2020-2022 (Percentage, %)
Table 3: The US Insurance Distribution Technology Market Players by Business Models

Note: Product cover images may vary from those shown

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FEATURED COMPANIES

  • EverQuote, Inc.
  • GoHealth
  • Goosehead Insurance, Inc.
  • MediaAlpha, Inc.
  • MORE

With the advent of digital technologies and changing customer demand for multiple access points, insurers have started exploring ways to develop newer and technology-based distribution channels in the online space. Insurance distribution technologies mainly focus on improving the efficiency of the existing insurance industry model. These technologies are also focusing on improving communications with the clients and capabilities to implement automation processes.

Insurance distribution technology has a long history with the continuous development of new and innovative insurance technologies. The insurance distribution technology market can be segmented on the basis of function and application.

The US insurance distribution technology market has increased significantly during the year 2020 and projections are made that the market would rise in the next four years i.e. 2021-2025 tremendously. The insurance distribution technology market is expected to increase due to the soaring urban population, rising millennial population, rise in the use of the internet to buy insurance products, increasing use of mobile technology and applications (apps), integration of artificial intelligence (AI) with insurance, etc. Yet the market faces some challenges such as security concerns, infrastructure bottlenecks, etc.

Note: Product cover images may vary from those shown
  • EverQuote, Inc.
  • GoHealth
  • Goosehead Insurance, Inc.
  • MediaAlpha, Inc.
Note: Product cover images may vary from those shown

The author's core strengths include a seasoned management team, a highly demonstrable track record of seamless process integration and consistent delivery position. The research team uses its extensive knowledge of the various industries to analyze the market trends from both a vendor and an end-user perspective.

The research strategy is focused on high-quality secondary data combined with elaborate use of primary data. The team of research analysts provides a 360-degree overview of available data.

The analysts begin by searching industry reports, surveys, trade publications, company reports and press releases. They also include information gained by extensive interviews with major players and industry participants.

The background information, related to industry statistics, is provided by the author's proprietary databases.

The information is then analyzed and synthesized into a report - with market forecast, industry trends, and competitive strategies. The team of research analysts use both qualitative tools and quantitative techniques to get an insight into the industry.

The author's core expertise lies in researching, compiling and analyzing vast amounts of publicly available information and premier databases, into widely read reports.

 

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