B2B2C Insurance Market Expands With Innovative Programs Using New-Age Technologies
B2B2C Insurance Global Market Report 2021: COVID-19 Growth And Change To 2030
The Business Research Company’s B2B2C Insurance Global Market Report 2021: COVID-19 Growth And Change To 2030
LONDON, GREATER LONDON, UK, August 10, 2021 /EINPresswire.com/ -- The launch of innovative programs to expand the insurance industry2 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.
Major players covered in the global B2B2C insurance industry 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.
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The global B2B2C insurance market size3 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 B2B2C insurance 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.
B2B2C Insurance Global Market Report 2021 - By Type (Life Insurance, Non-Life Insurance), By Distribution Channel (Online, Offline), By End Use Industry (Bank And Financial Institutions, Automotive, Utilities, Retailers, Telecom), COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides B2B2C insurance market overview, forecast B2B2C insurance market size and growth for the whole market, B2B2C insurance market segments, and geographies, B2B2C insurance market trends, B2B2C insurance market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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