Blockchain in Insurance Market is growing with an impressive CAGR of 65.9% by forecast period 2019 to 2027
PUNE. India, March 6, 2019 /PRNewswire/ -- Blockchain is increasingly becoming the trust and efficiency engine for the insurance sector for gaining operational transformation. Claims processing management is an error-prone procedure that requires significant manual data entry and coordination between different parties. By allowing policy holders and insurers to track and manage physical assets digitally, blockchain technology can codify business rules and automate claims processing. This ability is driving the global blockchain in insurance market. It improves the operational efficacy and also reduces cost. Blockchain technology companies are developing solutions catering to different stages of the insurance process or for a particular type of insurance. For instance, a marine hull insurance platform, Insurwave was launched by a collaboration of entities including Guardtime, EY, ACORD, A.P. Møller-Maersk, and Microsoft in May, 2018. Currently, this platform is in commercial use and is projected to handle risk for more than 1,000 commercial vessels and 500,000 automated transactions in its first twelve months of operation.
Besides, costs to insurers will also decrease as blockchain implementation minimizes frauds. This will also save customer's money that they have to pay for insurance frauds in the form of increased premiums. This is also being considered as a driver for blockchain in insurance market. Companies are developing solutions for reducing other costs as well. UK-based ChainThat develops solutions to reduce the total frictional cost of insurance companies using their insurance blockchain framework. Lowering of frictional costs aids the insurers to increase their margins and offer lower premiums. This delivers an immediate competitive advantage and greater value to the customers. The American Association of Insurance Services (AAIS) has built the openIDL network on the IBM Blockchain Platform. This solution has enabled them to streamline compliance requirements and automate insurance regulatory reporting, benefitting both insurers and state insurance departments.
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"While blockchain in insurance market can still be considered in infancy, there are several promising use-cases and applications to speed up the insurance process for commercial use. Blockchain technology aids in automation of manual processes through a centralized procedure, which speeds up the processes, alleviates a range of inefficiencies, and reduces frictional costs in traditional insurance trade. This is not only making the insurance industry more efficient and cost-effective but is also improving customer experience to great extent."
The detailed research study provides qualitative and quantitative analysis of blockchain in insurance market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa and Latin America.
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Some of the players operating in the Blockchain in Insurance market are Amazon Web Services, Inc., AUXESIS GROUP, Bitfury Group Limited, Boston Consulting Group, BTL Group Ltd, ChainThat, Circle Internet Financial Limited, CONSENSUS SYSTEMS (Consensys), Deloitte Touche Tohmatsu Limited, Digital Asset Holdings, LLC, Everledger Ltd, Etherparty Inc, Factom, Guardtime, IBM Corporation, iXLedger, KPMG International Cooperative, Microsoft, Oracle, SafeShare, Symbiont.io and Willis Towers Watson amongst others.
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Blockchain in Insurance Market:
· By Offerings
Ø Applications and Platforms
Ø Infrastructure and Protocols
· By Application
o Identity Management and Fraud Detection
o Claims Management
o Distribution and Payment Models
o Others (GRC Management etc.)
· By Organization Size
o Large Enterprises
o Small and Medium-Sized Enterprises
· By Insurance Type
o Life Insurance
o Health Insurance
o Property and Casualty Insurance
o Others (Travel Insurance, Vehicle Insurance etc.)
· By Geography
o North America
Ø Rest of North America
Ø The UK
Ø Nordic Countries
Ø Benelux Union
§ The Netherlands
Ø Rest of Europe
o Asia Pacific
Ø New Zealand
Ø South Korea
Ø Southeast Asia
§ Rest of South Asia
Ø Rest of Asia Pacific
o Middle East and Africa
Ø Saudi Arabia
Ø South Africa
Ø Rest of Middle East & Africa
o Latin America
Ø Rest of Latin America
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