The blockchain in insurance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Blockchain In Insurance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The blockchain in insurance market size has grown exponentially in recent years. It will grow from $1.22 billion in 2023 to $1.94 billion in 2024 at a compound annual growth rate (CAGR) of 59.8%. The growth in the historic period can be attributed to increased fraud prevention, streamlined claims processing, improved data security, enhanced transparency and trust, regulatory compliance, cost reduction, and increased customer satisfaction.
The blockchain in insurance market size is expected to see exponential growth in the next few years. It will grow to $12.71 billion in 2028 at a compound annual growth rate (CAGR) of 59.9%. The growth in the forecast period can be attributed to the adoption of smart contracts, integration with IoT devices, the growth of parametric insurance, the expansion of consortiums and partnerships, the evolution of the regulatory landscape, a focus on data privacy and compliance, and increased insurance digitization. Major trends in the forecast period include blockchain interoperability, tokenization of insurance assets, integration with AI and ML, the emergence of decentralized insurance models, the use of oracles for external data integration, blockchain-based identity verification, and the development of privacy-preserving solutions.
Order your report now for swift delivery @
https://www.thebusinessresearchcompany.com/report/blockchain-in-insurance-global-market-report
Scope Of Blockchain In Insurance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Blockchain In Insurance Market Overview
Market Drivers –
A growing number of fraudulent insurance claims is expected to propel the growth of blockchain in the insurance market going forward. Fraudulent insurance claims refer to dishonest or false claims made by policyholders or beneficiaries to insurance companies in order to obtain financial benefits to which they are not entitled. The increasing number of fraudulent insurance claims can be attributed to economic pressures leading individuals to seek financial gain through dishonest means, the perception that insurance fraud is easy and low-risk, and insufficient detection and investigation measures by insurance companies. Blockchain in insurance helps mitigate fraudulent insurance claims by providing a transparent and immutable ledger of transactions, ensuring that all claims are verified and authenticated through a decentralized consensus mechanism. For instance, in February 2024, according to Allianz Insurance plc, a Germany-based company offering insurance and asset management services, $98.04 million worth of claims fraud was identified in 2023, marking an increase from $89.55 million in 2022. Therefore, a growing number of fraudulent insurance claims is driving the blockchain in the insurance market.
Market Trends –
Major companies operating in the blockchain insurance market are focusing on developing technologically advanced software platforms, such as blockchain insurance claims solutions, to enhance transparency and efficiency in claims processing. Blockchain-based claims solutions for motor insurance streamline the claims process by providing a transparent and immutable ledger of transactions. For instance, in October 2021, The Allianz Group, a Germany-based financial services company, launched a blockchain-based solution aimed at streamlining international motor insurance claims across its European subsidiaries. This enterprise blockchain platform enhances the efficiency of claims processing by providing a single source record of decisions for each claim, reducing administration time and costs, and expediting settlements for customers. Leveraging Hyperledger Fabric as the blockchain solution, Allianz processed over 145,000 transactions, supporting more than 10,000 international accident claims, within the first six weeks following the launch. This initiative addresses the complex nature of cross-border insurance claims, facilitating seamless communication and collaboration between multiple entities involved in the claims process.
The blockchain in insurance market covered in this report is segmented –
1) By Component: Solution, Services
2) By Enterprise Size: Large Enterprises, Small And Medium-sized Enterprises
3) By Application: Identity Management And Fraud Detection, Claims Management, Payments, Governance Risk And Compliance (GRC) Management, Other Applications
4) By Sector: Life Insurance, Health Insurance, Title Insurance
Get an inside scoop of the blockchain in insurance market, Request now for Sample Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=16362&type=smp
Regional Insights –
North America was the largest region in the blockchain in insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the blockchain in insurance market are Microsoft Corporation, Amazon Web Services Inc. (AWS), Accenture plc, International Business Machines Corporation (IBM), Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers (PwC), Ernst & Young Global Limited, Oracle Corporation, KPMG International Cooperative, SAP SE, Capgemini SE, Lemonade Inc., R3 LLC, Metromile Inc., OneConnect Financial Technology Co. Ltd., Bitfury Group Limited, Guardtime AS, Insurwave, MetLife Insurance, Symbiont.io Inc., FidentiaX, ChainThat Limited, BTL Group, ConsenSys, Etherisc GmbH, Stratumn SAS, Kaleido Inc., Factom Inc., Auxesis Group, Everledger Ltd.
Table of Contents
1. Executive Summary
2. Blockchain In Insurance Market Report Structure
3. Blockchain In Insurance Market Trends And Strategies
4. Blockchain In Insurance Market – Macro Economic Scenario
5. Blockchain In Insurance Market Size And Growth
…..
27. Blockchain In Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
