Global B2B2C Insurance Market Size Value Expected to Touch USD 5.79 Billion by 2030, to See 6.7% CAGR Growth: Polaris Market Research

NEW YORK, Dec. 15, 2022 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "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".  It is published in Polaris Market Research under the Consumer Goods and Services Research Category.

According to the research report, the global B2B2C insurance market size & share was valued at USD 3.23 billion in 2021 and is expected to reach USD 5.79 Billion by 2030, growing at a CAGR of 6.7% during the forecast period.

What is B2B2C Insurance? How Big is B2B2C Insurance Market Size & Share?

• Overview

Business-to-business-to-consumer or B2B2C insurance is the activity of selling life and general insurance products and services through non-insurance mediators and traditional insurance intermediaries, including brokers, agents, and independent financial advisors. However, all of these groups must have access to the company's applications and services. In the last few years, this distribution model has shown rapid evolution and is gaining popularity among a number of players operating both inside and outside of the insurance industry.

Banks, retailers, utilities, e-commerce, and others are also recommending insurance coverages for their customers or members in order to mark their value plans and increase margins. The B2B2C insurance market size is majorly driven by growing demand for B2B2C coverage plans from various related industries, such as automotive, retail, and healthcare, among others.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Key Takeaways from Report

• The report provides primary data, including the size & share estimate, overview, current trends, and future estimations of market
• The report further evaluates current trends, technological advancements, revenue growth, and other aspects positively and negatively affecting the market growth.
• Key dynamics, including drivers, restraints, opportunities, challenges, investment possibilities, and industrial trends highlighted in the report.
• The study analyzes the latest trends and company profiles of the major players with their business strategies and size.

Some of the Top Market Players Are:

• 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
• Zurich Insurance Group

For Additional Information on Market Players and Detail List, Download a Report PDF Brochure

Growth Driving Factors

• Rising consumer awareness about B2B2C insurance is pushing the market growth

Increasing consumer awareness about the potential demand for insurance and the rise in the number of insurance firms worldwide are driving the growth of the market. The rising partnerships between assurance providers are expected to present significant growth opportunities in the B2B2C insurance market. Also, the growing adoption of various novel technologies, such as AI and advanced analytics, along with the increasing trend of delivering customized solutions according to particular client requirements, are the factors propelling the B2B2C insurance industry's growth. Another factor boosting the industry expansion is the cost efficiency of the B2B2C model, which makes it popular among providers and consumers.

Moreover, the growing adoption of this distribution model by various platforms such as e-commerce, telecom companies, utility providers, and retailers is predicted to positively influence the demand for B2B2C insurance across the globe. In addition, the rising urban populations, as well as growing disposable income, are the factors expected to foster industry growth. With growing automobile sales, the demand for B2B2C coverage plans is rising, which is anticipated to enhance the B2B2C insurance market sales. 

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Segmental Analysis

• Life insurance segment dominated the market in 2021

Based on insurance, the B2B2C life insurance segment witnessed the highest B2B2C insurance market share in 2021. The service involves the insurer, insurance company, and consumers. The insurance company pays off a sum of money on the death of the insured person or after a set period. The segment is attaining growth due to the rising awareness and adoption of the coverage among the population. The reduced life expectancy of the population is further expected to propel the demand for the segment. For example, the report by the National Vital Statistics Report of 2019 shows that life expectancy is decreasing by 0.1 years when compared to the previous year. Moreover, the B2B2C non-life insurance segment is estimated to grow at the fastest growth throughout the foreseen period.

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Global Report Scope of B2B2C Insurance Market

Geographic Overview

• Asia Pacific witnessed the largest revenue share in 2021

Based on geography, B2B2C insurance market demand in Asia Pacific dominated the market in 2021 owing to the presence of a huge customer base in the region. Then, the increasing urban population and the rising disposable income of the population is projected to bolster the market growth in the region. Enhancing living standards across emerging countries such as South Korea, India, Japan, and China are fueling regional market growth.

Furthermore, North America is expected to experience potential growth during the anticipated period. This growth can be attributed to the increasing awareness of B2B2C insurance coupled with the growing popularity of B2B2C services among consumers due to its benefits, including overall protection, reliability, and safety. In addition, the growing use of digital platforms to purchase products and services is expected to propel market growth in the region. Also, a surge in technological developments and the growing development of smart mobile applications are the key factors supporting regional market expansion.

Browse the Detail Report "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" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/b2b2c-insurance-market  

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Report Highlights:

• The growing urban populations coupled with the increasing disposable income are the significant factors for the growth.
• The frequent tactical movements such as mergers & acquisitions, product developments & launches, and others by the prominent market players are supporting the global market development.
• Based on the B2B2C insurance type, the life insurance segment is dominating the global industry with the highest revenue shares owing to the increased responsiveness and adoption of the coverage among the population as this type offers the company to pay off the confer amount to the insured family.
• 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.

Polaris Market Research has segmented the B2B2C insurance market report on the basis of insurance type, distribution channel, and region:

By Insurance Outlook

• Life
• Non-life

By Distribution Channel Outlook

• Online
• Offline

By Region Outlook

• 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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About Polaris Market Research

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