B2B2C Insurance Industry to Surpass $4.4 Billion by 2026 - Major Companies Focusing on Launching Innovative Programs to Create Solutions by Leveraging New-Age Technologies - ResearchAndMarkets.com

The expansion of the automobile industry is expected to propel the growth of the B2B2C insurance market in the coming years.

Metadata
Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, July 12, 2022
Information
Tags: 
Technology, Professional Services, Insurance, Other Technology, Allianz, Marketing, Sale, Owner-occupancy, Zurich Insurance Group, Acquisition, Program, Big data, Solution, Demography, Organization, Munich Re, Economist, Insurance, GDP, Financial management, Cardif, COVID-19, Car, EIU, AXA, Internet, Japan Post Holdings, Economist Intelligence Unit, Artificial intelligence, Harvard Innovation Labs, Home insurance, Geography, China Life Insurance Company, Forecasting, Max Life Insurance, Growth, UnitedHealth Group, Industry, Risk management, Retail, Blockchain, HOA, Prudential, B2B2C
Geotags: 
MIDDLE EAST, NORTH AMERICA, SOUTH AMERICA, AFRICA
Summary
Key Points: 
  • The expansion of the automobile industry is expected to propel the growth of the B2B2C insurance market in the coming years.
  • The launch of innovative programs to expand the insurance industry 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.
  • It compares the B2B2C insurance market with other segments of the B2B2C insurance market by size and growth, historic and forecast.


The "B2B2C Insurance Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global B2B2C insurance market is expected to grow from $3.27 billion in 2021 to $3.55 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The market is expected to grow to $4.49 billion in 2026 at a compound annual growth rate (CAGR) of 6%.

Major players in the B2B2C insurance market are AXA, Allianz, Assicurazioni Generali, Zurich Insurance, Prudential, China Life Insurance, UnitedHealth Group, Munich Re Group, Japan Post Holding, and BNP Paribas Cardif.

Asia Pacific was the largest region in the B2B2C insurance market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The expansion of the automobile industry is expected to propel the growth of the B2B2C insurance market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles. B2B2C insurance protects the policyholder's belongings and assets, such as automobiles, from financial losses and damage. Car insurance is similar to a long-term contract that covers the price of various damages that may arise as a result of unanticipated events. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth in the automobile industry drives the growth of the B2B2C insurance market.

The launch of innovative programs to expand the insurance industry 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.

In April 2021, Porch Group, a US-based home services platform has acquired Homeowner of America (HOA) for a deal amount of $100 million. Through this acquisition, Porch Group expects to become one of the largest insurtech firms by combining its access to homebuyers and property data with Homeowners of America's experience in pricing and claims. The homeowner of America (HOA) is a US-based insurance company that works on a business-to-business-to-consumer (B2B2C) revenue model.

Report Scope

This report provides strategists, marketers and senior management with the critical information they need to assess the global B2B2C insurance market.

The report focuses on B2B2C insurance market which is experiencing strong growth. The report gives a guide to the B2B2C insurance market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.

Where is the largest and fastest growing market for the B2B2C insurance? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The report from answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider B2B2C insurance market, and compares it with other markets.

  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.
  • Market segmentations break down market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
  • The B2B2C insurance market section of the report gives context. It compares the B2B2C insurance market with other segments of the B2B2C insurance market by size and growth, historic and forecast. It analyzes GDP proportion, expenditure per capita, B2B2C insurance indicators comparison.

Companies Mentioned

  • 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
  • The Digital Insurer

For more information about this report visit https://www.researchandmarkets.com/r/2g8ocq.

Copyright: 
Copyright Business Wire 2022