The Evolution of Insurance Aggregators in Japan: A New Era in Choice
New sales channels have been expanding their presence in Japan’s insurance industry. Among these are not only online channels but also insurance aggregators, which are increasingly being thrust into the spotlight for offering impartial insurance consultations and allowing consumers to choose from a selection of products from multiple insurers.
Insurance aggregators have enjoyed rapid growth in recent years. Celent predicts that this trend will continue, with insurance aggregator store numbers growing by a compound annual growth rate of 33% from 2009 to 2015. Meanwhile, the insurance aggregator share of Japan’s insurance market has reached approximately 5% and continues to increase steadily each year.
In the report The Evolution of Insurance Aggregators in Japan: A New Era in Choice, Celent offers an in-depth look at the issues facing the insurance aggregators, related IT issues, and factors behind the channel’s rapid growth.
“We are seeing dramatic growth in insurance aggregators’ networks,” says KyongSun Kong, Analyst with Celent’s Asian Financial Services Group and author of the report. “However, there will undoubtedly come a time when there is a glut in the market, and only companies with staff capable of supplying high-quality services can be expected to carve out lasting positions in the industry.”