B2B2C insurance market to reach $1.8 billion by 2031, TMR

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ALNBANY, NY, April 14, 2022 (GLOBE NEWSWIRE) — TMR analysts estimate that the B2B2C insurance market is expected to grow at a CAGR of 9.7% during the forecast period between 2021 and 2031. Factors such as increasing disposable income, moving away from traditional insurance B2B2C insurance models and the introduction of more personalized insurance products are propelling the B2B2C insurance market.

The exponential growth of retail, tourism and digital lending platforms has opened up new frontiers for the B2B2C insurance market. The limitations of traditional insurance models to handle the large volume of data are driving a shift to digital platforms. Nevertheless, the reluctance of partner companies to share the necessary data with insurers poses problems of data analysis and management. This has led to the adoption of AI and advanced analytics that help maintain transparency in business processes.

Blockchain, automation and robotics, AI, social media, cloud technology, ML, micro devices and APIs, and master data management are some of the next generation technologies used in the B2B2C insurance market. The adoption of smart technology allows insurers to monitor the business insurance process with advanced security and engage in a strategic partnership with their customers for seamless service.

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B2B2C Insurance Market – Key Findings of the Report

  • The adoption of digital insurance platforms for B2B2C offers tangible benefits in terms of deep understanding of customers, which, in turn, helps to improve the customer journey and improve the efficiency of insurer-insured partnerships. Excessive use of digital platforms by consumers aged 18-35 is pushing insurers to invest in digital platforms. This includes investments in mobile apps and websites that help B2B2C insurance companies gain unparalleled insights through digital capabilities.
  • The popularity of e-commerce which involves the handling of goods at multiple points necessitates the pre-integration of insurance products to cover damages. Companies in the B2B2C market offer insurance products through mobile platforms and provide telephone support to the huge number of non-insurance personnel employed in e-commerce.
  • The growing practice of omnichannel commerce in industries such as utilities, manufacturing, and construction is opening up lucrative avenues in the B2B2C insurance market. Savvy companies in the B2B2C insurance market are collaborating with technology vendors, e-commerce vendors, and local vendors to understand the details of omnichannel commerce and generate increased revenue.
  • The integration of AI and advanced analytics with digital insurance models is gaining popularity in the B2B2C insurance market. AI is welcomed to benefit the entire customer lifecycle in terms of processing massive amounts of consumer data to create personal insights based on personal and behavioral habits. Improving the complaints conversion cycle, reducing costs and managing fraud are other AI benefits that B2B2C companies enjoy.
  • Rapid urbanization resulting in high sales of passenger vehicles is creating opportunities in the auto insurance segment of the B2B2C insurance market. The increase in the purchasing power of the middle class population who are willing to invest in comprehensive car insurance plans to cover damages in the event of an accident or theft is creating many opportunities in this market segment of B2B2C insurance.
  • The online B2B2C insurance distribution channel is expected to grow at a rapid pace with increasing adoption of mobile insurance solutions, along with innovative digital support for customer service

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B2B2C Insurance Market – Growth Drivers

  • Growing Shift to Digital Insurance Platforms Due to Limitations of Traditional Models Fueling B2B2C Insurance Market Growth
  • Rising economic prosperity in developing countries, driving the demand for insurance services to influence better lifestyle, creates many opportunities in the B2B2C insurance market

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B2B2C Insurance Market – Key Players

Some of the major players operating in the B2B2C insurance market are;

  • AXA S.A.,
  • Assicurazioni Generali SpA
  • Japan Post Holdings Co.Ltd.
  • Berkshire Hathaway Inc.
  • United Health Group Inc.
  • Munich Re Group
  • Legal and general
  • Allianz SE
  • Chinese life insurance company
  • Prudential plc
  • BNP Paribas SA
  • Aviva Group

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The B2B2C insurance market is segmented as follows;

B2B2C Insurance Market, by Type

  • Life insurance
  • Non-life insurance
    • Health insurance
    • Home Insurance
    • Car insurance
    • Personal insurance
    • Accident insurance
    • Others (Transport, Credit Insurance, etc.)

B2B2C insurance market, by geographical area

  • National
  • Multi-country
  • Regional
  • Global

B2B2C insurance market, by company size

  • Big business
  • Small and medium enterprises

B2B2C Insurance Market, By Application

B2B2C insurance market, by end-use sector

  • Banks and financial institutions
  • Automotive
  • Utilities
  • Retailers
  • Travel
  • Lodging
  • Others (Lifestyle, Telecom etc.)

B2B2C insurance market, by type of activity

  • mortar brick
  • E-commerce and digital platforms
  • Multi-channel
  • Non-commercial
  • Services Society

B2B2C insurance market, by distribution channel

B2B2C insurance market, by region

  • North America
    • WE
    • Canada
    • Rest of North America
  • Europe
    • France
    • Germany
    • UK
    • The rest of Europe
  • Asia-Pacific (APAC)
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia-Pacific
  • Middle East and Africa (MEA)
    • GCC countries
    • South Africa
    • Rest of the Middle East and Africa
  • South America
    • Brazil
    • Rest of South America

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Our data repository is continually updated and reviewed by a team of research experts, so that it always reflects the latest trends and information. With broad research and analytical capability, Transparency Market Research uses rigorous primary and secondary research techniques to develop distinctive datasets and research material for trade reports.

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