The insurance broking industry is a large and fast-growing market. Globally, the sector is projected to be worth more than £40bn by 2021, according to MarketLine. Between 2012 and 2016 alone, it saw a compound annual growth rate of 7%. Steady as the growth has been, however, the industry is reaching an inflection point.
In the midst of growing commoditisation and consolidation, as well as the impact of increased digitisation, the nature of the market is changing. This is having a profound
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