B2B2C Insurance Market

B2B2C Insurance Market Overview

The global B2B2C Insurance Market size was valued at USD 6.72 billion in 2023 and is predicted to reach USD 11.22 billion by 2030 with a CAGR of 7.6% from 2024-2030.

The B2B2C insurance market is a business model allowing insurance companies (B1) to sell their products indirectly to the end consumers (C) through an intermediary business (B2). The intermediaries such as bank, retailer, car dealership, travel agency, and e-commerce platform partners with the insurance providers to distribute insurance products to their customers.

This embedded insurance approach allows insurance companies to leverage the intermediary’s established customer relationships and distribution channels, enhancing the market reach and customer access. Therefore, by integrating insurance offerings into the intermediary’s services, the B2B2C model provides added value to the end customers, thereby making the insurance purchase more convenient and aligned with the consumer’s needs.

Market Dynamics and Trends

The business-to-business-to-consumer insurance sector is rising due to the rising number of partnerships among intermediaries such as multinational companies, banks, and others that are significantly boosting the growth of the market.

For instance, in October 2023, Allianz Partners, a B2B2C insurance and assistance services, partnered with Bolttech Management Limited, an international insurtech to provide embedded device and application protection insurance across Asia-Pacific and the United States. Consequently, this widens the customer base and also enhances the consumer engagement by integrating insurance seamlessly into everyday consumer transactions, thereby driving the B2B2C insurance market expansion.

Moreover, the growing digitalisation of insurance platforms including innovations in cloud-based solutions, and artificial intelligence (AI) are significantly driving the growth of the market. These advancements enable insurers to enhance customer experiences, streamline processes, and offers personalized insurance products.

For example, in May 2023, Lexasure Financial Group Limited launched LexasureCloud 1.0, a cloud based B2B2C platform designed to enhance insurance companies’ competitiveness, growth, and profitability. This surge in digitalisation meets the evolving expectations of businsses and consumers and also fosters innovations in insurance product offerings.

Additionally, the increasing collaborations between automotive manufacturers and insurance companies are creating comprehensive insurance solutions tailored to consumers need. These collaborations enhance customer experience by offering seamless and integrated services including comprehensive insurance solutions at the point of sales.

For instance, in 2023, British luxury automaker Jaguar Land Rover (JLR) partnered with Allianz Partners and launched a scheme name Simple Drive. This innovative programme promises to enhance the purchasing experience for customers by providing instant, complimentary insurance for the first month of the vehicle ownership.

Subsequently, the surge in the number of such partnerships facilitates innovation and customization in insurance offerings, thereby boosting the market growth. However, the high risk associated to data breaches and unauthorised access to sensitive information deteriorate trust in digital platforms thereby restraining the B2B2C insurance market growth.

On the contrary, the integration of blockchain technology into omni-channel insurance solutions is expected to create ample opportunities in the future as it will offer enhanced transparency, cybersecurity, and efficiency to the consumers. This offering will help streamline processes, reduce frauds, and facilitate seamless interactions between the insurers, businesses, and consumers.

Market Segmentation and Scope of Study

The B2B2C insurance market report is divided on the basis of product type, enterprise size, end-user, and distribution channel. On the basis of product type, the market is segmented into life insurance, health insurance, travel insurance, and property and casualty insurance. On the basis of enterprise size, the market is categorized into large enterprises and small and medium enterprises (SMEs). On the basis of end-user, the market is segmented into automotive, healthcare, retail, and others. On the basis of distribution channel, the market is classified into online channels and offline channels. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Europe dominates the B2B2C insurance market share and is expected to continue its dominance throughout the forecast period. This is attributed to the established insurance industry with its long-standing history and robust regulatory frameworks that provides a solid foundation for new market participants and innovations.

According to a latest report published by the Insurance Europe, the insurance industry is Europe’s largest institutional investor with an investment of USD 11.74 trillion that is equivalent to 61% of the gross domestic production (GDP). Thus, the presence of well-established insurers fosters competitive dynamics, encouraging continuous improvement and growth in the market.

Moreover, the presence of key market players such as Wakam, Allianz SE, and Axa S.A., that are adopting strategies such as product launches is further driving the growth of the market. These leading companies brings extensive industry expertise, robust distribution networks, and trusted brand recognition that are crucial in fostering consumer confidence and expanding market reach.

For example, in April 2024, Wakam, an embedded insurer, received approval from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) and launched its UK subsidiary, the Wakam UK Limited.

This move aims to strengthen Wakam’s position as an innovative strength in the European insurance landscape and boosts its ability to form white-label partnerships across Europe with its distributors. Subsequently, the rising investment in digitalization and consumer-oriented innovations further improves accessibility and service delivery, further propelling its market growth.

On the other hand, Asia-Pacific is considered fastest growing region in the B2B2C Insurance industry owing to the rising disposable income that leads individual and families to invest in insurance products to secure their financial future.

This growing influence leads to the demand for a range of insurance services, encouraging businesses to partner with insurers to provide comprehensive and tailored insurance solutions to their customers. A report from China's State Council reveals that China's per capita disposable income reached about USD 5,511 in 2023, with a yearly increase of 6.3% in nominal terms. This rise in income levels is driving more consumers to invest in such insurances, thereby boosting the growth of the market.

Moreover, the rising internet penetration across the region creates a widespread adoption of digital platforms that provides consumers and businesses easy access to insurance products and services online. This increased accessibility to internet enables insurance companies to reach a broader audience, facilitating seamless communication and transactions with customers.

According to the latest report published by the Telecom Regulatory Authority of India (TRAI), the total number of internet subscribers in June 2022 was 836.86 million that increased to 850.958 million by the end of September 2022, registering a growth of 1.68%. Thus, the widespread use of smart phones and other internet enabled devices facilitates seamless transaction and real-time communication, thereby driving the market growth.

Competitive Landscape

Various key market players operating in the B2B2C Insurance industry include Allianz SE, Axa S.A., Zurich Insurance Group Ltd, Prudential Financial, Inc., Assicurazioni Generali S.p.A., Munich Re Group, Ping An Insurance, Berkshire Hathaway Inc., Tata AIG General Insurance Company Limited, Chubb Limited, and others.

These market players are opting various strategies including acquisition, and product launches to maintain their dominance in the industry. For instance, June 2024, Zurich acquired 70% share of Kotak General Insurance, becoming the first foreign insurer to enter India since the implementation of FDI rules that were implemented to allow up to 74% foreign ownership in 2021. The acquisition jointly aims to build a leading general insurer in India by combing together Zurich's global insurance leadership and scale with Kotak's local expertise and reach.

For example, in January 2024, Allianz Partners launched the Allyz mobile app, a digital platform that provides travellers with trusted advice, expertise, and access to insurance benefits. The app offers a one-stop shop for users with pre-travel advice, storage of travel documents, and information on local services while traveling.

For example, in November 2023, Chubb launched a new B2B2C Developer Portal called Chubb Studio. This portal provides an extensive repository of digital insurance application using partners (APIs), mobile SDKs, and microsites, enabling their partners to easily integrate Chubb's insurance products and capabilities into their own offerings.

Key Benefits

• The report provides quantitative analysis and estimations of the B2B2C insurance market from 2024 to 2030, which assists in identifying the prevailing industry opportunities.

• The study comprises a deep-dive analysis of the current and future B2B2C insurance market trends to depict prevalent investment pockets in the industry.

• Information related to key drivers, restraints, and opportunities and their impact on the B2B2C insurance industry is provided in the report.

• Competitive analysis of the key players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated on the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

B2B2C Insurance Market Key Segments

By Product Type

• Life Insurance

• Health Insurance

• Travel Insurance

• Property and Casualty Insurance

By Enterprise Size

• Large Enterprises

• Small and Medium Enterprises (SMEs)

By End-User

• Automotive

• Healthcare

• Retail

• Others

By Distribution Channel

• Online Channels

• Offline Channels

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden

  • Norway        

  • Russia        

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

Key Players

• Allianz SE

• Axa S.A.

• Zurich Insurance Group Ltd 

• Prudential Financial, Inc.

• Assicurazioni Generali S.p.A. 

• Munich Re Group

• Ping An Insurance

• Berkshire Hathaway Inc.

• Tata AIG General Insurance Company Limited

• Chubb Limited

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 6.72 Billion
Revenue Forecast in 2030	USD 11.22 Billion
Growth Rate	CAGR of 7.6% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	The rising partnerships among intermediaries such as companies, banks, retailers, and others are driving the market. The growing digitalization of insurance platforms is significantly driving the growth of the market. The increasing collaborations between automotive manufacturers and insurance companies is driving the B2B2C insurance market growth.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.