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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B2B2C Insurance Market: Competition Landscape
- Detailed profiles of players of B2B2C insurance have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the B2B2C insurance market include
- AXA SA
- Allianz SE
- Assicurazioni Generali S.p.A
- Berkshire Hathaway Inc.
- Zurich Insurance Group
- Prudential plc.
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