在电子商务渗透率持续突破、消费者需求日益碎片化的今天，传统的单一B2B或B2C模式已难以应对复杂多变的市场环境。B2B2C （Business to Business to Consumer）作为一种创新的商业模式应运而生，它并非B2B与B2C的简单叠加，而是通过一个中心化平台，将上 游品牌商/供应商（第一个B）、平台运营方（第二个B）与终端消费者（C）深度连接，构建了一个多方参与、价值共生的商业生态系 统。这一模式正以其强大的资源整合能力、效率提升潜力以及对用户体验的重塑，成为引领零售、制造等多个行业进行数字化转型的关 键路径。 一、核心内涵与演进：从交易平台到生态枢纽 B2B2C的本质在于打破了传统线性供应链的壁垒，实现了从生产端到消费端的无缝对接与信息透明。 1.1 模式定义与价值闭环 B2B2C模式的核心是构建"供应商-平台-消费者"的三方价值闭环。平台方作为生态组织者，一方面为供应商（或 入驻商户）提供线上店铺、营销工具、订单处理等基础设施与服务，助其触达更广阔的市场；另一方面为消费者汇聚了海量商品与统一 的服务标准，提供一站式的购物体验。对于平台而言，其价值在于整合资源、掌控渠道与数据，并通过佣金 ...

Financial Data and Key Metrics Changes - In Q3 2025, Assurant achieved 13% Adjusted EBITDA growth and 15% adjusted EPS growth, both excluding reportable catastrophes [4][5] - The company expects full-year adjusted EPS growth in low double digits and Adjusted EBITDA growth approaching 10%, a significant increase from initial expectations [5][24] Business Line Data and Key Metrics Changes - Global Lifestyle earnings increased 4% year-to-date, with double-digit growth in Q3 [6] - Adjusted EBITDA for Global Lifestyle rose 12% year-over-year, driven by Connected Living and Global Automotive [19] - Global Housing's Q3 Adjusted EBITDA was $256 million, with a 13% increase excluding catastrophes [21][22] Market Data and Key Metrics Changes - Connected Living saw 2.1 million net additions in mobile subscribers year-over-year, supported by partnerships with US clients [20] - Global Auto's Adjusted EBITDA increased 15%, with a normalized growth of 6% when excluding non-run rate benefits [20] Company Strategy and Development Direction - Assurant is focused on expanding its B2B2C business model and enhancing operational excellence to drive client outcomes and shareholder returns [4][5] - The company plans to launch new products and services across lifestyle and housing, with a focus on innovation and technology integration [16][27] - Strategic investments in technology and operational efficiencies are expected to drive improved margins and customer experiences [14][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create value for stakeholders and achieve profitable growth for the ninth consecutive year [27][105] - The company is well-positioned for future growth, with a focus on increasing attachment rates with existing partners and winning new clients globally [16][27] Other Important Information - Assurant returned $122 million to shareholders in Q3, including $81 million in share repurchases and $41 million in dividends [22] - The company completed a successful issuance of $300 million in senior notes, demonstrating strong demand for its investment-grade bonds [22][23] Q&A Session Summary Question: Can you expand on the strong pipeline in housing? - Management noted strong momentum in housing, driven by technology investments and a market-leading lender-placed solution, with further opportunities for growth [30][31] Question: Is the loss performance in Global Auto sustainable? - Management expressed satisfaction with the 15% year-over-year EBITDA growth in Global Auto, indicating stability in loss performance due to prior rate increases and product enhancements [32][33] Question: How do you view the impact of a potential housing market downturn? - Management acknowledged benefits from the current hard market but indicated that a downturn could lead to increased placement rates, suggesting a countercyclical nature [34][35] Question: What is the expected impact of new partnerships in Connected Living? - Management highlighted that new partnerships, including reverse logistics and Geek Squad deals, are expected to contribute positively to EBITDA starting in 2026 [51][52] Question: What are the expectations for capital deployment in 2026? - Management indicated a strong capital position and a balanced approach to investments, with expectations for higher capital deployment in 2026, including share buybacks and M&A opportunities [55][56][61]