March 13, 2020

How Blockchain Is Transforming The Insurance Industry

Blockchain in Insurance Market Summary:

The global blockchain in insurance market is estimated to reach USD 1.7 Billion in 2024 at a CAGR of 78.7%. Increasing transparency and security, increasing the efficiency and accuracy for billing and settlement processes, and rising in the adoption of supply chain market expected to drive the blockchain in insurance market. However, limited scalability for public act as a restrain to the market during the forecast period. Increasing growth of digital identification and impact of artificial intelligence in BFSI sector is identified as an opportunity for blockchain in insurance market.

Blockchain is a shared and immutable ledger for capturing the transactions, building the trust, and tracking the assets. Blockchain in insurance are used for record the transactions, for faster processing of data, and for the security. Some key players in blockchain in insurance IBM Corporation, Oracle Copropration, Microsoft Corporation, Amazon Web Services, Inc., SAP SE, Earthport PLC., Interbit, Bitfury Group Limited., Digital Asset Holdings, LLC and Factom among other.

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Blockchain in Insurance Market: Report Scope

The report on the blockchain in insurance market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

Blockchain in Insurance Market: Report Synopsis

This market research report offers a comprehensive analysis of key market trends in the global blockchain in insurance market. It includes detailed discussion on historical market trends, current market dynamics, consumer landscape, growth opportunities and challenges backed by factful feedbacks. On the basis of solution, the market is segmented into customer centricity, business networks, responsive workforce, profit and risk control and finance, investments, and compliance. By type the blockchain in insurance market is segmented property and casualty insurance, microinsurance, peer-to-peer insurance, parametric insurance and others. By application the market is segmented into fraud prevention, risk prevention, data security, payment, digital identification and others.

Blockchain in Insurance Market: Report Segmentation

For the scope of report, In-depth segmentation is offered by Forencis Research

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  • Customer Centricity
  • Business Networks
  • Responsive Workforce
  • Profit and Risk Control
  • Finance, Investments, and Compliance

· Blockchain in Insurance Market, by Type

  • Property and Casualty Insurance
  • Microinsurance
  • Peer-to-Peer Insurance
  • Parametric insurance
  • Others

Blockchain in Insurance Market by, Application

· Fraud Prevention

· Risk Prevention

· Data Security

· Payment

· Digital Identification

· Others

Blockchain in Insurance Market by, Region


  • China
  • Japan
  • South Korea
  • India
  • Taiwan
  • Rest of Asia-Pacific

North America

· US

· Canada

· Mexico


· Germany

· Russia

· France

· Italy

· UK

· Spain

· The Netherlands

· Rest of Europe

· Middle East and Africa

· Saudi Arabia


· Rest of Middle East & Africa

· South America

· Brazil

· Argentina

· Rest of South America

Key Companies

· IBM Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)

· Microsoft Corporation

· Oracle Corporation

· Amazon Web Services, Inc.


· Earthport PLC

· Interbit

· Bitfury Group Limited.

· Digital Asset Holdings, LLC

· Factom

· Other Key Companies

Key Questions answered by the report

· What are the major developments impacting the blockchain in insurance market and its growth?

· What will be the effects of the developments in the blockchain in insurance market on the industry and on the market players in the near and far future?

· What are the evolving types of the blockchain in insurance market?

· What are the evolving applications of blockchain in insurance market?

· What are the major characteristics that will affect the blockchain in insurance market growth during the study period?

· Who are the key players operating in the blockchain in insurance market?

· How are the major players leveraging in the existing market conditions?

Report Audience

· Blockchain in Insurance Market Providers

· Blockchain in Insurancemarket Solution and Services Suppliers, Distributors, And Dealers

· End-Users of Varied Segments of Military Communication market

· Government Bodies and Intellectual Institutions

· Associations and Industrial Organizations

· Research & Consulting Service Providers

· Research & Development Organizations

· Investment Banks & Private Equity Firms

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About Forencis Research

Forencis Research is a B2B market research, intelligence and advisory firm engaging in market research and consulting services across leading industries, globally. Our robust and meticulous research team provides high growth and niche syndicated reports, customized reports and consulting reports to the diverse global fortune clientele and intellectual institutions. Forencis Research database is a constantly evolving pool of reports and white paper studies which helps companies to foster accelerated revenue growth in global and regional markets. Forencis Research delivers market research and consulting reports on high growth markets to help companies dominate their competition and set themselves apart by attaining increased revenue growth. To enable exclusive insights around the target market, Forencis Research employs robust research Methodology & Design which includes data acquisition, data synthesis and data correlation, through Primary and Secondary Research. Through the obtained data, Top-down and bottom-up methods are exercised to attain and verify data sanity within the entire market. This market data is yet again correlated with Forencis Research’s internal database before presenting it in any of our final publications. These methods of data correlation and amalgamation benefit us to put forward accurate market estimates enabling our clients to transform their business, markets and most importantly their “REVENUES”.

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