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b2b2c insurance market

B2B2C Insurance Market Share, Size, Trends, Industry Analysis Report, By Insurance (Life Insurance, Non-life Insurance); By Distribution Channel (Online, Offline); By Region; Segment Forecast, 2022 - 2030

  • Published Date: Feb 2022
  • Pages: 111
  • Format: PDF
  • Report ID: PM2283
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global B2B2C insurance market was valued at USD 3.23 billion in 2021 and is expected to grow at a CAGR of 6.7% during the forecast period. B2B2C cover applies primarily to the sale of general life insurance and insurance of products & services through non-insurance mediators and traditional insurance mediators, including agents, brokers, and independent financial advisors.

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The primary factors driving the growth of the industry include the rising demand for B2B2C coverage plans from various associated sectors such as automotive, retail, and healthcare, among others. Furthermore, the rising awareness for the availability of the various cover services along with the increasing dependency of the consumers on these services for safety is estimated to propel the market B2B2C coverage plans demand. The growing collaboration of assurance providers with partners is anticipated to present significant growth opportunities.

For instance, in emerging nations such as India, government bodies allocate funds for the financial assistance of consumers in terms of non-life and life coverage-based services. Moreover, the adoption of various advanced technologies in the B2B2C insurance market and the rising trend of providing customized solutions according to specific client needs are the further factors that are boosting the industry growth. Additionally, the rising number of recent developments in the global market is anticipated to drive industry growth. For instance, AXA SA partnered with the Western Union Company, one of the leading companies in cross-currency movement and payments, in order to offer inclusive products to the Western Union’s customers.

The spread of the COVID-19 reflects the downfall in the industry growth on account of the significant reduction in the spending by consumers globally, as an increasing number of consumers are eliminating their non-essential expenses from their respective budgets as the economic status of the majority population is severely affected by the pandemic. The lockdown measures and limited consumer spending are anticipated to hamper the industry development. Most of the industries globally have been negatively impacted by the outbreak. Due to the imposition of lockdowns, there is a manufacturing halt and significant disruptions in supply chains.

For instance, the drop in sales of automobiles on account of the shutdowns in the automotive industry is directly associated with the decline in demand for the B2B2C insurance market. This decline in other industries is estimated to hinder the growth of the industry. Furthermore, the decline in airline traffic due to the outbreak is also anticipated to affect the growth of the industry. However, the need for B2B2C protection is projected to recover back accordingly, as governments across nations are lifting lockdown restrictions.

B2B2C Insurance Market 2030

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Industry Dynamics

Growth Drivers
The rising acceptance of the industry by users of various platforms such as utility providers, e-commerce, telecom companies, and retailers, among others, is estimated to boost the demand for B2B2C insurance globally. Further, the shift of traditional B2B2C coverage providers such as car dealers and banks towards various digital platforms is anticipated to drive the growth of the industry.

Additionally, the growth in the digital lending industry, retail industry, and others is anticipated to offer lucrative growth opportunities. The rising B2B2C coverage plans demand on account of the rising automobile sales globally is further projected to drive the industry growth. Moreover, the advancements and the use of innovative technologies such as AI (Artificial Intelligence) and advanced analytics to keep transparency between the business processes are anticipated to boost the growth of the industry.

Various companies are having data management & analytics issues due to their partner not sharing the needed data with the coverage providers. The use of AI is gaining popularity and benefits the overall customer lifecycle, thus directly contributing to fraud management and cost reduction.

Report Segmentation

The market is primarily segmented on the basis of insurance, distribution channel, and region.

By Insurance

By Distribution Channel

By Region

  • Life
  • Non-life
  • Online
  • Offline
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Insurance

The B2B2C life insurance segment is recorded to hold the larger shares in 2021. It is an arrangement between the insurer & insurance company where the insurance firm pays off an already discussed sum to the individual’s family in the event of his/her death. The growing awareness and adoption of the coverage among the population are anticipated to drive the growth of the segment.

Further, the declining life expectancy of the population is anticipated to drive the demand for the B2B2C segment. For instance, according to the National Vital Statistics Report of 2019, life expectancy is decreasing by 0.1 years when compared to the previous year. The B2B2C Non-Life Insurance segment is projected to show the fastest growth rate in the forecasting years. The fast growth of the segment can be attributed to the growing B2B2C demand for covers from various associated sectors such as the automobile industry and retail industry, among others.

The growth in automobiles' sales and the growing retail sales globally is estimated to drive the B2B2C coverage plans demand. According to EUI (Economist Intelligence Unit), in 2021, the new car sales increased by over 15%, and commercial vehicles sales increased by over 16%. Further, EV (Electric vehicle) sales increased to 3.4 million in 2021 from 2.5 million in 2021. 

Geographic Overview

Geographically, Asia Pacific is accounted for the highest shares in the global market in 2021. This huge market share can be attributed to the presence of a large customer base in the region. Further, the rising urban population coupled with the increasing disposable income of the population is estimated to influence the growth of the market in the region.

The developing markets are experiencing large growth in the middle-class population that expect better value-added services and seamless experiences on account of better spending capacity. Thus, the growth of the market is fueled by rapid urbanization, improving living standards, and rising disposable income of the population in the emerging nation. The emerging nations such as South Korea, India, Japan, and China are primarily attributing towards the market growth.

Moreover, the North American B2B2C insurance market is anticipated to exhibit potential growth over the forecasting years. The fast growth of the market in the region can be attributed to the rising awareness along with the increasing dependency of consumers on B2B2C services for overall protection, reliability, and safety.

Further, the increasing preference of the population to purchase products and services through digital platforms is anticipated to drive the growth of the market. Additionally, the growing technological developments such as the emergence of 5G networks are encouraging the development of smart mobile applications, helping to provide better B2B2C coverage plans and services as the insurers are focusing on offering customized solutions as per their client, which, in turn, propels the market demand across the region in the forthcoming scenario.

Competitive Insight

Some of the major players operating in the global market include Allianz SE, Assicurazioni Generali S.p.A., Ltd., AXA, Berkshire Hathaway, China Life Insurance, Japan Post Holding Co., Munich Re Group, Prudential plc, UnitedHealth Group, and Zurich Insurance Group.

B2B2C Insurance Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 3.23 billion

Revenue forecast in 2030

USD 5.79 billion

CAGR

6.7% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Segments covered

By Insurance, By Distribution Channel, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

Allianz SE, Assicurazioni Generali S.p.A., Ltd., AXA, Berkshire Hathaway, China Life Insurance, Japan Post Holding Co., Munich Re Group, Prudential plc, UnitedHealth Group, and Zurich Insurance Group.

Key Take-Away
Polaris Market Research
B2B2C Insurance Market Size Global Report, 2022 - 2030