Insurance commissions to agents, brokers and bancassurance in Argentina
Ranking of highest quarterly growth in market share
In this article, we will analyze the data from the first quarter of 2023 and compare it with the previous one, to identify the best opportunities and strategies. First, let's look at the ranking of insurers with the highest growth in commission volume to all sales channels. According to the our latest market research report data, the top five insurers are:
- LA SEGUNDA SEGUROS, with a 0.45% increase in market share, reaching 4.61%.
- PROVINCIA SEGUROS, with a 0.30% increase in market share, reaching 2.57%.
- SANCOR SEGUROS, with a 0.30% increase in market share, reaching 9.08%.
- FEDERACION PATRONAL SEGUROS, with a 0.25% increase in market share, reaching 10.61%.
- TRIUNFO COOPERATIVA DE SEGUROS, with a 0.21% increase in market share, reaching 1.87%.
Second, let's examine the distribution of premiums intermediated by sales channel. According to SSN (Superintendencia de Seguros de la Nación) data, the most significant changes are:
- The direct sales channel lost 1.6% of its relative weight, dropping from 22.8% to 21.2%.
- The agents channel gained 2.0% of its relative weight, rising from 43.3% to 45.3%.
- The brokers channel lost 0.5% of its relative weight, dropping from 23.4% to 22.9%.
- The bancassurance channel lost 0.6% of its relative weight, dropping from 7.8% to 7.2%.
- The other alliances channel gained 0.7% of its relative weight, rising from 2.7% to 3.4%.
These changes indicate that the agents channel is still the most dominant one in the insurance market, followed by the brokers channel. The direct sales channel is losing ground due to the increasing competition and customer demand for personalized service and advice. The bancassurance channel is also facing challenges due to the regulatory changes and the economic situation in the country. The other alliances channel is gaining momentum due to the emergence of new partnerships and platforms that offer innovative solutions and access to new segments.
- LA SEGUNDA SEGUROS, with a 0.45% increase in market share, reaching 4.61%.
- PROVINCIA SEGUROS, with a 0.30% increase in market share, reaching 2.57%.
- SANCOR SEGUROS, with a 0.30% increase in market share, reaching 9.08%.
- FEDERACION PATRONAL SEGUROS, with a 0.25% increase in market share, reaching 10.61%.
- TRIUNFO COOPERATIVA DE SEGUROS, with a 0.21% increase in market share, reaching 1.87%.
Second, let's examine the distribution of premiums intermediated by sales channel. According to SSN (Superintendencia de Seguros de la Nación) data, the most significant changes are:
- The direct sales channel lost 1.6% of its relative weight, dropping from 22.8% to 21.2%.
- The agents channel gained 2.0% of its relative weight, rising from 43.3% to 45.3%.
- The brokers channel lost 0.5% of its relative weight, dropping from 23.4% to 22.9%.
- The bancassurance channel lost 0.6% of its relative weight, dropping from 7.8% to 7.2%.
- The other alliances channel gained 0.7% of its relative weight, rising from 2.7% to 3.4%.
These changes indicate that the agents channel is still the most dominant one in the insurance market, followed by the brokers channel. The direct sales channel is losing ground due to the increasing competition and customer demand for personalized service and advice. The bancassurance channel is also facing challenges due to the regulatory changes and the economic situation in the country. The other alliances channel is gaining momentum due to the emergence of new partnerships and platforms that offer innovative solutions and access to new segments.