Increasing income of customers, growing adoption of technologically advanced solutions, and rising awareness amongst consumers about the benefits of insurance are boosting growth within the global B2B2C insurance market. Furthermore, the increasing dependency of customers across the world on insurance services to ensure their safety, and growing reliability on non-life insurance, as well as life insurance services, is also expected to propel demand within the global B2B2C insurance market in coming years. In addition to this, increasing automotive production, rising demands for next-gen automobiles from customers in developed and developing economies, and growing customer preference for luxury and high-end vehicles that offer superior safety and comfort are also favoring market expansion.
The growing urban population, rising disposable income, and increasing trend of digitalization in the insurance industry are also boosting the development of the global B2B2C insurance market. Players and service providers functional in the global B2B2C insurance market offer various types of insurance services and solutions. These include life insurance and various types of non-life insurance solutions, including home insurance, personal insurance, credit insurance, health insurance, vehicle insurance, accident insurance, and transport insurance, among others. Non-life insurance, such as vehicle insurance is anticipated to account for a high volume of demand in the global B2B2C insurance market in coming years.
Players Using Next-Gen Technologies to Ensure Enhanced Convenience for Customers
Furthermore, the increasing use of modern and next-gen technologies in the domain of insurance is changing the landscape of the global B2B2C insurance market. Players are utilizing the latest technologies, such as cloud computing, automation, robotics, machine learning, the internet of things, master data management, Blockchain, social media, APIs, and microdevices. These technologies are aiding players in the global B2B2C insurance market to offer unique services and solutions to ensure maximum customer convenience. Based on the geographical space, the players in the global B2B2C insurance market operate in multi-country settings, the global level, national level, and regional level. Key applications for the services and solutions offered by stakeholders in the global B2B2C insurance market include corporates, as well as individuals.
Moreover, the increasing adoption of B2B2C models, as well as automation technologies in the insurance industry is playing a major role in creating transparency in insurance transactions. Furthermore, proper integration of these B2B2C models can also help in lowering operational costs and increasing operational efficiency. These factors are also expected to boost market growth in the coming years. A few of the ley end-use industries that use the solutions and services provided by players in the global B2B2C insurance market include automotive, retailers, housing, telecom, banks and financial institutions, utilities, travel, and lifestyle, among others. Based on the nature of the business, the services in the global B2B2C insurance market can be segmented into eCommerce and digital platforms, non-commercial, brick-and-mortar, multi-channel, and service companies.
Mergers and Acquisitions Emerge as Key Growth Strategies Used by Players in B2B2C Insurance Market
Some of the leading companies functional in the global B2B2C insurance market include Allianz SE, Berkshire Hathaway, Inc., Japan Post Holdings Co., Ltd., UnitedHealth Group Inc., Munich Re Group, Legal and General, AXA SA, Assicurazioni Generali S.p.A., China Life Insurance Group Company, Prudential PLC, BNP Paribas S. A., and Aviva Group, among others. Players in the global B2B2C insurance market are also focusing on using digital platforms and social media platforms to promote their services and insurance products. The increasing popularity of mobile-based insurance services and products is anticipated to aid these players in near future.
Key players in the market are focused on employing various growth and expansion strategies. Chief amongst them are mergers and acquisitions. For instance, Aviva Group’s operations in Lithuania and Poland were acquired by Allianz in November of 2021. A merger is being finalized between the parent company, BNP Paribas SA, and their offshoot company in the global B2B2C insurance market, BNP Paribas Security Services, in 2022.