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Blockchain in Insurance Market Size Worth USD 57.57 Billion in 2032 | Emergen Research
Blockchain in Insurance Market
Market Developments:
Insurance companies are embracing blockchain technology to streamline operations, enhance security, and improve customer experience. Smart contracts enable automatic claims processing, reducing processing time, fraud, and errors. Notable initiatives include Etherisc's decentralized insurance protocol and blockchain-based insurance program for travel disruptions.
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Market Drivers:
Blockchain adoption revolutionizes policy analysis, pricing, and risk estimation, leading to more personalized premium rates. Its tamper-proof ledger reduces fraud and ensures data security. Additionally, blockchain facilitates smart contracts for automated claims management, paperless processes, and enhanced privacy.
Market Restraints:
High initial setup costs and regulatory challenges hinder market growth. Unclear standards and varying data protection laws across regions pose implementation barriers. Regulatory bodies struggle to keep pace with technological advancements, limiting blockchain adoption in insurance.
Segment Insights: 1. Sector:
• Life Insurance: Leading segment leveraging blockchain for automated policy issuance, management, and claim settlements. Notable initiatives include cryptocurrency-based life insurer Meanwhile.
• Health Insurance: Witnessing moderate growth with blockchain addressing claims processing, data interoperability, and fraud detection challenges.
2. Type:
• Private Blockchain: Dominant segment offering controlled data access and security. Startups like Haidrun implement private blockchain for secure record-keeping.
• Public Blockchain: Steadily growing segment, fostering transparency and efficiency in public insurance schemes. Initiatives like XA Group's Addenda platform revolutionize auto insurance in MENA.
3. Application:
• GRC Management: Largest revenue contributor, utilizing blockchain's transparency and immutability for legal compliance and risk management.
• Smart Contracts: Fastest-growing segment automating policy issuance, premium payment, and claims processing, enhancing efficiency and transparency.
Blockchain technology continues to reshape the insurance landscape, offering unprecedented efficiency, security, and transparency. As companies navigate challenges and embrace innovations, blockchain's role in insurance is set to expand further, promising a future of streamlined operations and enhanced customer experiences.
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Blockchain in Insurance Top Companies and Competitive Landscape
The global blockchain in insurance market is consolidated with few large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective blockchain in insurance solutions.
Some major players included in the global blockchain in insurance market report are:
• Oracle Corporation
• Bitpay Inc.
• Blockcyper Inc.
• BTL Group Ltd.
• Cambridge Blockchain Inc.
• ChainThat Ltd.
• Consensys Software Inc.
• IBM Corporation
• Microsoft Corporation
• Amazon Web Services, Inc.
• Xledger
• Auxesis Group
• Guardtime
• R3
• Blocksure Ltd.
• Foreverhold Ltd.
• Modex
• Ernst & Young Global Limited
• KPMG International Limited
Blockchain in Insurance Latest Industry News
• In July 2021, Oracle Financial Services Software Ltd, a division of Oracle Corp, partnered with Everest, a financial technology company to deliver blockchain to banks around the world to enhance their product offerings. Oracle Financial software is used in retail, corporate, and insurance banking.
• In November 2020, B3i Services partnered with software giant Tata Consultancy Services to design, develop, and deploy ecosystem enhancements for the insurance industry using Distributed Ledger Technology (DLT). The companies will aim to enhance the digitization of the insurance business by providing customized solutions to risk managers, insurers, brokers, reinsurers, and industry service providers.
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Blockchain in Insurance Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global blockchain in insurance market on the basis of sector, type, organization size, application, and region:
• Sector Outlook (Revenue, USD Billion; 2019-2032)
o Life Insurance
o Health Insurance
o Title Insurance
• Type Outlook (Revenue, USD Billion; 2019-2032)
o Private
o Public
• Organization Size Outlook (Revenue, USD Billion; 2019-2032)
o Small Enterprises
o Large Enterprises
• Application Outlook (Revenue, USD Billion; 2019-2032)
o Governance, Risk and Compliance (GRC) Management
o Financial Management (Payments)
o Death and Claims Management
o Smart Contract
o Identity Management & Fraud Detection
o Other Applications
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Russia
8. Rest of Europe
o Asia Pacific
1. China
2. Japan
3. South Korea
4. India
5. ASEAN Countries
6. Oceania
7. Rest of APAC
o Latin America
1. Brazil
2. Mexico
3. Rest of LATAM
o Middle East & Africa
1. GCC Countries
2. Israel
3. Turkey
4. South Africa
5. Rest of Middle East & Africa
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Eric Lee
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Emergen Research
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E-mail: sales@emergenresearch.com
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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