Blockchain in Insurance Market is Projected to Grow at a CAGR of 65.9% over the forecast period (2019 – 2027), with Growing Incorporation of this Technology in Peer-To-Peer (P2P) Insurance, says Absolute Markets Insights.

Peer-to-Peer (P2P) and mutual insurance platforms based on blockchain are expected to enable more direct risk management. Insurers can provide a marketplace-like platform where customers post insurance demands for traditional or specific products. The calculation of premium would be performed to post the expected return, by using historical data and applying risk models and analytics. On the basis of the result, interested consumers can subscribe to this platform via a peer-to-peer system or crowdfunding. As the claim processing will be blockchain-based, it would guarantee the payment from the investor to the customer directly. Moreover, if the agreement is based on a smart contract, the investors know their maximum exposure as the amount is already defined in it. Such advantages of this technology in P2P insurance is expected to boost the blockchain in the insurance market.

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Blockchain technology vendors are aiming restore the trust and transparency which is currently lacking in the insurer-insured relationship. For instance, the startup Dynamis is aiming to create a blockchain based decentralized organization for insurance customers. Its blockchain enabled consensus mechanism evades the overall cost by improving the processes traditionally applied by insurance companies. It uses Ethereum platform for its peer-to-peer (P2P) insurance solution for niche product lines and redundancy insurance. Using Ethereum-based smart contracts, Dynamis has created community-based unemployment insurance as its first product. The company plans on utilizing social networking data and validation points to verify a claimant’s employment status among peers and colleagues. The Ethereum-powered smart contracts will thus also automate the claims. Thus, blockchain in insurance market is greatly benefitting from such collaborations.

 

“The ability to revolutionize this sector is propelling the blockchain in insurance market. As the efficiency brought by blockchain decreases the overall costs, this will result in lesser premiums. Once the premium has been set, the money can be put into an escrow account. When a claim has to be processed, which is generally approved by voting mechanism, the amount is paid to the claimant directly. As the processes are carried out in a blockchain, the administration and execution is simpler, almost fully automated, transparent and cheaper than in a traditional setup.”   

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.

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

  • Solutions
  • Applications and Platforms
  • Middleware
  • Infrastructure and Protocols
  • Services
  • Professional
  • Managed

 

By Application

  • Identity Management and Fraud Detection
  • Claims Management
  • Distribution and Payment Models
  • Others (GRC Management etc.)

 

By Organization Size

  • Large Enterprises
  • Small and Medium-Sized Enterprises

 

By Insurance Type

  • Life Insurance
  • Health Insurance
  • Property and Casualty Insurance
  • Reinsurance
  • Others (Travel Insurance, Vehicle Insurance etc.)

 

By Geography

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

 

Europe

  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Benelux Union
  • Belgium
  • The Netherlands
  • Luxembourg
  • Rest of Europe

 

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
  • Rest of Asia Pacific

 

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of Middle East & Africa

 

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Contact Us:
Company: Absolute Markets Insights
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