Global Blockchain in Insurance Market Overview 

The Global Blockchain in Insurance Market size is estimated to reach $ 2.1 billion by 2026, growing at a CAGR of 82.3% over the forecast period of 2021-2026. By validating coverage between corporations and reinsurers, blockchain can assist automate claims operations. It will also streamline payments between parties for claims, lowering insurance firms' administrative expenses. The American Association of Insurance Services collaborates with IBM to build an open blockchain network that will improve regulatory reporting and give new insights for regulators while improving speed, accuracy, and value. Insurance firms engage in a highly competitive market where retail and corporate consumers want the best merit for their money and a superior online experience. In the insurance business, blockchain technology provides an opportunity for good transformation and growth.

Impact of COVID-19 on Blockchain in Insurance Market:

Insurers have always modified their services to meet evolving client demands during the COVID-19 pandemic. However, the world after COVID-19 will see an extraordinary surge of new product offers. The epidemic has put the blockchain market in jeopardy. Blockchain has the potential to play a crucial role in expediting digital transformation operations and initiatives during this crisis. Digital adoption has risen as a result of the epidemic. Due to social alienation, customers are now adjusting to internet purchases and services. This Technology allows a movement in company models away from conventional face-to-face to online-based ones that mix digital tools with strong client interactions.

Key Takeaways from Global Blockchain in Insurance Market Report:

• Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units), and Value ($M) data given at country level – for Type, Deployment Mode, Provider, Application, Enterprise Size, and by different industry verticals. Understand the various market dynamics – key driving factors, challenges, and hidden opportunities.
• Get in-depth insights on your competitor's performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT, and more.
• Analyze the sales and distribution channels across key geographies to improve top-line revenues.
• Understand the industry supply chain with a deep dive on the value augmentation at each step to optimize value and bring efficiencies in your processes. 
• Get a quick outlook on the market entropy – M&As, deals, partnerships, product launches of all key players for the past four years. 
• Evaluate the supply-demand gaps, import-export statistics, and regulatory landscape for more than the top 20 countries globally for the market

By Provider, the market for Application and solution providers to grow at the highest CAGR during the forecast period.

By Technology, Blockchain in Insurance Market is segmented into Application & Solution Providers, Middleware Providers, Infrastructures & Protocols providers. Application & Solution Provider dominated the Blockchain in Insurance Market in 2020. It is also expanding, with a CAGR of 83.7% over the forecast period 2021-2026. Blockchain technology is a distributed ledger that permanently records corporate transactions and is spread over a business network. Blockchain technology decentralizes credential ownership, allowing for a universal system for authenticating users' information in an immutable data chain. Blockchain technology can alter digital enterprises and offer revolutionary effects. Digital identity verification, money transfers, exchanges, documentation, capital markets, and trading are among the services provided by market vendors.

The Asia Pacific to account for the largest market share during the forecast period

North America held the largest share of the Blockchain in Insurance Market in 2020, with a global market share of 37.9%. The financial industry, which includes banking, financial services, and insurance, emphasizes blockchain technology because of its many advantages. For example, North America's central banks, including JPMorgan Chase, Royal Bank of Canada, and Bank of America, are investing in blockchain technology.

The Asia Pacific is set to be the fastest-growing Blockchain in Insurance Market due to increasing investments in blockchain for countries like China, Japan, and India.

Market Dynamics

Driver: Increasing number of Fraudulent Insurance Claims are driving the Blockchain in Insurance Market. 

When it comes to data theft and fraud, the insurance business is most vulnerable. The usage of blockchain in insurance is an innovative technique to decrease fraud, eliminate risks, and increase client happiness. In the insurance market, the number of fraudulent operations is rising. It makes a strong argument for using blockchain technology in its operations. As a result, to avoid fraudulent claims, insurance firms must replace inefficient legacy systems incorporated into their insurance systems with more efficient ones. Blockchain technology generates a decentralized public ledger that several untrustworthy parties may share. As a result, it may detect fraud and correct mistakes.

Challenge: Lack of Awareness about blockchain technology is restraining the market growth.

Blockchain technology is entirely in its infancy, with only a few applications gaining popularity across industries. Although the insurance business has demonstrated a favorable trend in technology adoption, there is still much function to be done to raise knowledge about the DLT and its many application areas in the industry. One of the most significant issues is a lack of awareness. As a result, it must be handled as soon as possible. In addition, the insurance industry's adoption momentum might be boosted by blockchain use cases and successful implementation stories. As a result, raising awareness might help to accelerate the adoption of blockchain technology.

Key Market Players

Key Players in the Global Blockchain in Insurance Market consist of Applied Blockchain Ltd., Algorythmix Tech, Auxesis Services, and Technologies Private Limited, BlockCypher Inc., BTL Group, Circle Internet Financial Limited, Digital Asset Holdings LLC, International Business Machines (IBM) Corporation, Microsoft Corporation, and Oracle among Others.

Report Coverage and Scope

The report "Global Blockchain in Insurance Market" by Research Informatic covers an in-depth detailed analysis for the following segment covered under the scope.

By Type

• Public
• Private

By Deployment Mode

• Cloud
• On-Premises

By Provider

• Application & Service Provider
• Middleware Provider
• Infrastructure & Protocols Provider

By Applications

• GRC Management
• Death & Claims Management
• Identity Management & Fraud Detection
• Payments
• Smart Contracts
• Others

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises

By Geography

• North America
• Europe
• APAC
• RoW

Global Blockchain in Insurance Market Growth, Trend and Forecast 2020-2028

Chapter 1 Blockchain in Insurance Market Overview
1.1 Product Overview and Scope of Blockchain in Insurance
1.2 Blockchain in Insurance Market Segmentation by Type
1.2.1 Global Production Market Share of Blockchain in Insurance by Type in 2019
1.2.1 Type 1
1.2.2 Type 2
1.2.3 Type 3
1.3 Blockchain in Insurance Market Segmentation by Application
1.3.1 Blockchain in Insurance Consumption Market Share by Application in 2019
1.3.2 Application 1
1.3.3 Application 2
1.3.4 Application 3
1.4 Blockchain in Insurance Market Segmentation by Regions
1.4.1 North America
1.4.2 China
1.4.3 Europe
1.4.4 Southeast Asia
1.4.5 Japan
1.4.6 India
1.5 Global Market Size (Value) of Blockchain in Insurance (2014-2028)

Chapter 2 Global Economic Impact on Blockchain in Insurance Industry
2.1 Global Macroeconomic Environment Analysis
2.1.1 Global Macroeconomic Analysis
2.1.2 Global Macroeconomic Environment Development Trend
2.2 Global Macroeconomic Environment Analysis by Regions

Chapter 3 Global Blockchain in Insurance Market Competition by Manufacturers
3.1 Global Blockchain in Insurance Production and Share by Manufacturers (2019 and 2019)
3.2 Global Blockchain in Insurance Revenue and Share by Manufacturers (2019 and 2019)
3.3 Global Blockchain in Insurance Average Price by Manufacturers (2019 and 2019)
3.4 Manufacturers Blockchain in Insurance Manufacturing Base Distribution, Production Area and Product Type
3.5 Blockchain in Insurance Market Competitive Situation and Trends
3.5.1 Blockchain in Insurance Market Concentration Rate
3.5.2 Blockchain in Insurance Market Share of Top 3 and Top 5 Manufacturers
3.5.3 Mergers & Acquisitions, Expansion

Chapter 4 Global Blockchain in Insurance Production, Revenue (Value) by Region (2014-2020)
4.1 Global Blockchain in Insurance Production by Region (2014-2020)
4.2 Global Blockchain in Insurance Production Market Share by Region (2014-2020)
4.3 Global Blockchain in Insurance Revenue (Value) and Market Share by Region (2014-2020)
4.4 Global Blockchain in Insurance Production, Revenue, Price and Gross Margin (2014-2020)
4.5 North America Blockchain in Insurance Production, Revenue, Price and Gross Margin (2014-2020)
4.6 Europe Blockchain in Insurance Production, Revenue, Price and Gross Margin (2014-2020)
4.7 China Blockchain in Insurance Production, Revenue, Price and Gross Margin (2014-2020)
4.8 Japan Blockchain in Insurance Production, Revenue, Price and Gross Margin (2014-2020)
4.9 Southeast Asia Blockchain in Insurance Production, Revenue, Price and Gross Margin (2014-2020)
4.10 India Blockchain in Insurance Production, Revenue, Price and Gross Margin (2014-2020)

Chapter 5 Global Blockchain in Insurance Supply (Production), Consumption, Export, Import by Regions (2014-2020)
5.1 Global Blockchain in Insurance Consumption by Regions (2014-2020)
5.2 North America Blockchain in Insurance Production, Consumption, Export, Import by Regions (2014-2020)
5.3 Europe Blockchain in Insurance Production, Consumption, Export, Import by Regions (2014-2020)
5.4 China Blockchain in Insurance Production, Consumption, Export, Import by Regions (2014-2020)
5.5 Japan Blockchain in Insurance Production, Consumption, Export, Import by Regions (2014-2020)
5.6 Southeast Asia Blockchain in Insurance Production, Consumption, Export, Import by Regions (2014-2020)
5.7 India Blockchain in Insurance Production, Consumption, Export, Import by Regions (2014-2020)

Chapter 6 Global Blockchain in Insurance Production, Revenue (Value), Price Trend by Type
6.1 Global Blockchain in Insurance Production and Market Share by Type (2014-2020)
6.2 Global Blockchain in Insurance Revenue and Market Share by Type (2014-2020)
6.3 Global Blockchain in Insurance Price by Type (2014-2020)
6.4 Global Blockchain in Insurance Production Growth by Type (2014-2020)

Chapter 7 Global Blockchain in Insurance Market Analysis by Application
7.1 Global Blockchain in Insurance Consumption and Market Share by Application (2014-2020)
7.2 Global Blockchain in Insurance Consumption Growth Rate by Application (2014-2020)
7.3 Market Drivers and Opportunities
7.3.1 Potential Applications
7.3.2 Emerging Markets/Countries

Chapter 8 Blockchain in Insurance Manufacturing Cost Analysis
8.1 Blockchain in Insurance Key Raw Materials Analysis
8.1.1 Key Raw Materials
8.1.2 Price Trend of Key Raw Materials
8.1.3 Key Suppliers of Raw Materials
8.1.4 Market Concentration Rate of Raw Materials
8.2 Proportion of Manufacturing Cost Structure
8.2.1 Raw Materials
8.2.2 Labor Cost
8.2.3 Manufacturing Expenses
8.3 Manufacturing Process Analysis of Blockchain in Insurance

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
9.1 Blockchain in Insurance Industrial Chain Analysis
9.2 Upstream Raw Materials Sourcing
9.3 Raw Materials Sources of Blockchain in Insurance Major Manufacturers in 2019
9.4 Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders
10.1 Marketing Channel
10.1.1 Direct Marketing
10.1.2 Indirect Marketing
10.1.3 Marketing Channel Development Trend
10.2 Market Positioning
10.2.1 Pricing Strategy
10.2.2 Brand Strategy
10.2.3 Target Client
10.3 Distributors/Traders List

Chapter 11 Market Effect Factors Analysis
11.1 Technology Progress/Risk
11.1.1 Substitutes Threat
11.1.2 Technology Progress in Related Industry
11.2 Consumer Needs/Customer Preference Change
11.3 Economic/Political Environmental Change

Chapter 12 Global Blockchain in Insurance Market Forecast (2020-2028)
12.1 Global Blockchain in Insurance Production, Revenue Forecast (2020-2028)
12.2 Global Blockchain in Insurance Production, Consumption Forecast by Regions (2020-2028)
12.3 Global Blockchain in Insurance Production Forecast by Type (2020-2028)
12.4 Global Blockchain in Insurance Consumption Forecast by Application (2020-2028)
12.5 Blockchain in Insurance Price Forecast (2020-2028)

Chapter 13 Appendix