Blockchain in Insurance Market Size Worth USD 57.57 Billion in 2032 | Emergen Research

Increasing need of automation across the insurance sector and rising demand for secure online platforms are key factors driving blockchain in insurance market revenue growth.

Vancouver, Nov. 23, 2023 (GLOBE NEWSWIRE) — The global blockchain in insurance market is witnessing remarkable growth, reaching a size of USD 2.10 Billion in 2022 and poised to achieve a rapid revenue Compound Annual Growth Rate (CAGR) of 39.2% during the forecast period. This surge is attributed to the increasing demand for automation in the insurance sector and a growing need for secure online platforms.

Streamlining Operations and Enhancing Security

Insurance companies are embracing blockchain technology to streamline operations, enhance security, and elevate customer experience. Notably, smart contracts play a pivotal role in automating claims processing, ensuring efficient handling when predefined criteria are met. This not only reduces processing time but also minimizes the risks of fraud and errors. The encryption of private data and secure sharing among relevant parties fortify data security, fostering confidence in the digital ecosystem.

In a recent development, Etherisc launched a decentralized, open-source insurance protocol and blockchain-based insurance program in January 2022. This innovation enables automatic policy issuance and seamless payouts for travel delays and cancellations, with transactions conducted through the blockchain payment system Gnosis Chain.

You Can Download Free Sample PDF Copy of this Report @ https://www.emergenresearch.com/request-sample/2510

Data Transparency Drives Innovation

Blockchain adoption is revolutionizing the analysis and pricing of insurance policies. The transparency and integrity features of blockchain provide insurers with a comprehensive and accurate view of potential customers. This, in turn, allows for more precise risk estimation, leading to personalized and fairer premium rates. Blockchain’s role in reducing fraud in the insurance sector is pivotal, making it challenging for fraudsters to manipulate policies, claims, or any transactional data due to the technology’s immutable ledger.

Challenges and Restraints

However, the market faces challenges, including high initial setup costs, and regulatory organizations struggling to keep pace with technological advancements. Uncertain rules and a lack of clear standards hinder the widespread implementation of blockchain technology in the insurance industry. The absence of regulations poses a significant hurdle, especially considering the sensitivity of customer data in the insurance sector.

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2510

Sector-Based Growth Insights

Life Insurance Takes the Lead: The life insurance segment emerged as the leader in the global blockchain in insurance market in 2022. Insurers are leveraging blockchain to automate policy issuance and management processes, enhancing accuracy and reducing administrative burdens. The tamper-proof nature of blockchain fosters trust between insurers and policyholders, while smart contracts enable automated claim settlements for quick payouts during urgent circumstances.

In a notable development, the first cryptocurrency-based life insurer, Meanwhile, raised USD 19 million in two seed stages. The company, licensed and regulated by the Bermuda Monetary Authority, plans to offer Bitcoin-denominated whole life insurance.

Health Insurance Shows Promise: The health insurance segment is expected to experience a moderately fast revenue growth rate. Blockchain is increasingly being deployed by health insurers to address challenges such as cumbersome claims processing, data interoperability, and fraud detection. The technology enables automated payouts, claim verification, and secure interchange of medical records, reducing processing times and costs. Improved data integrity accelerates the underwriting process, allowing for accurate risk assessment and more precise policy pricing.

Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2510

Blockchain in Insurance Report Summary

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
• Accenture plc
• 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.

Browse Detailed Research Report @ https://www.emergenresearch.com/industry-report/blockchain-in-insurance-market

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)
  • Life Insurance
  • Health Insurance
  • Title Insurance
• Type Outlook (Revenue, USD Billion; 2019-2032)

• • Private
  • Public

• Organization Size Outlook (Revenue, USD Billion; 2019-2032)
  • Small Enterprises
  • Large Enterprises
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Governance, Risk and Compliance (GRC) Management
  • Financial Management (Payments)
  • Death and Claims Management
  • Smart Contract
  • Identity Management & Fraud Detection
  • Other Applications
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. ASEAN Countries
    6. Oceania
    7. Rest of APAC
  • Latin America
    1. Brazil
    2. Mexico
    3. Rest of LATAM
  • Middle East & Africa
    1. GCC Countries
    2. Israel
    3. Turkey
    4. South Africa
    5. Rest of Middle East & Africa

Curated Reports You Shouldn’t Miss: Dive In Now!

Blockchain Technology Market By Type (Private, Public, Hybrid), By Enterprise Size (Small & Medium Enterprises, Large Enterprises), By Provider (Infrastructure), By Application (Banking and Financial Services, Government), Forecasts to 2027

Internet of Things In Agriculture Market, By System (Automation and Control Systems, Sensing and Monitoring Devices, Livestock Monitoring Hardware, Fish Farming Hardware), By Application, and By Region Forecast to 2030

Traffic Jam Assist Systems Market By Component, By Level (Level 2, Level 3), By Method (Lane Tracking System, Vehicle Detection and Collision Avoidance System, Auto Steering and Speed Control System, Others), By Region Forecasts to 2027

Cloud Billing Market By Component (Solution Services), By Billing Type, By Deployment Type (Private, Public), By Service Model (IaaS, PaaS, SaaS), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprise), By Vertical, and By Region, Forecasts to 2027

Healthcare Cloud Computing Market By Cloud Type, By Service, By Application (Non-clinical Information Systems, Clinical Information Systems), By Price Model (Pay-as-you-go, Spot Pricing), By End-user (Healthcare Payers, Healthcare Providers), and By Region, Forecasts to 2027

About Emergen Research

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 analyze 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.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: https://www.emergenresearch.com/

Direct Line: +1 (604) 757-9756

E-mail: sales@emergenresearch.com

Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights