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Blockchain in Insurance - Thematic Research

Publisher GlobalData
Published May 24, 2022
Length 61 Pages
SKU # GBDT17278599

Description

Blockchain in Insurance - Thematic Research

Summary

This report provides an in-depth analysis of blockchain within the insurance industry. It identifies key players within the theme and discusses what they have done well to set themselves apart. The report also analyzes investments in the blockchain space, relevant mergers and acquisitions, as well as how blockchain specialists have influenced incumbent insurers.

Blockchain remains a nascent technology in the insurance industry. Much of the hype of a few years ago has died down, but it is proving to be a useful tool for insurers to improve efficiencies and cut down on admin time. It can also improve transparency and potentially help rebuild trust post-COVID-19 due to its immutable nature and ability to verify every aspect of the contract from both sides at the start. However, it is still largely being used experimentally by leading insurers. GlobalData forecasts that its growth across all industries will take off over the next decade, which should translate into increased usage across the insurance industry.

Scope
  • GlobalData estimates that the global blockchain market will be worth almost $200 billion by 2030.
  • Insurers are currently more likely to collaborate with blockchain specialists than develop in-house expertise or acquire companies.
Reasons to Buy
  • Understand the impact that blockchain is having across a range of product lines.
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and startups enter the market.

Table of Contents

61 Pages
    • Figure 1: GlobalData estimates that the global blockchain market will be worth almos $200 billion in 2030
    • Figure 2: Who are the leading players in the blockchain theme, and where do they sit in the value chain?
    • What is blockchain?
    • The four key blockchain characteristics
    • How a blockchain transaction works
    • Types of blockchains
    • What are the most talked-about areas of blockchain in insurance?
    • Technology trends
    • Macroeconomic trends
    • Regulatory trends
    • Blockchain investment is increasing but lags behind other disruptive technologies
    • What are the insurance benefits of blockchain?
    • Challenges to be solved before large-scale deployment
    • Insurers are prioritizing other key themes when hiring specialists
    • But blockchain remains a topic of conversation in the industry
    • Investment in blockchain companies is more common than fullscale acquisitions
    • Mention of blockchain in company statements dropped after the 2019 spike
    • Blockchain fares better against other key themes in patents
    • Blockchain can be an essential aspect of parametric insurance
    • Lemonade launches ESG-inspired use case in 2022
    • Allianz utilizes blockchain for claims around the world
    • B3i is a driver of innovation within the industry
    • The scale of cryptocurrency growth sees new insurance products emerge
    • Insurance and reinsurance giants utilize blockchain contract
    • AXA and Fizzy created a travel insurance policy in 2017
    • Oxfam and AXA use blockchain to help farmers in Sri Lanka
    • Ping An is an insurance leader in blockchain
    • CloudCover aims to prove blockchain can be utilized in cybersecurity
    • Blockchain is being trialed to combat fraud
    • Market size and growth forecasts
    • Mergers and acquisitions
    • Timeline
    • Figure 29: The blockchain value chain
    • Product development
    • Marketing & distribution
    • Underwriting & risk profiling
    • Claims management
    • Customer service
    • Figure 30: Big Tech is making its mark in blockchain
    • Public companies
    • Private companies
    • Insurance sector scorecard
    • Glossary
    • GlobalData reports
    • Figure 35: Our five-step approach for generating a sector scorecard
  • About GlobalData
  • Contact Us

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