B2B2C Insurance Global Market Report 2024

Business-to-business-to-consumer (B2B2C) insurance refers to the distribution and sale of life and general insurance products and services through non-insurance intermediaries that are distinct from the traditional insurance channels involving brokers, independent financial advisors, and agents. This model also encompasses the direct sale of insurance products to consumers without intermediaries. B2B2C insurance primarily operates in providing both life insurance and general insurance services directly to consumers.

The primary categories within B2B2C insurance encompass life insurance and non-life insurance. Life insurance involves an agreement between an insurer and an insured individual, wherein the insurance company pays a specified sum to the policyholder's family in the event of the insured individual's death. These insurance products are distributed through various channels including online and offline platforms and are implemented across diverse sectors such as banking and financial institutions, automotive, utilities, retailers, telecommunications, and other industries.

The B2B2C insurance market research report is one of a series of new reports from The Business Research Company that provides B2B2C insurance market statistics, including B2B2C insurance industry global market size, regional shares, competitors with a B2B2C insurance market share, detailed B2B2C insurance market segments, market trends and opportunities, and any further data you may need to thrive in the B2B2C insurance industry. This B2B2C insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The b2b2c insurance market size has grown strongly in recent years. It will grow from $3.95 billion in 2023 to $4.29 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The expansion observed in the historical period can be ascribed to factors such as the intricacy of commercial risks, demands for regulatory compliance, the globalization of business operations, industry-specific coverage requirements, and the implementation of robust risk management strategies.

The b2b2c insurance market size is expected to see strong growth in the next few years. It will grow to $6.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. Expected growth in the forecast period is driven by environmental risks, business continuity planning, employee well-being initiatives, diverse insurance products, and personalized coverage. Major trends include digital channel transformations, insurtech innovations, ecosystem partnerships, usage-based insurance, and digital integration.

The anticipated expansion of the automobile industry is poised to drive the advancement of the B2B2C insurance market in the foreseeable future. Comprising a diverse array of businesses and entities engaged in the design, development, production, marketing, and sale of automobiles, the automotive industry plays a pivotal role. B2B2C insurance serves to safeguard the policyholder's assets, particularly automobiles, from financial losses and damages. Functioning as a long-term contract, car insurance provides coverage for various damages resulting from unforeseen events. Notably, according to the Economist Intelligence Unit (The EIU), the global automotive sector is projected to experience substantial growth in 2021, with a 15% increase in new car sales and a 16% rise in commercial vehicle sales, contributing to double-digit growth. Furthermore, the sales of electric vehicles are expected to surge from 2.5 million in 2020 to 3.4 million in 2021. As a result, the expansion in the automobile industry is a key driver propelling the growth of the B2B2C insurance market.

The anticipated growth in personal income is poised to drive the expansion of the B2B2C insurance market in the foreseeable future. Personal income, encompassing the total earnings of individuals or households from all sources before tax deductions, plays a pivotal role in shaping the landscape of B2B2C insurance. It significantly influences consumers' purchasing power and their capacity to invest in comprehensive insurance coverage offered by businesses and online platforms. A noteworthy example is observed in August 2023, as reported by the Bureau of Economic Analysis, a US-based government agency, indicating a $87.6 billion increase in personal income (0.4 percent at a monthly rate) in the United States. Consequently, the upswing in personal income serves as a key driver propelling the growth of the B2B2C insurance market.

The evolution of the B2B2C insurance market is being influenced by the introduction of pioneering programs aimed at expanding the insurance industry. Prominent companies within the B2B2C insurance sector are actively engaged in launching innovative initiatives, harnessing new-age technologies to create tailored solutions. A notable example occurred in August 2022 when FairPlay, a California-based Fairness-as-a-Service company, unveiled Input Intelligence. This tool, designed for insurance companies, serves the purpose of detecting bias within their data. By employing Input Intelligence, insurance companies can systematically review their data, ensuring it is free from bias and does not inadvertently reflect protected characteristics, such as race or gender, acting as a proxy. This demonstrates a strategic move by major players to address issues of fairness and inclusivity in the B2B2C insurance market through the application of advanced technologies.

Prominent players in the B2B2C insurance market are intensifying their efforts to introduce cloud-based insurance platforms, aiming to secure a competitive advantage in the industry. A cloud-based insurance platform refers to an online system or service that utilizes cloud computing infrastructure to deliver a variety of insurance-related functionalities, encompassing policy management, underwriting, claims processing, and other pertinent processes within the insurance domain. Notably, in May 2023, Lexasure Financial Group, a UK-based insurance company, unveiled LexasureCloud 1.0, an advanced B2B2C InsurTech platform operating on the cloud. This platform is strategically designed to elevate the competitiveness, growth, and profitability of insurance companies. Its primary objectives include the digitization of risk, facilitating the expansion of additional distribution channels, and providing a technologically connected pathway for partners in Asia, thereby paving the way forward in the ever-evolving landscape of the insurance industry.

In April 2021, Porch Group, a home services platform based in the United States, successfully acquired Homeowners of America (HOA) for a deal valued at $100 million. This strategic acquisition positions Porch Group to emerge as one of the largest insurance firms by leveraging its access to homebuyers and property data, coupled with Homeowners of America's expertise in pricing and claims. Homeowners of America (HOA), operating in the United States, follows a business-to-business-to-consumer (B2B2C) revenue model and is recognized as an insurance company.

Major companies operating in the b2b2c insurance market report are UnitedHealth Group Inc., Berkshire Hathaway Inc., Allianz SE, Axa S.A., Japan Post Holdings Co., BNP Paribas S.A., Prudential Financial Inc., Aditya Birla Group, Munich Re Group, Swiss Reinsurance Company Ltd., Zurich Insurance Group Ltd., Porto Seguro S.A., Tata-AIG General Insurance Co. Ltd., ICICI Lombard General Insurance Company Limited, Bolttech Management Limited, Bsurance GmbH, Edelweiss General Insurance Company Limited, BridgeNet Insurance, DriveWealth LLC, ASSICURAZIONI GENERALI S.P.A., China Life Insurance Group, Alpaca VN, Inclusivity Solutions, The Digital Insurer, Wrisk Ltd., Anorak Technologies Limited, Dream Insurance, Assurity Group Inc., Bajaj Allianz Life Insurance Co. Ltd., Afficiency

Asia-Pacific was the largest region in the B2B2C insurance market in 2023. The regions covered in the b2b2c insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the b2b2c insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The B2B2C insurance market includes revenues earned by entities by vehicle insurance, home insurance, personal insurance, travel insurance, mobile insurance & warranty extension, employee assistance programs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

B2B2C Insurance Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on b2b2c insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for b2b2c insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The b2b2c insurance market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Life Insurance; Non-Life Insurance
• 2) By Distribution Channel: Online; Offline
• 3) By End Use Industry: Bank And Financial Institutions; Automotive; Utilities; Retailers; Telecom; Other End Use Industries
• Companies Mentioned: UnitedHealth Group Inc.; Berkshire Hathaway Inc.; Allianz SE; Axa S.A.; Japan Post Holdings Co.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.