Life Insurance Broker Services Market Report 2026

The life insurance broker services market size has grown strongly in recent years. It will grow from $75.47 billion in 2025 to $82.17 billion in 2026 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to rising life insurance awareness, expansion of middle-income population, increasing complexity of life insurance products, growth in independent insurance advisory channels, demand for unbiased policy recommendations.

The life insurance broker services market size is expected to see strong growth in the next few years. It will grow to $114.38 billion in 2030 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increasing adoption of AI-based advisory platforms, rising preference for online insurance consultations, expansion of financial literacy initiatives, growing demand for customized protection planning, increased regulatory focus on transparency in insurance sales. Major trends in the forecast period include increasing adoption of digital-first insurance advisory models, rising use of data-driven policy comparison tools, growing demand for personalized life insurance solutions, expansion of hybrid online-offline brokerage services, enhanced focus on client-centric advisory practices.

The digitalization of financial services is expected to drive the growth of the life insurance broker services market. This process involves using digital technologies to transform and streamline the delivery of financial products and services, improving efficiency, accessibility, and customer convenience. As more consumers seek the flexibility to manage their finances from anywhere at any time, the demand for fast and user-friendly digital solutions continues to grow. Life insurance broker services contribute to this digital shift by providing online platforms that simplify policy comparisons, applications, and customer support, thereby making insurance more accessible and efficient. For instance, in April 2024, UK Finance, a UK-based trade association for the banking and financial services industry, reported that approximately 86% of UK adults - around 46 million people - use online banking. Additionally, the percentage of digital-only bank accounts grew significantly from 24% in 2023 to 36% in 2024. As a result, the digitalization of financial services is fueling the expansion of the life insurance broker services market.

Major companies operating in the life insurance broker services market are concentrating on developing advanced solutions, such as AI-powered SaaS platforms, to improve operational efficiency and customer service. AI-powered SaaS platforms leverage artificial intelligence, human-in-the-loop automation, and intelligent data extraction to streamline workflows, reduce complexity, and maintain compliance with evolving regulations. For example, in October 2025, DXC Technology Company, a US-based technology firm, launched Assure Broking Essentials, featuring an AI-first operating model built on the ServiceNow AI platform and AWS cloud infrastructure. The platform provides rapid onboarding, seamless integration with existing systems, and built-in security and regulatory compliance. It uses intelligent automation to enhance broker productivity, offers scalable solutions for small and mid-sized brokers, and improves customer experience through customizable AI capabilities. The solution also combines DXC’s insurance software with workflow automation and advanced document intelligence from the Velonetic and MEA platforms, enabling cost-effective, enterprise-grade innovation without significant IT investment. This launch highlights the broader trend of modernizing legacy processes to address growing digital demands and support sustainable growth across the insurance brokerage ecosystem.

In October 2024, Lockton Companies, Inc., a U.S.-based insurance firm, acquired Arihant Insurance Broking Services for an undisclosed amount. This acquisition is intended to strengthen Lockton’s footprint in India’s rapidly expanding insurance market by applying its global expertise and resources to deliver advanced, customized risk consulting and insurance solutions that address the evolving needs of Indian businesses. Arihant Insurance Broking Services Limited is an India-based company offering life insurance brokerage services to both individual and corporate clients.

Major companies operating in the life insurance broker services market are Marsh McLennan, Aon plc, Willis Towers Watson (WTW), Arthur J. Gallagher & Co., AJG Australia Pty Ltd., Hub International Ltd., Acrisure LLC, Alliant Insurance Services Inc., Brown & Brown Inc., Lockton Companies Inc., USI Insurance Services, Howden Insurance Brokers, Amwins Group, Coverfox Insurance Broking Pvt. Ltd., SREI Insurance Broking Ltd., Capitas Financial Inc., Policygenius Inc., Anand Rathi Insurance Brokers Ltd., SPA Insurance Brokers Private Limited, Helios Insurance Broking Services Pvt. Ltd., Square Insurance Brokers.

North America was the largest region in the life insurance broker services market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life insurance broker services market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the life insurance broker services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The life insurance broker services market includes revenues earned by entities by providing services, such as policy comparison and recommendation, risk assessment and underwriting support, digital application processing, customer lifecycle management, and regulatory compliance advisory services. 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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