Blochchain technology has brought about positive reforms in the insurance industry. Improved efficiency and control, enhanced customer engagement along with reduction in costs are some of the primary factors encouraging companies in the insurance sector to deploy blockchain technology across their business operations. Increasing awareness and better understanding of the benefits accrued by the technology is influencing the growth of global blockchain in insurance market. Underwriting and claims processing are two areas in the insurance vertical wherein blockchain technology showcases significant potential. Insightful and verifiable data regarding insurance claims are supported by blockchain technology, which aids in faster claims processing while simultaneously eliminating litigations costs. In a recent study it was reported that frauds associated with insurance resulted into annual losses of about US$ 60 billion to insurers in the U.S. and Europe regions. This has fostered the significance of blockchain technology in the insurance sector and indicates positive growth prospects for the global blockchain in insurance market over the forecast period.
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The companies in the insurance sector are rapidly investing into the technology to exploit the potential benefits. Ping An Insurance, an insurance provider based in China, for instance, has a substantial investment into the blockchain technology and also has 68 patents related to blockchain. Simultaneously, a surge in investments from small and medium enterprises is being witnessed in the global blockchain in insurance market. Smart contracts enabled by blockchain technology is anticipated to revolutionize the insurance sector by eliminating the need for middle men from the entire process. For instance, Lemonade, a United States based insurance company, through a combination of distributed ledger technology (DLT) and artificial intelligence (AI) provides insurance to home owners and renters. The blockchain technology’s smart contract, which is integrated into the company’s platform, verifies the claim and provides the necessary due to the customers, thereby reducing the processing time and intervention from any third parties. Increasing investments by insurance companies towards digital transformation is anticipated to accelerate the growth of global blockchain in insurance market over the period of next eight years.
The global blockchain in insurance market is expected to grow at a CAGR of more than 66% during the forecast years (2021-2029).
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The detailed research study provides qualitative and quantitative analysis of blockchain in insurance market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- Services associated with blockchain technology is gaining momentum in the global blockchain in insurance market. End users are increasingly opting for comprehensive professional services to ensure optimum efficiency and maximum output from implementation.
- Identity management and fraud detection held a prominent share in the global blockchain in insurance market. Increased investments by insurance companies to explore the potentials of blockchain technology in these avenues is anticipated to boost the segment’s growth over the forecast period.
- Some of the major players operating in the global blockchain in insurance market include Amazon Web Services, Inc., AUXESIS GROUP, Bitfury Group Limited, Boston Consulting Group, BTL Group Ltd, ChainThat, Circle Internet Financial Limited, CONSENSUS SYSTEMS (Consensys), Deloitte Touche Tohmatsu Limited, Digital Asset Holdings, LLC, Everledger Ltd, Etherparty Inc, Factom, Guardtime, IBM Corporation, iXLedger, KPMG International Cooperative, Microsoft, Oracle, SafeShare, Symbiont.io and Willis Towers Watson amongst others.
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Global Blockchain in Insurance Market:
- By Component
- Applications and Platforms
- Infrastructure and Protocols
- By Application
- Identity Management and Fraud Detection
- Claims Management
- Distribution and Payment Models
- Others (GRC Management Etc.)
- By Organization Size
- Large Enterprises
- Small And Medium-Sized Enterprises
- By Insurance Type
- Life Insurance
- Health Insurance
- Property And Casualty Insurance
- Others (Travel Insurance, Vehicle Insurance Etc.)
- By Region:
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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