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Blockchain in Insurance Market By Type (Public and Private), Deployment Model (On-Premise and Cloud), Provider (Application & Service Provider, Middleware Provider, and Infrastructure & Protocols Provider), Application (GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments, Smart Contracts, and Others), and Enterprise Size (Large Enterprise, Small & Medium Enterprises): Global Opportunity Analysis and Industry Forecast, 2021–2030

A11767
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Aug 2021 | 153 Views
   
Author(s) : Vijay Poola
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COVID-19

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Blockchain in Insurance Market Outlook – 2030

Blockchain is a method of storing data that makes it difficult or impossible to change the data. A blockchain is a digital ledger of transactions that is duplicated and distributed across the blockchain's entire network of computer systems. While allowing data to be shared in real-time between various parties in a trusted & traceable manner, blockchain technology will result in significant efficiency gains, cost savings, transparency, faster payouts, and fraud mitigation.

Moreover, insurance companies operate in a highly competitive environment in which both retail and corporate customers expect the best value for money and a superior online experience. Blockchain technology represents an occasion for positive change and growth in the insurance industry. Therefore, the surge in demand for blockchain in insurance is expected to boost the market growth during the forecast period.

The global blockchain in insurance market is segmented on the basis of type, deployment model, provider, application, enterprise size, and region. Based on type, the blockchain in insurance market is bifurcated into public and private. In terms of deployment model, the market is categorized into on-premise and cloud. On the basis of provider, the market is divided into application & service provider, middleware provider, and infrastructure & protocols provider.

In terms of application, the blockchain in insurance market is categorized into GRC management, death & claims management, identity management & fraud detection, payments, smart contracts, and others. On the basis of enterprise size, the market is segregated into large enterprise, small & medium enterprises (SMEs). Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global blockchain in insurance industry include Applied Blockchain Ltd., Algorythmix Tech, Auxesis Services and Technologies Private Limited, BlockCypher Inc., BTL Group, Circle Internet Financial Limited, Digital Asset Holdings LLC, International Business Machines (IBM) Corporation, Microsoft Corporation, and Oracle. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global blockchain in insurance market.

Top Impacting Factors

Growing number of fraudulent insurance claims and the view that smart contracts are expected to hold a significant market share are expected to drive the growth of the market. In addition, increasing need for reducing the total cost of ownership propels the growth of the market. However, security vulnerability of transaction across the industry platform using blockchain technology is expected to hamper the growth of the market. Contrarily, lack of awareness of blockchain technology is expected to provide lucrative opportunities to the blockchain in insurance market in the coming years.

Growing Number of Fraudulent Insurance Claims

The insurance industry is one of the most vulnerable sectors when it comes to data theft and fraud. One of the novel ways to reduce fraud, minimize risks, and improve customer satisfaction is to use blockchain in insurance. The number of fraudulent activities in the insurance industry is on the rise. It makes a compelling case for incorporating blockchain technology into its operations. As a result, insurance companies must replace inefficient legacy systems integrated into their insurance systems with more efficient systems to prevent fraudulent claims. Blockchain provides a decentralized public ledger that can be shared among multiple untrustworthy parties. As a result, it could be used to detect fraud and eliminate errors.

Moreover, blockchain technology, which can be used to verify the authenticity of insurance customers' policies by providing a complete historical record of a policy holder's past transactions, is built on the concept of validation. Therefore, blockchain technology improves the efficiency of fraud detection & prevention and with the adoption of blockchain technology in insurance, the market is expected to grow in future.

Smart Contract Expected to Hold a Significant Market Share

Customers and insurers could use smart contracts powered by blockchain to manage claims in a transparent, responsive, and irrefutable manner, making claims processing more efficient and streamlined and improving customer experience. Smart contracts, for example, can be programmed to accept data from telematics devices and raise insurance claims & trigger payouts in the event of an accident. They can also recommend reputable service stations in the area and, if necessary, call for medical assistance.

Moreover, smart contracts can automate a variety of processes that would otherwise require manual intervention. Furthermore, data immutability improves data reliability and aids in making faster and more accurate decisions. This significance of blockchain in insurance market is expected to foster the market growth during the forecast period.

Key Benefits of the Report

  • This study presents analytical depiction of the global blockchain in insurance market forecast along with the current trends and future estimations to determine the imminent investment pockets.      
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the blockchain in insurance market share.        
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global blockchain in insurance market growth scenario.               
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed blockchain in insurance market analysis depending on the present and future competitive intensity of the market.

Market Scope and Structure Analysis

Report Metric

Details

  Market Size Available For Years

  2020–2030

  Base Year Considered

  2020

  Forecast Period

  2021–2030

  Forecast Unit

  Value (USD)

  Segments Covered

Type, Deployment Model, Provider, Application, Enterprise Size, and Region

  Regions Covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)

  Companies Covered

Applied Blockchain Ltd., Algorythmix Tech, Auxesis Services and Technologies Private Limited, BlockCypher Inc., BTL Group, Circle Internet Financial Limited, Digital Asset Holdings LLC, International Business Machines (IBM) Corporation, Microsoft Corporation, and Oracle

 

COVID-19 Impact Analysis

  • During the COVID-19 outbreak, insurers have always evolved their offerings to meet changing customer needs. But the post-COVID-19 world will witness an unprecedented influx of new product offerings. The pandemic has been posing a threat to the blockchain market. During this crisis, blockchain has the potential to play a critical role in accelerating digital transformation activities and initiatives.
  • As a result of the pandemic, digital adoption has accelerated. Customers are now adapting to online purchases and services due to social distancing. This opens the door to a shift in business models from traditional face-to-face to online-based models that combine digital tools with strong customer relationships.

Blockchain in Insurance Market Key Segments

Segment

Sub-Segment

  Type

  • Public
  • Private

  Deployment Model

  • On-Premise
  • Cloud

  Provider

  • Application & Solution Provider
  • Middleware provider
  • Infrastructure & Protocols Provider

  Application

  • GRC Management
  • Death & Claims Management
  • Identity Management & Fraud Detection
  • Payments
  • Smart Contracts
  • Others

  Enterprise Size

  • Large Enterprise
  • Small & Medium Enterprises (SMEs)

 

Questions Answered in the Blockchain in Insurance Market Research Report      

  • Which are the leading players active in the global blockchain in insurance market?
  • What are the detailed impacts of COVID-19 on the blockchain in insurance market size?
  • How current blockchain in insurance market trends will influence the industry in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
 
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