Blockchain in Insurance Market is Expected to Grow at a CAGR of 65.9% over the forecast years (2019 – 2027), Owing to Application of Blockchain Technology in Life Insurance Sector to Automate On-Time Death Claims Processing, says Absolute Markets Insights.

The implementation of blockchain in life insurance industry to simplify death claims processing is expected to be of high value in overall customer experience and boost the global blockchain in insurance market. Death registration and filing a death claim are time-consuming and tedious processes for a beneficiary. Numerous claims are delayed up to six months via manual processes which can traumatize the beneficiary further. The presence of multiple soiled data sources across the process increases chances of fraudulent claims. For the U.S. and Canadian insurers, approximately 10% of claims costs are attributed to fraudulent claims. With focus on customer-convenience, the claims process is expected to evolve to ensure minimum hassle to beneficiaries. With the use of blockchain, multiple manual touchpoints in both death registration and death claim processes can be automated and unified into a single process with minimum intervention from multiple stakeholders.

Major life insurance players are leveraging blockchain-based solutions across the insurance value chain with is expected to drive the blockchain in insurance market. For instance, Boston-based John Hancock is evaluating a proof of concept for employee rewards in life insurance claims processing. MetLife has joined R3 blockchain consortium to understand how distributed ledgers can streamline activities such as business processing, policy administration, customer payments, new investments management and distribution of proceeds. A consortium of leading Indian life insurers have joined tech major Cognizant to develop a blockchain solution to facilitate cross-company data-sharing in 2018. The insurance firms include SBI Life Insurance, Max Life Insurance, Edelweiss Tokio Life, IDBI Federal Life Insurance, Birla Sun Life Insurance, Tata AIA Life, PNB MetLife, IndiaFirst Life Insurance, ICICI Prudential Life Insurance, and Bharti AXA amongst others.

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“Life insurance is more customer-intensive as compared to other types of insurance. The beneficiary who is already distressed by the loss of a loved one has to go through a long process for claim processing. Application of blockchain technology for life insurance processing will automate reinsurance claims, process subrogation claims payments and ensure auditability, aid fraud elimination and facilitate on-time death claims processing, which is driving the growth of blockchain in insurance market”

The detailed research study provides qualitative and quantitative analysis of blockchain in insurance market. The report will also include insightful recommendations for insurers on the market attractiveness of the solutions available in the market. The report provides a descriptive overview on the forecast revenue estimates that enables to measure the industry growth. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa and Latin America.

Some of the players operating in the blockchain in insurance market are AUXESIS GROUP, Boston Consulting Group, BTL Group Ltd, ChainThat, Circle Internet Financial Limited, CONSENSUS SYSTEMS (Consensys), Deloitte Touche Tohmatsu Limited, Digital Asset Holdings, LLC, Everledger Ltd, 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:

  • By Offerings
  • Solutions
  • Applications and Platforms
  • Middleware
  • Infrastructure and Protocols
  • Services
  • Professional
  • Managed
  • By Application
  • Identity Management and Fraud Detection
  • Claims Management
  • Distribution and Payment Models
  • Others (GRC Management etc.)
  • By Organization Size
  • Large Enterprises
  • Small and Medium-Sized Enterprises
  • By Insurance Type
  • Life Insurance
  • Health Insurance
  • Property and Casualty Insurance
  • Reinsurance
  • Others (Travel Insurance, Vehicle Insurance etc.)
  • By Geography
  • North America
  • USA
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Benelux Union
  • Belgium
  • The Netherlands
  • Luxembourg
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
  • Rest of Asia Pacific
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of Middle East & Africa
  • Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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Company: Absolute Markets Insights
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