Blockchain in Insurance Market
Blockchain technology has the potential to revolutionize the insurance industry, offering a variety of benefits for insurers, policyholders, and reinsurers alike. Blockchain can help to streamline the claims process and automate payments between insurers, improving security, accuracy, and transparency. Additionally, it can facilitate the development of new insurance products and services, allow for personalized, real-time risk assessment, and reduce costs associated with fraud. Finally, blockchain also offers the potential for secure, transparent, and efficient digital contracts, allowing for faster and more cost-effective policy creation and management.
The global blockchain in insurance market will touch USD 67.9 billion at a 39.20% CAGR in the forecast period 2022- 2030, states the latest Market Research Future (MRFR) analysis. Blockchain uses the transparency, security, and efficiency of the insurance industry. It has beneficial applications to streamline insurance claims processing, speed up payment times, and boost cyber-security protocols.
Various factors are fuelling the global blockchain in insurance market growth . As per the recent MRFR market estimates, such factors include the early adoption of blockchain technology by financial providers, growing investments by key players in R&D of blockchain-based application development, the developing digital technology that support the development of platforms for digital transactions, developing need of integrating advanced security while transaction on digital platforms owing to rise in fraudulent insurance claims, and the emerging need to have trustworthy and transparent systems.
The additional factors adding market growth include the overall trends witnessed in the insurance sector related to increase in claims-related frauds, increase in fraudulent insurance claims, focus to reduce total cost of ownership, growth of blockchain as a service, increasing penetration of IoT, and increasing adoption of cloud-based solutions.
On the contrary, uncertain regulatory status, lack of common standards, lack of standard protocols, limited technical knowledge in end users, and the impact of the COVID-19 pandemic may limit the global blockchain in insurance market growth in the region.
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Blockchain in Insurance Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the blockchain in insurance market based on application, sector, service provider, organization size, and type.
Based on type, the global blockchain in insurance market is segmented into consortium or federated blockchain, public blockchain, and private blockchain.
Based on service providers, the global blockchain in insurance market is segmented into infrastructure and protocols providers, middleware service providers, and application and solution providers. Among these, the application & solution providers segment will command the market in the forecast period.
Based on organization size, the global blockchain in insurance market is segmented into large enterprises and SMEs.
Based on application, this market has been classified into smart contracts, reinsurance, GRC management, property and casualty insurance, & fraud detection and risk prevention. Of these, smart contracts will dominate the market over the forecast period.
By sector, the global blockchain in insurance market is segmented into auto insurance, title insurance, health insurance, life insurance, and others.
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Blockchain in Insurance Market Regional Analysis
By region, the global blockchain in insurance market covers the recent trends and growth opportunity across Europe, North America, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will rule the market over the forecast period. High adoption rate of blockchain by the finance sector, increased skilled expertise for crytocurrency, and increasing initiatives by insurance agencies in educating insurers about the benefits of using blockchain technology are adding to the global blockchain in insurance market growth in the region. The US and Canada will have the utmost market share.
In the APAC region, the global blockchain in insurance market is predicted to have admirable growth over the forecast period. Insurance companies in South Korea, Singapore, and Japan having heavy investments in R&D of blockchain technology, Chinese insurance firms introducing blockchain-enabled medical insurance service, development in advanced technologies, and growing initiatives by Indian insurer consortium to improve their expertise in blockchain to improve their insurance services and claims management systems are adding to the global blockchain in insurance market growth in the region.
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Blockchain in Insurance Market Key Players
The leading players profiled in the global blockchain in insurance market report include –
- Applied Blockchain
- Auxesis Group
- BTL Group
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