Press release
B2B2C Insurance Market Growth Driven by Digital Transformation and Rising Demand for Personalized Insurance Solutions
B2B2C Insurance Market
According to the latest research by InsightAce Analytic, the Global B2B2C Insurance Market is valued at USD 830.85 Mn in 2023, and it is expected to reach USD 1.77 Bn by the year 2031, with a CAGR of 10.15% during a forecast period of 2024-2031.
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The 2B2C (business-to-business-to-consumer) insurance model facilitates collaboration between insurance providers and retailers to deliver insurance products directly to end consumers. This distribution approach often involves multiple intermediaries, including insurance agents, telecommunications companies, private banks, retailers, and digital platforms.
The global 2B2C insurance market is poised for growth, driven by increasing consumer awareness of insurance products and the expanding number of insurance providers. Heightened competition among leading industry participants is also expected to accelerate market development. Moreover, stringent regulatory frameworks governing insurance services worldwide will further support market expansion. The ongoing digital transformation, coupled with the growing influence of social media platforms, is anticipated to bolster market growth.
Technological innovations such as artificial intelligence (AI), telematics, and chatbot integration have significantly shaped the market by enabling more efficient, personalized insurance solutions. The rising adoption of insurance-related devices is also expected to contribute to market enlargement in the forthcoming years. This model allows businesses to deliver tailored insurance offerings that address the specific requirements of their customers, thereby enhancing customer satisfaction and promoting sustained loyalty.
List of Prominent Players in the B2B2C Insurance Market:
• Aditya Birla General Insurance
• Edelweiss General Insurance Company Limited
• AXA SA
• BNP Paribas SA.
• Allianz S
• Assicurazioni Generali S.p.A.
• Berkshire Hathaway Inc
• ICICI Lombard
• UnitedHealth Group Inc
• Tata-AIG General Insurance Co. Ltd.
• Aviva plc
• Berkshire Hathaway Inc.
• China Life Insurance Group
• Japan Post Holdings Co., Ltd.
• Munich Re Group
• Prudential plc
• UnitedHealth Group Inc.
• Others.
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Market Dynamics:
Drivers
The ongoing digital transformation within the insurance sector has been a key catalyst for the expansion of B2B2C models, enabling insurers and commercial partners to utilize digital platforms for more efficient product distribution and enhanced customer engagement. Increasing consumer demand for personalized insurance solutions is driving collaboration between businesses and insurers to create tailored offerings, which in turn boosts customer satisfaction and loyalty.
Technological innovations, including artificial intelligence (AI), telematics, and chatbot integration, have been instrumental in accelerating global market growth. Additionally, the rising adoption of insurance-related devices is expected to significantly contribute to future market expansion. This model empowers businesses to deliver customized insurance products that address specific consumer needs, thereby improving relevance and fostering higher retention rates.
Challenges
The involvement of multiple stakeholders-insurers, businesses, and consumers-within B2B2C models can complicate operational coordination and alignment of objectives. Economic volatility and market fluctuations may impact insurance demand and profitability, necessitating adaptability in response to changing economic environments and evolving customer preferences. Furthermore, integrating emerging technologies into existing B2B2C frameworks poses considerable challenges, especially when reconciling legacy systems with modern digital infrastructure. Such integration efforts can be resource-intensive, costly, and time-consuming, potentially impeding market growth.
Regional Trends
The Asia Pacific region is projected to secure a substantial portion of the B2B2C insurance market, driven by increasing awareness and adoption of these models. In North America, strong market presence is expected to continue, supported by expanding urban populations and rising per capita incomes, particularly in emerging economies, which will further stimulate regional market development. Notably, countries such as Canada and the United States are experiencing growing demand for secure, accessible, and reliable insurance solutions facilitated by the B2B2C framework.
Recent Developments
• In July 2023, Aviva agreed with Barclays UK to acquire its home insurance portfolio, which includes a consumer base of 350,000 individuals. This acquisition facilitated the insurer's aspirations to expand its retail insurance division, ensured that customers continued to receive exceptional service, and preserved Aviva's dominant position in the home insurance sector.
• In Dec 2020, ICICI Lombard has launched a digital platform for small and medium companies (SMEs) to purchase business insurance. The SME owners found the new site convenient for purchasing or renewing insurance products, endorsing policies, and registering claims. The corporation revealed that the business owners chose several insurance choices, including marine insurance and workmen's compensation.
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Segmentation of B2B2C Insurance Market-
By Product-
• Life
• Non-life
o Health Insurance
o Home Insurance
o Vehicle Insurance
o Personal Insurance
o Accident Insurance
o Others (Transport, Credit Insurance, etc.)
By Geographical scope
• National
• Multi-Country
• Regional
• Global
By Company size
• Large Enterprise
• Small & medium Enterprise
By Nature of business
• Brick & Mortar
• E-Commerce
• Multi channel
• Non-Commercial
• Service Company
By End Use Industry
• Banks & Financial Institution
• Automotives
• Utilities
• Retailers
• Travel
• Housing
• Others (Lifestyle, Telecom, etc.)
By Distributional Channel
• Online
• Offline
By Application
• Individual
• Corporation
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
Read Overview Report- https://www.insightaceanalytic.com/report/b2b2c-insurance-market/2162
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 607 400-7072
Asia: +91 79 72967118
info@insightaceanalytic.com
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