Digital Platforms Help Increase Business in B2B2C Insurance during COVID-19 Crisis

The COVID-19 (coronavirus) crisis has had a significant impact on the B2B2C insurance market. Insurance distribution has taken a hit during the pandemic, especially in the travel and tourism industry, owing to travel restrictions. Moreover, a significant decline in airline traffic has also affected the business of B2B2C insurance. Non-essential retail businesses have caused a major impediment in the growth of the B2B2C insurance market.

Economic shutdowns in the automotive industry has contributed toward disruptions in global trade activities. Due to a drop in car sales, B2B2C insurance distributors have suffered heavy revenue losses. However, insurance providers are predicting a surge in the demand for goods & services in the beginning of 2021. As such, the COVID-19 crisis has accelerated the development of digital insurance platforms, which is a continuing trend.

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Capture New Opportunities by Enhancing Digital Capabilities in B2B2C Insurance

Digital platforms are helping companies in the B2B2C insurance market to gain deep customer understanding. This results in enhancement of customer journey and improves efficiency in partnerships. Companies in the B2B2C insurance market are experimenting with various digital levers such as mobile apps and websites to gain unparalleled insight via digital capabilities.

The market is undergoing a significant change with the integration of insurance propositions into digital customer journeys. There is a need to digitize the sale of insurance products such as extending the warranty and offering mobile phone insurance, since e-Commerce is projected to take off in the upcoming months. The pre-integration of insurance products on e-Commerce platforms and travel sites is anticipated to bolster market growth. Providing telephonic support to non-insurance experts helps to increase distribution of B2B2C insurance.

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AI Improves Data Protection and Lowers Revenue to Cost Expenditure

Traditional B2B2C insurance providers such as banks and car dealers are shifting toward digital platforms to broaden their revenue streams. The burgeoning growth of retail, tourism, and digital lending industries is contributing toward the expansion of the global B2B2C insurance market, which is slated to register a robust CAGR of ~9% during the assessment period. However, companies are facing analytics and data management issues, since their partners are reluctant to share the necessary data with insurance providers. This issue can be resolved with artificial intelligence (AI) and advanced analytics in order to keep business processes transparent.

The AI is being highly publicized to benefit entire customer lifecycle and is contributing toward revenue to cost reduction and fraud management in the B2B2C insurance market.

B2B2C Model Improves Bottom Lines Due to Cost Efficiency in Operations

Automation is expected to play a key role in establishing transparency in B2B2C insurance transactions. Rise of the omnichannel commerce is grabbing the attention of companies in the utilities, materials manufacturing and construction industries. Companies in the B2B2C insurance market should collaborate with technology providers, e-commerce vendors and local suppliers to scale their business activities. As such, there is an apparent demand for distributors and consumers who are acutely familiar with omnichannel models.

The B2B2C insurance market is projected to reach a revenue of US$ 1.5 Trn by the end of 2030, as B2B2C insurance helps to personalize a buyer’s experience. The cost efficiency of the B2B2C model is gaining increased popularity as this model eliminates the need for commission payments and reduces operational costs.

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Analysts’ Viewpoint

Companies in the B2B2C insurance market are reviving their business by increasing focus in digital levers such as e-Commerce and mobile apps during the COVID-19 outbreak. Artificial intelligence and advanced analytics are delivering increased transparency in business activities. The market is progressing at an exponential rate; however, there is a need for distributors and customers who are well-versed with omnichannel platforms. Hence, companies should increase their services via offline and online customer relationship management to broaden their business streams among non-insurance experts. Next-gen commerce clouds and partnership network rewiring are catering to massive additions to bottom lines. Companies should tap into business opportunities in materials manufacturing and utilities industries to bolster market growth.

B2B2C Insurance Market: Overview

  • According to a latest market report published by Transparency Market Research on the B2B2C insurance market for the period 2020–2030 (wherein 2020 - 2030 is the forecast period and 2019 is the base year), rising adoption of insurance by users of a wide range of platforms such as retailers, telecom companies, utility providers, retailers, e-Commerce, and other digital players across the globe is expected to drive the B2B2C insurance market
  • Globally, revenue generated by the B2B2C insurance market accounted for US$ 677.8 Bn in 2019, which is expected to expand at a CAGR of ~9% in terms of value during the forecast period

Growing Income Levels of Users: Key Driver of B2B2C Insurance Market

  • In recent years, increasing urban population and growing disposable income are factors influencing the growth of the B2B2C insurance market. Developing markets are witnessing rapid growth in middle-class population with better spending propensity, expecting value added service, and seamless experiences. Developing countries are gaining demand for insurance product services, which is likely to drive the B2B2C insurance market, as this service is influencing them to opt for better lifestyles and better services.
  • Increasing awareness and dependency of consumers on B2B2C insurance services for overall safety, protection, and reliability is likely to drive the market. In addition, rising retail, e-Commerce, sales, and services through digital platforms is expected to drive the growth of the B2B2C insurance market.

Collaboration with Partners Significant Opportunity for B2B2C Insurance Market

  • In emerging countries such as India, allocation of huge funds by government bodies for financial assistance of consumers in terms of life and non-life insurance-based services is anticipated to create massive opportunities for the B2B2C insurance market in the near future. In addition, prominent players in the B2B2C insurance market have opportunity to target untapped markets and collaborate with businesses related to retail, service, and the financial sector for continuous engagement with their customers and to promote their premium insurance products.

Adoption of Advanced Technology in B2B2C Insurance Industry: Key Trend of Market

  • Emerging digital technology is having a significant impact on the relationship between the insurer, distribution channels, and customers. Increasing popularity of e-Commerce channels has influenced insurers to provide their consumers with e-Commerce solutions in the B2B2C insurance market for value added services, continuous customer engagement, and other online solutions.
  • B2B2C insurance industry such as bancassurance and noninsurance players such as car, consumer electronics, retailers, and other manufacturers, along with leasing companies are selling insurance solutions bundled with their core products, providing additional value to customers
  • Rising impact of 5G and 6G networks across the globe has encouraged insurers to develop smart mobile apps, which help to provide better B2B2C insurance services and coverage plans. In addition, insurers are also focusing on providing customized solutions as per client requirements and are outsourcing solutions from local vendors. In addition, multinational companies are collaborating with local providers for smooth operations and continuous engagement with their customers.

Traditional Insurance Channels to Hamper Growth of Market

  • Insurance distribution and services of traditional models are expected to restrain the growth of the B2B2C insurance market. The major challenge of B2B2C insurance is to manage and sustain value added services through collaborated partners. In addition, dependency on dealers, distributors, agents, brokers, franchisees, influencers, and financial services for the sale of premium insurance is likely to hamper the growth of the B2B2C insurance market.

B2B2C Insurance Market: Competition Landscape

  • Detailed profiles of players of B2B2C insurance have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the B2B2C insurance market include
    • AXA SA
    • Allianz SE
    • Assicurazioni Generali S.p.A
    • Berkshire Hathaway Inc.
    • Zurich Insurance Group
    • Prudential plc.

B2B2C Insurance Market: Key Developments

  • Prominent manufacturers in the B2B2C insurance market are increasing investment on innovative B2B2C insurance services to fulfill the needs of end users. Insurance providers are also planning to expand their range of products and presence in various geographies through mergers & acquisitions and tie-ups with local B2B2C insurance providers.
  • Some other key developments in the B2B2C insurance market are highlighted below:
  • In July 2020, Allianz SE completed the acquisition of automobile and other property-casualty business from SulAmérica for US$ 0.60 Bn. This has helped in expansion of its business in Brazil.
  • In June 2020, AXA SA collaborated with The Western Union Company, a leader in cross-border, cross-currency money movement and payments, to provide inclusive insurance products to Western Union’s customers using its westernunion.com service

B2B2C Insurance Market – Scope of the Report

A new study on the global B2B2C insurance market has been published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the global B2B2C insurance market across the globe. TMR’s study offers valuable information about the global B2B2C insurance market to illustrate how the market would grow during the forecast period 2020–2030.

Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), have been elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global B2B2C insurance market during the forecast period.

An extensive analysis on business strategies of leading market players has also been featured in TMR’s study on the global B2B2C insurance market. This can help readers understand principal factors to foresee growth in the global B2B2C insurance market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global B2B2C insurance market, which is expected to guide market players in making apt decisions in the future.

Key Questions Answered in This Report on B2B2C Insurance Market

  • How much revenue will the B2B2C insurance market generate by the end of the forecast period?
  • What type of B2B2C Insurance is likely to gain the maximum market share by 2030?
  • What regions currently contribute the maximum share to the overall B2B2C insurance market?
  • What are the indicators expected to drive the global B2B2C insurance market?
  • Which region is likely to be a lucrative market during the forecast period?
  • What are the essential strategies incorporated by key stakeholders in the global B2B2C insurance market to expand their geographical presence?
  • What are the major advancements witnessed in the global B2B2C insurance market?

The report answers these questions and more about the global B2B2C insurance market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

B2B2C Insurance Market – Research Methodology

A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global B2B2C Insurance market and arrive at conclusions on the future growth prospects of the market. The research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary sources referred to by analysts during the production of the global B2B2C insurance market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the B2B2C insurance market as a primary source.

These primary and secondary sources provided exclusive information during interviews, which serves as a validation from B2B2C insurance market industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global B2B2C insurance market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global B2B2C insurance market more reliable and accurate.

B2B2C Insurance Market – Segmentation

The report on the global B2B2C Insurance market provides information on the basis of type, nature of business, company size, distribution channel, industry, geographic scope, and region.

The study discusses the underlying trends and impact of various factors that drive the global B2B2C Insurance market, along with their influence on the evolution of the market.The study also offers Porter’s Five Force analysis, value chain analysis, price trend analysis, and SWOT analysis of the global B2B2C Insurance market in order to highlight the crucial growth tactics and opportunities for market players.

Type

  • Life Insurance
  • Non-life Insurance
  • Household Content Insurance
  • Building Insurance
  • Monitor Vehicle Liability Insurance
  • Personal Liability Insurance
  • Animal Owner Liability Insurance
  • Accident
  • Transport
  • Credit Insurance
  • Extended Warranty
  • Others

Nature of Business

  • Brick & Mortar
  • e-Commerce
  • Multi-channel
  • Non-commercial
  • Service Company

Company Size

  • Large Enterprise
  • Small & Medium Enterprise

Distribution Channel

  • Online
  • Offline

Industry

  • Banks & Financial Institutions
  • Automotive
  • Utilities
  • Retailers
  • Travel
  • Housing
  • Lifestyle
  • Telecom

Geographic Scope

  • National
  • Multi-country
  • Regional
  • Global

Region

  • Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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