Blockchain In Insurance Market Trends, Analysis, Outlook Report 2033

The Business Research Company recently released a comprehensive report on the Global Blockchain In Insurance Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

Microsoft Corporation, Amazon Web Services Inc. (AWS), 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, MetLife Insurance, Symbiont.io Inc., FidentiaX, ChainThat Limited, BTL Group, ConsenSys, Etherisc GmbH, Stratumn SAS, Kaleido Inc., Factom Inc., Auxesis Group, Everledger Ltd.

Blockchain In Insurance Market 2024 Key Insights:

• 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%.
• Rising Incidents Of Fraudulent Insurance Claims Fuel Blockchain Adoption
• Blockchain Solutions In International Motor Insurance Claims Is Driving Efficiency
• North America was the largest region in the blockchain in insurance market in 2023

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