B2B2C Insurance Market Size is valued at USD 830.85 Mn in 2023 and is predicted to reach USD 1.77 Bn by the year 2031 at a 10.15% CAGR during the forecast period for 2024-2031.
The B2B2C models facilitate collaboration between businesses and insurance providers to create tailor-made insurance products, ultimately increasing customer satisfaction and loyalty. A notable technological shift, characterized by the emergence of AI, telematics, and chatbots, has played a pivotal role in the global expansion of this market. The growing adoption of insurance-related devices is set further to amplify the market's size in the near future. Businesses now have the opportunity to adapt insurance products to suit the unique requirements of their customers, resulting in more individualized and relevant offerings. This, in turn, has the potential to elevate customer satisfaction and nurture customer loyalty.
However, implementing and integrating new technologies to support B2B2C operations can be a challenging endeavour. It often entails bridging legacy systems with modern digital platforms, which can be time-consuming and costly, impeding market growth. Furthermore, the increasing adoption of insurance-related devices is expected to contribute to the continued expansion of the global market in the foreseeable future. Businesses still retain the opportunity to tailor insurance products to align with their customer's specific needs, which can lead to more personalized and pertinent offerings, ultimately enhancing customer satisfaction and fostering customer loyalty.
The B2B2C Insurance market is segmented on the basis of product and application. As per the product, the market is segmented as life and non-life. By geographical type, the market is segmented into national, multi-country, regional and global. According to company size, the market is segmented into large enterprises and small & medium enterprises. By applications, the market is segmented into brick-and-mortar, E-Commerce, Multi-channel, Non-Commercial and Service Companies. By end users, the market is segmented into banks and financial institutions, automobiles, utilities, retailers, travel, housing and others. The distributional channel segment comprises online and offline. By application, the market is segmented into Individuals and Corporations.
The large enterprise category is expected to hold a major share of the global B2B2C Insurance market in 2024. Large enterprises can achieve economies of scale, leading to cost efficiencies. This allows to offer competitive pricing and a broader range of insurance products, which can attract both business clients and individual consumers. Large enterprises typically have extensive experience and expertise in risk management. This is a critical aspect of the insurance industry, as it allows them to assess, underwrite, and mitigate risks effectively for their clients, whether they are businesses or individual consumers.
The segment, non-life insurance, is estimated to grow at a rapid rate in the global B2B2C Insurance market. Due to the rising demand for this type of coverage from various sectors like retail and the automotive industry, this particular segment is experiencing a surge in its growth. This segment offers compensation for losses resulting from specific financial events related to assets, which has led to its widespread popularity among the public. The expansion of urban populations, combined with higher disposable incomes, is a major driver for this growth. Furthermore, the rapid increase in the middle-class population, characterized by an inclination towards value-added services and seamless experiences, further fuels the demand.
The Asia Pacific B2B2C Insurance market is expected to register the highest market share. The B2B2C insurance market in the American region is undergoing a digital transformation. Insurtech startups are playing a crucial role in driving innovation, offering digital solutions, and improving customer experiences. These technologies are helping insurers reach a broader customer base and streamline their operations. In addition, North America is estimated to grow at a rapid rate in the global B2B2C Insurance market. As the middle class expands and consumer awareness of insurance benefits increases, the demand for insurance products is expected to rise. Adopting digital technologies and partnerships will likely play a central role in shaping the market's future.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 830.85 Mn |
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Revenue Forecast In 2031 |
USD 1.77 Bn |
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Growth Rate CAGR |
CAGR of 10.15 % from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product, By Geographical scope, By Company size, By Nature of business, By End Use Industry, By Distributional Channel, By Application |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Competitive Landscape |
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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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global B2B2C Insurance Market Snapshot
Chapter 4. Global B2B2C Insurance Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: By Type Estimates & Trend Analysis
5.1. By Type, & Market Share, 2019 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Type:
5.2.1. Life Insurance
5.2.2. Non-life Insurance
5.2.2.1. Health Insurance
5.2.2.2. Home Insurance
5.2.2.3. Vehicle Insurance
5.2.2.4. Personal Insurance
5.2.2.5. Accident Insurance
5.2.2.6. Others (Transport, Credit Insurance, etc.)
Chapter 6. Market Segmentation 2: By Geographical Scope Estimates & Trend Analysis
6.1. By Geographical Scope & Market Share, 2019 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Geographical Scope:
6.2.1. National
6.2.2. Multi-country
6.2.3. Regional
6.2.4. Global
Chapter 7. Market Segmentation 3: By Application Estimates & Trend Analysis
7.1. By Application & Market Share, 2019 & 2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Application:
7.2.1. Individuals
7.2.2. Corporates
Chapter 8. Market Segmentation 4: By Company Size Estimates & Trend Analysis
8.1. By Company Size & Market Share, 2019 & 2031
8.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Company Size:
8.2.1. Large Enterprise
8.2.2. Small & Medium Enterprise
Chapter 9. Market Segmentation 5: By Nature of Business Estimates & Trend Analysis
9.1. By Nature of Business & Market Share, 2019 & 2031
9.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Nature of Business:
9.2.1. Brick & Mortar
9.2.2. E-commerce
9.2.3. Multi-channel
9.2.4. Non-commercial
9.2.5. Service Company
Chapter 10. Market Segmentation 6: By End-use Industry Estimates & Trend Analysis
10.1. By End-use Industry & Market Share, 2019 & 2031
10.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By End-use Industry:
10.2.1. Banks & Financial Institutions
10.2.2. Automotive
10.2.3. Utilities
10.2.4. Retailers
10.2.5. Travel
10.2.6. Housing
10.2.7. Others (Lifestyle, Telecom, etc.)
Chapter 11. Market Segmentation 7: By Distribution Channel Estimates & Trend Analysis
11.1. By Distribution Channel & Market Share, 2019 & 2031
11.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Distribution Channel:
11.2.1. Online
11.2.2. Offline
Chapter 12. B2B2C Insurance Market Segmentation 8: Regional Estimates & Trend Analysis
12.1. North America
12.1.1. North America B2B2C Insurance Market revenue (US$ Million) estimates and forecasts By Type, 2024-2031
12.1.2. North America B2B2C Insurance Market revenue (US$ Million) estimates and forecasts By Geographical Scope, 2024-2031
12.1.3. North America B2B2C Insurance Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
12.1.4. North America B2B2C Insurance Market revenue (US$ Million) estimates and forecasts By Company Size, 2024-2031
12.1.5. North America B2B2C Insurance Market revenue (US$ Million) estimates and forecasts By Nature of Business, 2024-2031
12.1.6. North America B2B2C Insurance Market revenue (US$ Million) estimates and forecasts By End-use Industry, 2024-2031
12.1.7. North America B2B2C Insurance Market revenue (US$ Million) estimates and forecasts By Distribution Channel, 2024-2031
12.1.8. North America B2B2C Insurance Market revenue (US$ Million) estimates and forecasts by country, 2024-2031
12.2. Europe
12.2.1. Europe B2B2C Insurance Market revenue (US$ Million) By Type, 2024-2031
12.2.2. Europe B2B2C Insurance Market revenue (US$ Million) By Geographical Scope, 2024-2031
12.2.3. Europe B2B2C Insurance Market revenue (US$ Million) By Application, 2024-2031
12.2.4. Europe B2B2C Insurance Market revenue (US$ Million) By Company Size, 2024-2031
12.2.5. Europe B2B2C Insurance Market revenue (US$ Million) By Nature of Business, 2024-2031
12.2.6. Europe B2B2C Insurance Market revenue (US$ Million) By End-use Industry, 2024-2031
12.2.7. Europe B2B2C Insurance Market revenue (US$ Million) By Distribution Channel, 2024-2031
12.2.8. Europe B2B2C Insurance Market revenue (US$ Million) by country, 2024-2031
12.3. Asia Pacific
12.3.1. Asia Pacific B2B2C Insurance Market revenue (US$ Million) By Type, 2024-2031
12.3.2. Asia Pacific B2B2C Insurance Market revenue (US$ Million) By Geographical Scope, 2024-2031
12.3.3. Asia Pacific B2B2C Insurance Market revenue (US$ Million) By Application, 2024-2031
12.3.4. Asia Pacific B2B2C Insurance Market revenue (US$ Million) By Company Size, 2024-2031
12.3.5. Asia Pacific B2B2C Insurance Market revenue (US$ Million) By Nature of Business, 2024-2031
12.3.6. Asia Pacific B2B2C Insurance Market revenue (US$ Million) By End-use Industry, 2024-2031
12.3.7. Asia Pacific B2B2C Insurance Market revenue (US$ Million) By Distribution Channel, 2024-2031
12.3.8. Asia Pacific B2B2C Insurance Market revenue (US$ Million) by country, 2024-2031
12.4. Latin America
12.4.1. Latin America B2B2C Insurance Market revenue (US$ Million) By Type, (US$ Million) 2024-2031
12.4.2. Latin America B2B2C Insurance Market revenue (US$ Million) By Geographical Scope, (US$ Million) 2024-2031
12.4.3. Latin America B2B2C Insurance Market revenue (US$ Million) By Application, (US$ Million) 2024-2031
12.4.4. Latin America B2B2C Insurance Market revenue (US$ Million) By Company Size, (US$ Million) 2024-2031
12.4.5. Latin America B2B2C Insurance Market revenue (US$ Million) By Nature of Business, (US$ Million) 2024-2031
12.4.6. Latin America B2B2C Insurance Market revenue (US$ Million) By End-use Industry, (US$ Million) 2024-2031
12.4.7. Latin America B2B2C Insurance Market revenue (US$ Million) By Distribution Channel, (US$ Million) 2024-2031
12.4.8. Latin America B2B2C Insurance Market revenue (US$ Million) by country, 2024-2031
12.5. Middle East & Africa
12.5.1. Middle East & Africa B2B2C Insurance Market revenue (US$ Million) By Type, (US$ Million) 2024-2031
12.5.2. Middle East & Africa B2B2C Insurance Market revenue (US$ Million) By Geographical Scope, (US$ Million) 2024-2031
12.5.3. Middle East & Africa B2B2C Insurance Market revenue (US$ Million) By Application, (US$ Million) 2024-2031
12.5.4. Middle East & Africa B2B2C Insurance Market revenue (US$ Million) By Company Size, (US$ Million) 2024-2031
12.5.5. Middle East & Africa B2B2C Insurance Market revenue (US$ Million) By Nature of Business, (US$ Million) 2024-2031
12.5.6. Middle East & Africa B2B2C Insurance Market revenue (US$ Million) By End-use Industry, (US$ Million) 2024-2031
12.5.7. Middle East & Africa B2B2C Insurance Market revenue (US$ Million) By Distribution Channel, (US$ Million) 2024-2031
12.5.8. Middle East & Africa B2B2C Insurance Market revenue (US$ Million) by country, 2024-2031
Chapter 13. Competitive Landscape
13.1. Major Mergers and Acquisitions/Strategic Alliances
13.2. Company Profiles
13.2.1. Allianz SE
13.2.2. Assicurazioni Generali S.p.A.
13.2.3. Aviva plc
13.2.4. AXA S.A.
13.2.5. Berkshire Hathaway Inc.
13.2.6. BNP Paribas S.A.
13.2.7. China Life Insurance Group
13.2.8. Japan Post Holdings Co., Ltd.
13.2.9. Munich Re Group
13.2.10. Prudential plc
13.2.11. UnitedHealth Group Inc.
13.2.12. Other Key Players
B2B2C Insurance Market By Product-
B2B2C Insurance Market By Geographical scope
B2B2C Insurance Market By Company Size
B2B2C Insurance Market By Nature of business
B2B2C Insurance Market By End Use Industry
B2B2C Insurance Market By Distributional Channel
B2B2C Insurance Market By Application
B2B2C Insurance Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
