Major players in the B2B2C insurance market are AXA, Allianz, Assicurazioni Generali, Zurich Insurance, Prudential, China Life Insurance, UnitedHealth Group, Munich Re Group, Japan Post Holding, BNP Paribas Cardif, Bsurance, Porto Seguro, Swiss Re, and The Digital Insurer.
New York, Sept. 09, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “B2B2C Insurance Global Market Report 2021: COVID-19 Growth and Change” – https://www.reportlinker.com/p06144628/?utm_source=GNW
The global B2B2C Insurance market is expected to grow from $3.06 billion in 2020 to $3.27 billion in 2021 at a compound annual growth rate (CAGR) of 6.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.18 billion in 2025 at a CAGR of 6.4%.
The B2B2C insurance market consists of sales of B2B2C insurance services by entities (organizations, sole traders, and partnerships) that are engaged in providing both life insurance and general insurance services.Business-to-business-to-consumer (B2B2C) insurance applies to the sale of life and general insurance products and services through non-insurance mediators other than traditional insurance intermediaries such as brokers, independent financial advisors, and agents.
It also includes the direct sale of insurance to consumers.
The main types of B2B2C insurance are life insurance and non-life insurance.Life insurance is an agreement between the insurer and the insurance company in which the insurance firm pays a certain sum to the covered individual’s family in the event of the death.
The different channels of distribution include online, offline and are implemented in various sectors such as bank and financial institutions, automotive, utilities, retailers, telecom, and others.
Asia Pacific was the largest region in the B2B2C insurance market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The launch of innovative programs to expand the insurance industry is shaping the B2B2C insurance market.Major companies operating in the B2B2C insurance sector are focusing on launching innovative programs to create solutions by leveraging new-age technologies.
For instance, in August 2019, Max Life Insurance, an India-based insurance company launched the Max Life Innovation Labs program.The life insurer will use the Innovation Labs to encourage disruptive companies and unconventional thinkers to collaborate with them in developing future tech-based solutions for Max Life in the fast-evolving life insurance business.
As part of this program startups will assist in the development of solutions by enabling new-age technologies such as Artificial Intelligence, Blockchain, Internet of Things, and Big Data to enable a variety of services such as intelligent data acquisition and processing produced from online/offline sources, smart underwriting, smart agent/seller hiring, financial management, and more.
In April 2021, Porch Group, a US-based home services platform has acquired Homeowner of America (HOA) for a deal amount of $100 million.Through this acquisition, Porch Group expects to become one of the largest insurtech firms by combining its access to homebuyers and property data with Homeowners of America’s experience in pricing and claims.
The homeowner of America (HOA) is a US-based insurance company that works on a business-to-business-to-consumer (B2B2C) revenue model.
The expansion of the automobile industry is expected to propel the growth of the B2B2C insurance market in the coming years.The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles.
B2B2C insurance protects the policyholder’s belongings and assets, such as automobiles, from financial losses and damage.Car insurance is similar to a long-term contract that covers the price of various damages that may arise as a result of unanticipated events.
According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth in the automobile industry drives the growth of the B2B2C insurance market.
The countries covered in the B2B2C insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06144628/?utm_source=GNW
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