Blockchain in insurance market is expected to grow at a CAGR of 65.9% over the forecast years (2019 – 2027), as Insurance Behemoths and InsurTech Companies are Venturing to Leverage Blockchain Technology to Prevent Insurance Fraud, Says Absolute Markets Insights.
The Global Blockchain in Insurance Markets 2019 Global Industry Research Report provides market size, industry growth, share, development trends, investment plans, business ideas and forecasts by 2025. Scenarios and useful business decisions. The report includes subjective comprehensive research and a direct study of the quantitative perspective of key family pioneers for an in-depth understanding of other industry experts, markets and industry practices. The report provides a reasonable picture of the current market situation, including the truth and forecast market estimates of trading volume, technological advances, macroeconomic and governance factors.
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Industry-wide collaborations on blockchain are formulating to make insurance use cases a reality. Insurtech startups are developing solutions for insurance companies that reduce fraudulent activities with improved traceability and accountability. For instance, Everledger Ltd is a London-based blockchain solutions provider that offers an immutable ledger for the diamond insurance sector. It identifies and verifies transactions for various stakeholders, including insurance companies, claimants and law enforcement agencies. Once the fraudulent claims are recognized, the sale of stolen valuables can be uncovered and recovered. The company works with crime agencies to assist in the identification of cross border transactions, counterfeit goods and money laundering. Similarly, KSI (Keyless Signature Infrastructure) is a blockchain technology designed by Estonia-based Guardtime.
Key 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:
- Applications and Platforms
- Infrastructure and Protocols
By Organization Size
- Identity Management and Fraud Detection
- Claims Management
- Distribution and Payment Models
- Others (GRC Management etc.)
By Insurance Type
- Large Enterprises
- Small and Medium-Sized Enterprises
- Life Insurance
- Health Insurance
- Property and Casualty Insurance
- Others (Travel Insurance, Vehicle Insurance etc.)
- North America
- Rest of North America
- The UK
- Rest of Nordic
- The Benelux Union
- the Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Southern Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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The cost analysis of Global Blockchain in Insurance Market was made considering manufacturing costs, labor costs, raw material and market concentration, suppliers and pricing trends. Other factors such as supply chain, downstream buyers and sourcing strategies have been evaluated to provide a complete and in-depth view of the market. Report buyers will be exposed to market positioning studies in consideration of target audience, Global Blockchain in Insurance and strategy, and pricing strategy.
As a result of collecting and researching all information using SWOT analysis, there is a vivid picture of the competitive environment in the Global Blockchain in Insurance Market. Openings for future market development have been revealed, and likewise have taken the competitive advantage. The drift and propensity of this market has been taken into account, which shows that the strategic direction is good. Understand the market base and understand the market data using the standards, methodologies and other driving market trends determined for reference.
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