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.
Competitive Landscape
Some Major Key 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
Market Segmentation:
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.
Based On Company Size, The Large Enterprise Segment Is Accounted As A Major Contributor In The B2B2C Insurance Market.
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 Non-Life Insurance Segment Witnessed Growth At A Rapid Rate.
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.
In The Region, The Asia Pacific B2B2C Insurance Market Holds A Significant Revenue Share.
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.
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.
B2B2C Insurance Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 830.85 Mn |
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Revenue Forecast In 2031 |
USD 1.77 Bn |
|
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 |
|
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 |
|
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. |
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