Blockchain-enabled insurance augments existing insurance business practices through better data-sharing and data validation. Insurance services provided over blockchain network helps in building new products based on a unique foundation of trust. However, the current insurance value chain has several discrepancies such as they are prone to fraud, have complex liability assessment process, use middleman, use manual claims processing & reviews, and involve inefficient exchange of information.
Adroit Market Research study on the global market for blockchain in insurance offers a holistic view of the industry from 2020 to 2028 as a forecast period, including factors such as market drivers, limitations, opportunities, threats, and regulatory overview. The market has been analyzed from 2018 to 2028, with a base year estimate of 2019 and a projection from 2020 to 2028. The report covers the current status and potential characteristics of the market at both the global and the country level. Moreover, the report also assesses market competition with Porters’ analysis of five strengths and places leading players on the basis of their product range, regional presence, strategic initiatives, and overall sales. Prominent players in the global blockchain in the insurance market have been analyzed in depth.
The solution & application providers segment is likely to hold a significant market share in 2020. Solution & application vendors offer numerous solutions that comprise money transfers, documentation, exchanges, digital identity verification, capital markets, and trading. In addition, these vendors provide blockchain technologies that provide more value to companies by offering periodic authentication & reconciliation and decreasing the duplication of transactional data for regulatory and commercial reasons. Hence, such factors are contributing to the growth of this segment.
Blockchain technology has wide applications across the banking, finance, and insurance industry. The insurance industry can benefit from blockchain technology as it has a wide range of applications across the industry as it can be used in fraud detection & identity management, GRC management, payments, claims management, and others. In addition, with blockchain-enabled solutions insurers can improve risk assessment, reduce costs, enable automation through smart policy, and boost client onboarding,
The key players of the global blockchain in the insurance market report include Applied Blockchain, Auxesis, AWS, Bitfury, BitPay, BlockCypher, Circle, IBM, Microsoft, and Oracle.
Key Segments of the Global Blockchain In Insurance Market
Service Providers Overview, 2018-2028 (USD Million)
- Solution & Application Providers
- Infrastructure Providers
- Middleware Providers
Organization Size Overview, 2018-2028 (USD Million)
- Large Organizations
- Small & Medium Oraganizations
Application Overview, 2018-2028 (USD Million)
- Smart Contracts
- Fraud Detection & Identity Management
- GRC Management
- Claims Management
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America