B2B2C Insurance Market Outlook
According to the report by Expert Market Research (EMR), the global B2B2C insurance market size reached a value of USD 3.68 billion in 2023. Aided by the synergies between businesses and insurance providers to offer direct-to-consumer insurance products, the market is projected to further grow at a CAGR of 5.9% between 2024 and 2032 to reach a value of USD 6.05 billion by 2032.
B2B2C insurance, by design, allows insurers to leverage the customer bases of non-insurance businesses to distribute their products, thereby bypassing the conventional channels and reaching consumers in a more integrated and seamless manner. This model not only enhances the consumer experience but also allows businesses to add value to their existing offerings, fostering stronger customer relationships and generating new revenue streams.
The B2B2C insurance market growth is driven by several key trends and drivers. Digital transformation stands at the forefront, as technological advancements have enabled more sophisticated, streamlined, and personalized insurance offerings. The integration of digital platforms allows for a seamless and frictionless consumer journey, from product discovery to purchase and claims processing, aligning with the modern consumer’s expectations for convenience and speed.
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According to the B2B2C insurance market analysis, consumer behaviour and expectations are also evolving, with a growing demand for products and services that are tailored to individual needs and lifestyles. This trend has spurred the growth of embedded insurance – insurance products offered at the point of sale or service within the customer journey of another product or service. Embedded insurance, facilitated by the B2B2C model, meets consumers ‘where they are,’ enhancing relevance and timeliness.
Furthermore, the competitive landscape of the insurance industry has necessitated innovation in distribution strategies. The B2B2C model offers insurance providers a strategic avenue to differentiate themselves, access untapped markets, and enhance their market penetration through partnerships with businesses from various sectors, including retail, automotive, travel, and financial services.
Regulatory changes and a conducive policy environment have also influenced the B2B2C insurance market outlook. Regulatory bodies in many regions are recognizing the potential of digital distribution channels and are adapting their frameworks to support and govern the growth of B2B2C insurance models, ensuring consumer protection while encouraging innovation.
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B2B2C Insurance Market Segmentation
The market can be divided based on type, distribution channel, end use, and region.
Market Breakup by Type
- Life Insurance
- Non-life Insurance
Market Breakup by Distribution Channel
- Online
- Offline
Market Breakup by End Use
- Automotive
- Banking and Financial Institutes
- Utilities
- Travel
- Real Estate
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global B2B2C insurance market. Some of the major players explored in the report by Expert Market Research are as follows:
- Japan Post Insurance Co., Ltd.
- China Life Insurance (Group) Company
- Munich Re Group
- AXA Partners Holding SA
- Allianz Partners SAS
- BNP Paribas S.A.
- Berkshire Hathaway Inc.
- Prudential Financial Inc.
- Assicurazioni Generali S.p.A.
- Aditya Birla Capital Ltd.
- Others
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