B2B2C insurance market
The global B2B2C insurance market was valued at US$ 663.9 Bn in 2020. It is estimated to expand at a CAGR of 9.7% from 2021 to 2031. The global B2B2C insurance market is expected to surpass the value of US$ 1.8 Trn by the end of 2031
Artificial Intelligence to Boost B2B2C Insurance Market
Traditional B2B2C insurance providers such as banks and car dealers are shifting toward digital platforms to broaden their revenue streams. The burgeoning growth of retail, tourism, and digital lending industries is contributing toward the expansion of the global B2B2C insurance market. However, companies are facing analytics and data management issues, since their partners are reluctant to share the necessary data with insurance providers. This issue can be resolved with artificial intelligence (AI) and advanced analytics in order to keep business processes transparent. AI can be used to process the huge amount of consumer data in order to create personal information based on personal and behavioral habits. The AI is being highly publicized to benefit entire customer lifecycle and is contributing toward revenue to cost reduction and fraud management in the B2B2C insurance market. Market players are using AI to improve the claims of conversion cycle. Accessing data with the help of AI offers speed, performance, and accuracy.
Grab an Exclusive PDF Brochure of this Report -
https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=79708
Digitalization in B2B2C Insurance Generate Value-grab Opportunities
The market is undergoing a significant change with the integration of insurance propositions into digital customer journeys. Digital platforms are helping companies in the B2B2C insurance market to gain deep customer understanding. This results in enhancement of customer journey and improves efficiency in partnerships. Companies in the B2B2C insurance market are experimenting with various digital levers such as mobile apps and websites to gain unparalleled insight via digital capabilities.
There is a need to digitize the sale of insurance products such as extending the warranty and offering mobile phone insurance, since eCommerce is projected to take off in the upcoming months. The pre-integration of insurance products on eCommerce platforms and travel sites is anticipated to bolster market growth. Providing telephonic support to non-insurance experts helps to increase distribution of B2B2C insurance.
Custom Market Research Services - Request Customization -
https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=79708
Increase in Adoption of B2B2C Model Owing to Cost Efficiency in Operations
Automation is expected to play a key role in establishing transparency in B2B2C insurance transactions. The rise of the omnichannel commerce is grabbing the attention of companies in utilities, materials manufacturing, and construction industries. Companies in the B2B2C insurance market should collaborate with technology providers, eCommerce vendors and local suppliers to scale their business activities. As such, there is an apparent demand for distributors and consumers who are acutely familiar with omnichannel models. B2B2C insurance helps to personalize a buyer’s experience. The cost efficiency of the B2B2C model is gaining increased popularity, as this model eliminates the need of commission payments and reduces operational costs.
Impact of COVID-19 Pandemic on B2B2C Insurance Market
The global B2B2C insurance market is harshly affected by the rapid spread of COVID-19 virus across the globe. Insurance distribution has taken a hit during the pandemic, especially in the travel & tourism industry, owing to travel restrictions. Moreover, significant decline in airline traffic has also affected the business of B2B2C insurance. Non-essential retail businesses have caused a major impediment in the growth of the B2B2C insurance market. The COVID-19 crisis has had a significant impact on the B2B2C insurance market. Economic shutdowns in the automotive industry have contributed toward disruptions in global trade activities. Due to a drop in car sales, B2B2C insurance distributors have suffered heavy revenue losses.
However, insurance providers are predicting a surge in the demand for goods & services in the upcoming years. As such, the COVID-19 crisis has accelerated the development of digital insurance platforms, which is a continuing trend. Growth in urban population, rise in awareness about insurance services in consumers, and growth in disposable income are some of the factors expected to accelerate the global B2B2C insurance market during the forecast period.
How B2B2C Insurance Market Will Recover After Covid19? -
https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=79708
B2B2C Insurance Market: Overview
- According to Transparency Market Research’s latest research report on the global B2B2C insurance market for the historical period 2017–2019, 2020 is the actual year, and the forecast period 2021–2031, increasing urban population and growing disposable income are factors, along with increasing awareness and dependency of consumers on insurance services for overall safety, protection, and reliability of life and non-life insurance services, which are expected to boost the global B2B2C insurance market during the forecast period
Browse Latest Consumer Goods and Services Industry Research Reports by TMR
- Docking Station Market – https://www.transparencymarketresearch.com/docking-station-market.html
- Smart Crib Market – https://www.transparencymarketresearch.com/smart-crib-market.html
- Contact Lenses Market – https://www.transparencymarketresearch.com/contact-lens-market.html
- Hand Dryer Market – https://www.transparencymarketresearch.com/hand-dryer-market.html
- Power Bank Market – https://www.transparencymarketresearch.com/power-banks-market.html
- Water Purifier Market – https://www.transparencymarketresearch.com/water-purifier-market-2017-2025.html
- Mattress Market – https://www.transparencymarketresearch.com/mattress-market.html
- Fencing Market – https://www.transparencymarketresearch.com/fencing-market.html
About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers Market Analysis Reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
For More Research Insights on Leading Industries, Visit our YouTube channel –https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ
Contact Us:
Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
