ALNBANY, N.Y., April 14, 2022 (GLOBE NEWSWIRE) -- Analysts at TMR estimate the B2B2C insurance market to expand at a CAGR of 9.7% during the forecast period between 2021 and 2031. Factors such as increasing disposable income, shift from traditional insurance models to B2B2C insurance models, and introduction of more customized insurance products are propelling the B2B2C insurance market.
The exponential growth of retail, tourism, and digital lending platforms has opened new frontiers for the B2B2C insurance market. Limitations of traditional insurance models to handle the extensive volume of data are leading to a shift toward digital platforms. Nonetheless, reluctance of partnering companies to share necessary data with insurance providers poses analytics and data management issues. This has led to the adoption of AI and advanced analytics that helps to keep business processes transparent.
Blockchain, automation & robotics, AI, social media, cloud technology, ML, micro devices and APIs, and master data management are some next-gen technologies used in the B2B2C insurance market. The adoption of the smart technology enables insurers to monitor the insurance process of businesses with advanced security, and engage in strategic partnership with their clients for seamless service.
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B2B2C Insurance Market – Key Findings of Report
- Adoption of digital insurance platforms for B2B2C provides tangible benefits in terms of deep customer understanding, which, in turn, helps to enhance customer journey and improve efficiency in insurer-insured partnerships. Excessive use of digital platforms of consumers in the age group 18 to 35 years is driving insurers to invest in digital platforms. This includes investment in mobile apps and websites that assists B2B2C insurance companies to obtain unparalleled insights via digital capabilities.
- Popularity of eCommerce that involves handling of goods at multiple points necessitates pre-integration of insurance products to cover damage. Companies in the B2B2C market are offering insurance products via mobile platforms, and provide telephonic support to the extremely large number of non-insurance personnel employed in eCommerce.
- Rising practice of omnichannel commerce across industries such as utilities, manufacturing, and construction is opening lucrative avenues in the B2B2C insurance market. Savvy companies in the B2B2C insurance market are collaborating with technology providers, eCommerce vendors, and local suppliers to understand the nitty-gritty of Omni channel commerce and garner increased revenue.
- Integration of AI and advanced analytics with digital insurance models is receiving popularity in the B2B2C insurance market. AI is well-received to benefit the entire customer lifecycle in terms of processing huge amount of consumer data to create personal information based on personal and behavioural habits. Improvement in claim conversion cycle, cost reduction, and fraud management are some other advantages of AI that companies in the B2B2C companies are experiencing.
- Rapid urbanization leading to high sales of passenger vehicles is creating opportunities in the car insurance segment of the B2B2C insurance market. Increasing spending power of the middle-class population who are willing to spend on comprehensive car insurance plans to cover damage for accidents or thefts is creating ample opportunities in this segment of the B2B2C insurance market.
- Online B2B2C insurance distribution channel is anticipated to expand at a rapid pace with rise in adoption of mobile-based insurance solutions, along with innovative digital support for customer service
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B2B2C Insurance Market – Growth Drivers
- Increasing shift to digital insurance platforms due to limitations of traditional models fuels the growth of the B2B2C insurance market
- Growing economic prosperity in developing countries leading to the demand for insurance services to influence a better lifestyle creates ample opportunities in the B2B2C insurance market
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B2B2C Insurance Market – Key Players
Some of the key players operating in the B2B2C insurance market are;
- AXA SA,
- Assicurazioni Generali S.p.A.
- Japan Post Holdings Co. Ltd.
- Berkshire Hathaway Inc.
- United Health Group Inc.
- Munich Re Group
- Legal and General
- Allianz SE
- Chinal Life Insurance Company
- Prudential plc
- BNP Paribas S.A.
- 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
- Vehicle Insurance
- Personal Insurance
- Accident Insurance
- Others (Transport, Credit Insurance, etc.)
B2B2C Insurance Market, by Geographical Space
- National
- Multi-country
- Regional
- Global
B2B2C Insurance Market, by Enterprise Size
- Large Enterprise
- Small & Medium Enterprise
B2B2C Insurance Market, by Application
- Individuals
- Corporates
B2B2C Insurance Market, by End-use Industry
- Banks & Financial Institutions
- Automotive
- Utilities
- Retailers
- Travel
- Housing
- Others (Lifestyle, Telecom etc.)
B2B2C Insurance Market, by Nature of Business
- Brick & Mortar
- E-commerce & Digital Platforms
- Multi-channel
- Non-commercial
- Service Company
B2B2C Insurance Market, by Distribution Channel
- Online
- Offline
B2B2C Insurance Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- Germany
- U.K.
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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