The global B2B2C insurance market revenue was around US$ 4.7 billion in 2023 and is estimated to reach US$ 10.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.6% during the forecast period from 2024 to 2032.

B2B2C insurance stands for business-to-business-to-consumer insurance. It is a kind of arrangement where an insurance company associates with another business, like a service provider or a retailer, to present insurance products directly to the end customers of that business.

Factors Influencing Market Growth

- The focus on improving the customer experience is a major driving factor for the growth of the B2B2C insurance market.

- The complex task of technological integration demands detailed execution and planning, while regulatory adherence across diverse regions and industries calls for uncompromising commitment to legal standards which hinders the growth of the B2B2C insurance market.

- The B2B2C insurance model presents a remarkable opportunity for data-driven customization.

Impact of COVID-19

The impact of the COVID-19 pandemic had a mixed influence on the B2B2C insurance market, with both negative and positive aspects coming to the forefront. On the positive side, the COVID-19 pandemic elevated awareness of the significance of insurance coverage among consumers.

This surge in awareness, associated with augmented concerns about safety and health, led to a significant growth in demand for insurance products delivered via the B2B2C model, specifically in areas like travel and health insurance. In addition, businesses started recognizing the value of combining insurance alternatives into their services, as it delivered an extra layer of security for their customers during uncertain times.

Regional Analysis

In 2023, Asia-Pacific dominated the global B2B2C insurance market in terms of revenue. The forecasted rapid growth of the Asia-Pacific region in the B2B2C insurance market is due to its growing digitalization, middle class, and relatively underpenetrated insurance landscape.

The region is undergoing a surge in consumer demand for a broad range of services and products, including insurance, propelled by economic growth and rising incomes. Also, the Asia-Pacific market is characterized by a proactive method regarding digital platforms and technological improvements, making opportunities for the development of B2B2C models. As consumers in this region become more insurance-savvy and tech-savvy, businesses are keen to tap into this growing market.

Leading Companies

The leading prominent companies profiled in the global B2B2C insurance market are: -

- AXA Partners Holding SA.
- Allianz
- American International Group, Inc.
- Zurich Insurance Group
- China Life Insurance
- Berkshire Hathaway Inc.
- Prudential plc
- ICICI Lombard General Insurance Company Ltd.
- UnitedHealth Group
- Munich Re
- Other prominent key players

Segmentation Outline

The global B2B2C insurance market segmentation focuses on Application, Type, Enterprise Size, Distribution Channel, and Region.

Segmentation based on Application

- Individual
- Corporate

Segmentation based on Type

- Life Insurance
- Non-life Insurance

Segmentation based on Enterprise Size

- Large Enterprises
- Small and Medium-sized Enterprises

Segmentation based on Distribution Channel

- Online
- Offline

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa