Blockchain In Insurance Global Market Report 2024

Blockchain technology in the insurance sector aims to revolutionize various facets of the industry. Insurers utilize blockchain to streamline operations, cut administrative expenses, and enhance customer satisfaction by facilitating quicker and more precise service delivery.

In the realm of blockchain in insurance, the primary components encompass solutions and services. Solutions encompass blockchain-based applications, platforms, or systems that empower insurers to efficiently and securely manage policies, claims, and other insurance processes. This enhancement significantly bolsters operational efficiency and customer contentment. These components find application across enterprises of varying scales, encompassing identity management, fraud detection, claims processing, payments, governance, risk, and compliance (GRC) management. Such innovations cater to diverse end-use sectors such as life insurance, health insurance, and title insurance.

The blockchain in insurance market research report is one of a series of new reports that provides blockchain in insurance market statistics, including blockchain in insurance industry global market size, regional shares, competitors with an blockchain in insurance market share, detailed blockchain in insurance market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain in insurance industry. This blockchain in insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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%. Historical growth can be attributed to heightened fraud prevention, streamlined claims processing, enhanced data security, improved transparency and trust, regulatory adherence, cost efficiency, and heightened 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%. Projected growth is expected to stem from the adoption of smart contracts, integration with IoT devices, the rise of parametric insurance, expansion of consortiums and partnerships, evolution of regulatory frameworks, emphasis on data privacy and compliance, and increased digitization of insurance processes. Key trends in the forecast period include blockchain interoperability, tokenization of insurance assets, integration with AI and ML, emergence of decentralized insurance models, utilization of oracles for external data integration, blockchain-based identity verification, and development of privacy-preserving solutions.

The increasing prevalence of fraudulent insurance claims is expected to drive the growth of blockchain technology in the insurance market in the future. Fraudulent insurance claims refer to dishonest or false claims made by policyholders or beneficiaries to insurance companies for financial gains they are not entitled to. The rise in fraudulent insurance claims can be attributed to economic pressures leading individuals to seek financial benefits through dishonest means, the perception that insurance fraud is easy and low-risk, and inadequate detection and investigation measures by insurance companies. Blockchain technology in insurance helps combat fraudulent claims by providing a transparent and immutable ledger of transactions, ensuring that all claims are verified and authenticated through a decentralized consensus mechanism. For example, in February 2024, Allianz Insurance plc reported identifying $98.04 million worth of claims fraud in 2023, up from $89.55 million in 2022. Thus, the increasing number of fraudulent insurance claims is pushing forward the adoption of blockchain in the insurance market.

Key companies in the blockchain insurance market are focusing on developing advanced software platforms, such as blockchain insurance claims solutions, to improve transparency and efficiency in claims processing. Blockchain-based claims solutions for motor insurance streamline the claims process by offering a transparent and immutable ledger of transactions. For instance, in October 2021, The Allianz Group introduced a blockchain-based solution to streamline international motor insurance claims across its European subsidiaries. This enterprise blockchain platform enhances claims processing efficiency by providing a single source record of decisions for each claim, reducing administration time and costs, and accelerating settlements for customers. Utilizing 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 of launch. This initiative addresses the complexities of cross-border insurance claims, facilitating seamless communication and collaboration among multiple entities involved in the claims process.

In February 2022, XA Group (XA), a UAE-based provider of advanced automotive repair solutions, acquired Addenda Technologies Ltd. to innovate the claims process and enhance motor claims recovery in the region. Addenda Technologies Ltd. is a UAE-based blockchain-based insurtech company specializing in insurance solutions.

Major companies operating in the blockchain in insurance market are Microsoft Corporation, Amazon Web Services Inc. (AWS), Accenture plc, 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, Insurwave, MetLife Insurance, Symbiont.io Inc., FidentiaX, ChainThat Limited, BTL Group, ConsenSys, Etherisc GmbH, Stratumn SAS, Kaleido Inc., Factom Inc., Auxesis Group, Everledger Ltd.

North America was the largest region in the blockchain in insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the blockchain in insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The blockchain in insurance market consists of revenues earned by entities by providing services such as secure data management, automated claims processing, fraud detection and prevention, and smart contract implementation. The market value includes the value of related goods sold by the service provider or included within the service offering. The blockchain in insurance market also includes sales of blockchain-based insurance platforms, digital wallets for policy management, secure identity verification tools, and smart contract solutions. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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