Blockchain in the insurance market

Blockchain. Getty Images

Market research company Absolute Markets Insights has published a report on blockchain in the insurance market, highlighting that the segment is expected to grow at a compound annual growth rate (CAGR) of 65.9 per cent between 2019 and 2027.

Blockchain, which can codify business rules and automate claims processing by allowing policy holders and insurers to track and manage physical assets digitally, is ‘anticipated to be the fuel for transforming the insurance industry’, Absolute Markets Insights claims. Those key areas that harbour high potential for blockchain implementation include fraud protection, risk and claims prevention and claims management, as well as new distribution and payment models and reinsurance.

The report provides both qualitative and quantitative research of blockchain in the insurance market, highlights the key players within the market – which include Amazon Web Services, AUXESIS GROUP, Boston Consulting Group, Guardtime, IBM Corporation and Microsoft – and offers comprehensive insights on the key contenders and the preferred development methods that they employ.

In addition, the study identifies the key target audiences for the market; how the growth of the market will impact the future of the overall insurance industry; the major countries, states, cities and regions contributing to the market development; and who the market leaders and challengers are.

Absolute Markets Insights notes: “An organisation with a phenomenal strategy for success dependably has the edge over the rivals in the market. It offers the organisations a head start in planning their strategy.”

The report, which is available through Absolute Markets Insights, is also available customised: either country-specific, with an author’s support on market insights or with quarterly and yearly industry updates.