Blockchain in Insurance Market is projected to Grow at a CAGR of 65.9% over the Forecast Years (2019 – 2027), Owing to the Benefits of Blockchain in Smart Contracts, With the says Absolute Markets Insights

Public blockchain technology has proved to be a catalyst for smart contracts. A smart contract formalizes the relationships between people, institutions and the assets they own. These rights and obligations established in the smart contract can be automatically executed by a computer or a network of computers as soon as the parties have come to an agreement and met the conditions of the agreement (enforcement). This is expected to boost the blockchain in insurance market. An insurance company can easily differentiate itself from its competitors by offering autonomous claim payout system using smart contracts. This eliminates the intermediary that must monitor the machine, calling the suppliers and replenishing itself, eliminating time and money expenses in that process and further simplifying the task.

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In addition to claims processing solutions, companies are collaborating for innovative applications of smart contracts in the blockchain in insurance market. Signaturit, in collaboration with DAS Spain, has developed a service based on smart contracts, which allows non-payment policies of rent to be carried out in an automated and simplified way. The solution offered through this collaboration automates and facilitates the payment of policies, sending of notifications and renewal of contracts. As this solution is blockchain based, all the actions carried out from the entry into force of a contract until its completion can be traced. Ethereum platform allows developers to program their own smart contracts, or ‘autonomous agents’. The language is ‘Turing-complete’, meaning it supports a broader set of computational instructions. Insurra, developed by Sofocle Technologies (OPC) Pvt Ltd., creates a smart contract of the insurance agreement made between the insurer and the insured. The smart contract facilitated insurance processing is automated and can act as a complement or substitute for legal contracts.

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“Smart contracts can be applied to several pain points of the insurance industry which is expected to propel the blockchain in insurance market. They can minimize paper work by allowing the insured to upload the documents via app installed on smartphones or their personal computers. As these are coded to get executed autonomously, a claim is processed automatically if pre-defined condition(s) are met. Insurance companies can drastically reduce the operational cost involved in collecting & storing documents and processing claims. Not only this will benefit the companies but will improve the customer experience to great extents.”

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.

Blockchain in Insurance Market:
• By Offerings
o Solutions
 Applications and Platforms
 Middleware
 Infrastructure and Protocols
o Services
 Professional
 Managed

• 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 Reinsurance
o Others (Travel Insurance, Vehicle Insurance etc.)

• By Geography
o North America
 U.S.
 Canada
 Mexico
 Rest of North America

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

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

o Middle East and Africa
 Saudi Arabia
 UAE
 Egypt
 Kuwait
 South Africa
 Rest of Middle East & Africa

o Latin America
 Brazil
 Argentina
 Rest of Latin America

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