Life Insurance Broker Services Market Report 2025

The life insurance broker services market size has grown strongly in recent years. It will grow from $69.2 billion in 2024 to $75.47 billion in 2025 at a compound annual growth rate (CAGR) of 9.1%. The growth during the historic period can be attributed to increasing internet penetration for insurance research, greater reliance on third-party advisors, rising retirement planning needs, growing urbanization and lifestyle risks, and an expanding number of independent insurance brokers.

The life insurance broker services market size is expected to see strong growth in the next few years. It will grow to $105.39 billion in 2029 at a compound annual growth rate (CAGR) of 8.7%. The growth projected for the forecast period is driven by the increasing adoption of digital brokerage platforms, greater integration of AI in policy recommendations, rising demand for hybrid advisory models, expanded use of data analytics for risk profiling, and a stronger focus on seamless customer onboarding experiences. Key trends in the forecast period include advancements in automated underwriting tools, development of mobile-first insurance platforms, innovations in virtual advisory services, progress in API-driven broker ecosystems, and the creation of personalized insurance dashboards.

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.

Leading companies in the life insurance broker services market are focusing on developing advanced digital solutions, such as life insurance platforms, to enhance customer experience, simplify policy selection and purchasing processes, and increase operational efficiency. These digital platforms allow users to compare, purchase, and manage life insurance policies with ease, offering personalized recommendations, real-time quotes, and other digital tools. For example, in May 2022, Traffk, a U.S.-based digital insurance provider, launched the Hero Life Insurance digital platform designed specifically for brokers and agents in the United States. The platform enables intermediaries to issue instant-decision term life insurance policies with coverage up to $2 million, often without requiring a medical exam, in under 20 minutes for qualified applicants. Unlike most direct-to-consumer insurtech models, Hero Life empowers brokers with a streamlined, fully digital sales and application system. Backed by Assurity Life Insurance Company and SCOR, the platform incorporates AI-based underwriting and cloud technology to improve efficiency and aims to reduce the life insurance coverage gap through digital innovation.

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 players 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., Aditya Birla Group, 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 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in life insurance broker services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the life insurance broker services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s recommendations and conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the financial sector, particularly in investment strategies and risk management. Heightened tariffs have fueled market volatility, prompting cautious behavior among institutional investors and increasing demand for hedging instruments. Banks and asset managers are facing higher costs associated with cross-border transactions, as tariffs disrupt global supply chains and dampen corporate earnings, key drivers of equity market performance. Insurance companies, meanwhile, are grappling with increased claims risks tied to supply chain disruptions and trade-related business losses. Additionally, reduced consumer spending and weakened export demand are constraining credit growth and investment appetite. The sector must now prioritize diversification, digital transformation, and robust scenario planning to navigate the heightened economic uncertainty and protect profitability.

Life insurance broker services encompass the comprehensive support and expert guidance offered by independent professionals who help clients assess, compare, and choose life insurance policies from a broad array of insurance providers. These brokers collaborate closely with individuals or businesses to understand their specific financial circumstances and protection needs, assisting them throughout the entire process to obtain the most suitable and cost-effective life insurance coverage.

The primary types of insurance products within life insurance broker services include term life insurance, whole life insurance, universal life insurance, variable life insurance, and indexed universal life insurance. Term life insurance is a policy that provides coverage for a designated period, paying a death benefit to beneficiaries if the insured passes away during that term. It serves various client categories, such as individual clients, small and medium enterprises (SMEs), large corporations, non-profit organizations, and employees via group insurance plans, and offers multiple features such as coverage options, underwriting processes, claim settlement ratios, and flexibility in policy terms. These products are distributed through direct sales, independent insurance agents, insurance brokerages, online insurance platforms, and financial service providers.

The life insurance broker services market research report is one of a series of new reports that provides life insurance broker services market statistics, including life insurance broker services industry global market size, regional shares, competitors with a life insurance broker services market share, detailed life insurance broker services market segments, market trends and opportunities, and any further data you may need to thrive in the life insurance broker services industry. This life insurance broker services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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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