B2B2C Insurance Market Size, Share, and Trends | 2031
The B2B2C insurance market size is expected to grow from US$ 4.10 billion in 2023 to US$ 7.98 billion by 2031; it is anticipated to expand at a CAGR of 8.7% from 2023 to 2031. Business to business to consumer, or B2B2C, is a type of insurance distribution in which one business sells insurance to another business.
B2B2C Insurance Market Analysis
The B2B2C Insurance market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. However, the B2B2C distribution model has evolved rapidly in recent years, attracting the interest of a growing number of actors both inside and outside the insurance business. Banks, utilities, e-commerce, retailers, and others (such as professional associations) are expressing an interest in offering insurance coverage to their consumers or members in order to differentiate their value propositions and boost margins.
B2B2C Insurance
Industry Overview
- The B2B2C model of insurance distribution, where insurers offer their insurance products by intermediaries such as banks, retailers, e-commerce players, telecom companies, and others, has been successful in many markets. This trend is expected to accelerate in the near future due to improved customer access from digital players and technology advancements that facilitate insurance integration into partner ecosystems. This will result in a significantly larger B2B2C insurance market.
- OEMs, telecom firms, and financial institutions are increasingly interested in distributing financial products, particularly insurance, which offers good margins. Some partners are expanding their offerings to provide more comprehensive insurance options.
- Embedded insurance has already made a considerable impact on property and liability, and while it has yet to fully penetrate the life and health insurance markets, insurers are exploring new ways to embed products and reach their clients.
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B2B2C Insurance Market: Strategic Insights
Market Size Value in US$ 4.10 billion in 2023 Market Size Value by US$ 7.98 billion by 2031 Growth rate CAGR of 8.7% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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B2B2C Insurance Market: Strategic Insights
| Market Size Value in | US$ 4.10 billion in 2023 |
| Market Size Value by | US$ 7.98 billion by 2031 |
| Growth rate | CAGR of 8.7% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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B2B2C Insurance Market Driver
Insurtech to Drive the B2B2C Insurance Market
- In recent years, technology developments have transformed the insurance industry in terms of cost savings, efficiency, and increased tailoring of offerings to individual consumers' needs.
- Digitalization is transforming the B2B2C insurance industry by embracing digital platforms and ecosystems. Access to customer data, including location, purchasing habits, spending habits, and social interactions, allows insurers to create personalized insurance solutions and services for better protection, risk mitigation, claim handling, and timely assistance.
- In November 2023, Chubb announced the debut of its latest innovation, which aims to make it easier for its B2B2C partner organizations to access and test its digital insurance products and services. Chubb Studio aims to improve the integration process, making it quicker and more customizable for partners wanting access to the company's array of digital insurance products and services.
- A German InsurTech that pioneered cross-selling of insurance products at e-commerce points of sale. The firm was founded in Germany in 2012 and raised US$8 million in Series B funding in March 2015. In June 2016, Allianz established an investment collaboration with the startup. They established a collaboration with Assurant in the US and Canada called Assurant Product Protection.
B2B2C Insurance
Market Report Segmentation Analysis
- Based on the intermediaries, the B2B2C Insurance market report is segmented into banks, wealth managers, retailers, and others.
- The banking segment is expected to hold a significant B2B2C insurance market share in 2023. Bancassurance, which sells insurance through banks, has been a successful strategy for many years. Non-insurance players also distribute insurance in several areas.
B2B2C Insurance
Market Analysis by Geography
The scope of the B2B2C Insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant B2B2C Insurance market share. Asia Pacific (APAC) is experiencing rapid growth and is anticipated to hold a significant B2B2C insurance market share. The region's significant economic development, growing population, and increasing focus on risk management and insurance have contributed to this growth. APAC is home to many developing countries like India and China, driving the B2B2C insurance market growth.
B2B2C Insurance
Market Report Scope
The "B2B2C Insurance Market Analysis" was carried out based on core investment strategies and geography. In terms of types, the market is segmented into life insurance, health insurance, and property and casualty insurance. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
B2B2C Insurance
Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the B2B2C Insurance market. A few recent key market developments are listed below:
- In October 2023, Allianz Partners and Bolttech, a worldwide insurtech, formed a relationship to provide embedded device and appliance protection insurance in Asia Pacific and the United States. The strategic partnership agreement intends to use each company's complimentary strengths to provide best-in-class solutions, allowing business partners to add insurance and protection products to customer journeys at the point of need.
[Source: Allianz SE, Company Website]
B2B2C Insurance
Market Report Coverage & Deliverables
The market report "B2B2C Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Types, Intermediaries, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The key players holding majority shares in the global B2B2C Insurance market are Edelweiss General Insurance Company Limited., AXA SA., BNP Paribas S.A., and Allianz SE.
The global B2B2C Insurance market is expected to reach US$ 7.98 billion by 2031.
The global B2B2C Insurance market was estimated to be US$ 4.10 billion in 2023 and is expected to grow at a CAGR of 8.7% during the forecast period 2023 - 2031.
The use of AI and data analytics is impacting B2B2C Insurance, which is anticipated to bring new B2B2C Insurance market trends in the coming years.
insurtech and expanding digital channels are the major factors that propel the global B2B2C Insurance market growth.
- Edelweiss General Insurance Company Limited.
- AXA SA.
- BNP Paribas S.A.
- Allianz SE.
- Assicurazioni Generali S.p.A.
- Berkshire Hathaway Inc.
- ICICI Lombard
- China Life Insurance
- Munich Re Group
- Prudential
- UnitedHealth Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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