The COVID-19 (coronavirus) crisis has had a significant impact on the B2B2C insurance market. Insurance distribution has taken a hit during the pandemic, especially in the travel and tourism industry, owing to travel restrictions. Moreover, a 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.
Economic shutdowns in the automotive industry has 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 beginning of 2021. As such, the COVID-19 crisis has accelerated the development of digital insurance platforms, which is a continuing trend.
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Capture New Opportunities by Enhancing Digital Capabilities in B2B2C Insurance
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.
The market is undergoing a significant change with the integration of insurance propositions into digital customer journeys. There is a need to digitize the sale of insurance products such as extending the warranty and offering mobile phone insurance, since e-Commerce is projected to take off in the upcoming months. The pre-integration of insurance products on e-Commerce platforms and travel sites is anticipated to bolster market growth. Providing telephonic support to non-insurance experts helps to increase distribution of B2B2C insurance.
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AI Improves Data Protection and Lowers Revenue to Cost Expenditure
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, which is slated to register a robust CAGR of ~9% during the assessment period. 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.
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.
B2B2C Model Improves Bottom Lines Due to Cost Efficiency in Operations
Automation is expected to play a key role in establishing transparency in B2B2C insurance transactions. Rise of the omnichannel commerce is grabbing the attention of companies in the utilities, materials manufacturing and construction industries. Companies in the B2B2C insurance market should collaborate with technology providers, e-commerce 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.
The B2B2C insurance market is projected to reach a revenue of US$ 1.5 Trn by the end of 2030, as 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 for commission payments and reduces operational costs.
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