The Blockchain technology offers smart contracts for insurers and customers for managing claims transparently and responsively. Blockchain helps reduce administrative costs through automated verification of claims/payments data from third parties. Now, insurance companies can quickly view past claims transactions registered on blockchain for easy reference. This promotes higher degrees of trust and loyalty between the insurer and customer.
Blockchain optimizes the efficiency, security and transparency of the insurance industry. Distributed Ledger Technology (DLT) has beneficial applications for streamlining insurance claims processing, boosting cybersecurity protocols and even speeding up payment times.
To sum up insurance companies make money from two sources: Premiums collected from their customers and earnings from investing a small portion of those premiums. One major reason why insurance providers don’t earn more in profit is because claim costs have risen dramatically in the last few decades.
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Key Players:
- AXA
- BEENEST
- DYNAMIS
- FIZZY
- Blue Cross
- Etherisc
- Guardtime
- FidentiaX
- Lemonade
- Teambrella
- InsCoin
- B3i
- IBM
Other key players are: Applied Blockchain (UK), Algorythmix (India), Auxesis Group (India), AWS (US), Bitfury (US), BitPay (US), BlockCypher (US), BTL Group (Canada), Cambridge Blockchain (US), ChainThat (UK), Circle (US), ConsenSys (US), Digital Asset Holdings (US), Earthport (UK), Everledger (UK), Factom (US), Guardtime (Estonia), IBM (US), iXLedger (UK), Microsoft (US), Oracle (US), RecordsKeeper (Gibraltar), SafeShare Global (UK), SAP (Germany) and Symbiont (US).
A thorough analytical review of the pertinent growth trends influencing the Blockchain Insurance market has been demonstrated in the report to affect unbiased and time-efficient business discretion amongst various leading players, seeking a strong footing in the competitive landscape of the Blockchain Insurance market, which regularly gets influenced in a major way by the ongoing micro and macro-economic factors having a lingering set of implications on the growth trends of the aforementioned market.
Owing to the sudden onset of dynamic macro-economic factors such as the outrage of COVID-19, the Blockchain Insurance market has been thoroughly affected by the current developments, thus manifesting in a myriad alterations and tangible deviations from the regular growth course of the Blockchain Insurance market.
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Blockchain Insurance Market Report Segment: by type
- Agricultural Insurance
- Event Disruption from Weather
- Flooding
- Vehicles
- Property
- Personal Accident Plans + Life Insurance
- Travel Insurance + Flight Delays
- Others
Blockchain Insurance Market Report Segment: by application
Blockchain Insurance Market Report Segment: by region
- Asia Pacific
- North America
- Europe
- South America
- Middle East & Africa
The following sections of this versatile report on Blockchain Insurance market specifically sheds light on popular industry trends encompassing both market drivers as well as dominant trends that systematically affect the growth trajectory visibly. The report also sheds substantial light on all major key producers dominant in the Blockchain Insurance market, encompassing versatile details on facets such as production and capacity deductions. Substantial light has also been shed upon other key elements such as overall production, activities practiced by key players, best of the industry practices.
Key Benefits:
- The report provides a qualitative and quantitative analysis of the current Market trends, forecasts, and market size from 2021 to 2028 to determine new opportunities.
- Porter’s Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make strategic business decisions and determine the level of competition in the industry.
- Top impacting factors & major investment are highlighted in the research.
- The major countries in each region are analyzed and their revenue contribution is mentioned.
- The market player positioning segment provides an understanding of the current position of the market players active in the market.
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