Global B2B2C Insurance Market Report and Forecast 2024-2032

Global B2B2C Insurance Market Outlook

The global B2B2C insurance market size was approximately USD 3.68 billion in 2023. The market is projected to grow at a CAGR of 5.9% between 2024 and 2032, reaching a value of USD 6.05 billion by 2032.

Key Trends in the Market

Business to business to consumer, abbreviated as B2B2C, refers to the method of insurance distribution where an insurer makes use of another business, for instance, a retailer to sell insurance to customers. B2B2C reaches out to the masses by the rollout of a single, smart, convenient, and spot-on approach. B2B2C insurance, also referred to as embedded insurance, is used by utility companies, professional associations, retailers, and e-commerce giants.

• One of the key B2B2C insurance market trends includes the growing adoption of artificial intelligence (AI) and advanced analytics by key players to improve their revenue to cost reduction, enhance customer experience, mitigate various risks, and prevent fraud management. Moreover, the use of technologies such as artificial intelligence (AI) to transform the pricing, underwriting, risk profiling and services of B2B2C insurance solutions is propelling the market.

• The rapid digitisation of sectors such as ridesharing, food delivery, e-commerce, and banking, among others, is aiding the B2B2C insurance market growth. The analysis of a large amount of registered data gives a greater understanding of customer preferences and choices. Leveraging this, companies are developing tailored insurance products that meet the expectations and needs of partners and their customers.

• Due to the rising challenges and competition in the growing automotive sector, embedded insurance is gaining popularity as an effective method in supporting companies to expand their revenue streams and provide better customer experience that can further help in improving loyalty and brand value.

Market Analysis

Based on type, the B2B2C insurance market segmentation includes life insurance and non-life insurance. On the basis of distribution channel, the market can be bifurcated into online and offline.

By end use, the market division includes automotive, banking and financial institutions, utilities, travel, and real estate, among others. The major regional markets for B2B2C insurance are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global B2B2C insurance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• 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

Market Share by Distribution Channel

As per the global B2B2C insurance market analysis, online mode of distribution of B2B2C insurance accounts for a substantial market share. Mobile insurance platforms are gaining popularity due to customers’ ability to purchase suitable insurance packages and manage their accounts through them. With the growing digitisation, market players are supporting insurance and platform companies by making insurance affordable and accessible to customers from all walks of life.

Market Share by Region

The Asia Pacific represents a significant portion of the B2B2C insurance market share owing to favourable government regulations aimed at supporting the digitalisation of the insurance industry. Reportedly, in 2021, about 95% of the consumers in Asia used digital channels, indicating a preference for digital methods. The active use of digital platforms in the region is further contributing to a greater adoption of life insurance and nonlife insurance products through digital platforms.

Competitive Landscape

Allianz Partners SAS, based in France, is a company that offers uninterrupted B2B2C insurance and assistance services for the automotive, health, and travel sectors. The company is customer-driven and provides high-tech high-touch products that are future-ready, thereby redefining traditional insurance services.

Munich Re Group is a German agency and coinsurance business that serves the insurance industry. The company offers expertise and support to its business partners and develops innovative insurance solutions.

AXA Partners Holding is a French company that is engaged in providing assistance and protection solutions for areas such as automotive and mobility, housing, travel, health, legal protection, credit insurance, and income protection. With offices in 40 countries across the globe, the company aims to offer tailored solutions to its clients and partners.

Other players operating in the B2B2C insurance market include Japan Post Insurance Co., Ltd., China Life Insurance (Group) Company, BNP Paribas S.A., Berkshire Hathaway Inc., Prudential Financial Inc., Assicurazioni Generali S.p.A., and Aditya Birla Capital Ltd., among others.

Key Highlights of the Report