B2B2C Insurance Market Research, Recent Trends and Growth Forecast

 Artificial Intelligence to Boost B2B2C Insurance Market

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. 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. AI can be used to process the huge amount of consumer data in order to create personal information based on personal and behavioral habits. 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. Market players are using AI to improve the claims of conversion cycle. Accessing data with the help of AI offers speed, performance, and accuracy.

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Digitalization in B2B2C Insurance Generate Value-grab Opportunities

The market is undergoing a significant change with the integration of insurance propositions into digital customer journeys. 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.

There is a need to digitize the sale of insurance products such as extending the warranty and offering mobile phone insurance, since eCommerce is projected to take off in the upcoming months. The pre-integration of insurance products on eCommerce 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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Increase in Adoption of B2B2C Model Owing to Cost Efficiency in Operations

Automation is expected to play a key role in establishing transparency in B2B2C insurance transactions. The rise of the omnichannel commerce is grabbing the attention of companies in utilities, materials manufacturing, and construction industries. Companies in the B2B2C insurance market should collaborate with technology providers, eCommerce 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. 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 of commission payments and reduces operational costs.

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Impact of COVID-19 Pandemic on B2B2C Insurance Market

The global B2B2C insurance market is harshly affected by the rapid spread of COVID-19 virus across the globe. Insurance distribution has taken a hit during the pandemic, especially in the travel & tourism industry, owing to travel restrictions. Moreover, 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. The COVID-19 crisis has had a significant impact on the B2B2C insurance market. Economic shutdowns in the automotive industry have 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 upcoming years. As such, the COVID-19 crisis has accelerated the development of digital insurance platforms, which is a continuing trend. Growth in urban population, rise in awareness about insurance services in consumers, and growth in disposable income are some of the factors expected to accelerate the global B2B2C insurance market during the forecast period.

Key players operating in the global B2B2C insurance market are

·      AXA SA

·      Allianz SE

·      Assicurazioni Generali S.p.A.

·      Berkshire Hathaway Inc.

·      Berkshire Hathaway Inc.

·      China Life Insurance (Group) Company

·      Japan Post Holdings Co., Ltd

·      Prudential plc

·      UnitedHealth Group Inc.

·      BNP Paribas S.A.

·      Munich Re Group

·      Aviva Group

·      Legal and General and among others