Blockchain in Insurance – Thematic Research

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The global blockchain market size was valued at $3.6 billion in 2020. The market is expected to grow at a CAGR of more than 48% during the forecast period.  Blockchain remains a nascent technology in the insurance industry. Much of the hype of a few years ago has died down to an extent, 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.

Global Blockchain Market Overview

Global Blockchain Market Overview

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What are the key trends that will impact the blockchain theme?

The key trends that will impact the blockchain theme in the coming months can be divided into three categories: technology trends, macroeconomic trends, and regulatory trends.

Technology trends

The main technology trends that will impact the blockchain theme are blockchain as a service (BaaS), permissioned blockchains, zero-knowledge proof (ZKP), AI, and IoT.

Macroeconomic trends

The main macroeconomic trends that will impact the blockchain theme are COVID-19, China, and blockchain talent.

Regulatory trends

The main regulatory trends that will impact the blockchain theme are insurance sandboxes, blockchain standards, and data privacy.

For more insights on blockchain market trends in the insurance industry, download a free report sample

What are the key insurance value chains of blockchain?

The blockchain in the insurance value chain comprises five segments: product development, marketing & distribution, underwriting & risk profiling, claims management, and customer service.

Product development

While blockchain in insurance has so far been used to support products and increase efficiency, instead of being the defining aspect of a project, the rise of cryptocurrencies and bitcoin from blockchain technology has created an insurance opportunity. Leading insurers and reinsurers, such as Munich Re and Lloyds of London have been active in developing insurance cover for crypto, both for the providers and the customers.

Marketing & distribution

This aspect of the insurance value chain has a more tenuous link to the blockchain theme, as it is not used to help sell products. However, blockchain has always been a key trend, and insurers promoting a new product that relies on the blockchain are likely to get more press coverage and interest in the product in that way. Its use in parametric insurance can also help market new products, as insurers can emphasize the clarity of the product.

Underwriting & risk profiling

Blockchain can play a key role in increasing efficiencies in the underwriting process. It can increase speed and cost efficiencies by automating underwriting through smart contracts. Moreover, it can offer increased traceability and accountability in the risk profiling area, which can verify all the facts, and help avoid fraud and complications later in the insurance process.

Claims management

Claims management is the main aspect of the insurance value chain where blockchain is already utilized and can become invaluable. An automated claims settlement process can save a lot of time and stress for the consumer. Once the payout order is executed the customer can receive their claim immediately without having to fill in paperwork or spend hours on the phone.

Customer service

A lot of blockchain’s uses in insurance are geared around cutting out inefficiencies, saving time, and providing quicker resolutions—all of which will lead to improved relationships with customers. The use of parametric insurance will help improve trust and satisfaction with customers. When something can be agreed upon beforehand, verified in the contract, and then executed automatically and instantly once the agreement is met, it will lead to a very positive customer experience.

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Which are the leading public companies associated with the blockchain theme?

The leading public companies associated with the blockchain theme are AIA, Allianz, AON, AXA, B3i, Generali, KPMG, Munich Re, Ping An, Swiss Re, and Tokio Marine.

Which are the leading private companies associated with the blockchain theme?

The leading private companies associated with the blockchain theme are Arbol, Boost, CloudCover, Coincover, Cysurance, Etherisc, FloodFlash, Lemonade, Metromile, and OneDegree.

To know more about the leading companies in the blockchain insurance market, download a free report sample

Market Report Scope

Market size (2020) $3.6 billion
CAGR >48%
Forecast period 2020-2030
Key trends Technology Trends, Macroeconomic Trends, and Regulatory Trends
Key insurance value chains Product Development, Marketing & Distribution, Underwriting & Risk Profiling, Claims Management, and Customer Service
Leading public companies AIA, Allianz, AON, AXA, B3i, Generali, KPMG, Munich Re, Ping An, Swiss Re, and Tokio Marine
Leading private companies Arbol, Boost, CloudCover, Coincover, Cysurance , Etherisc, FloodFlash, Lemonade, Metromile, and OneDegree

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.

Swiss Re
Munich Re
Ping An
Tokio Marine

Table of Contents

Executive Summary


Technology Briefing


Industry Analysis

Industry Use Cases

Value Chain


Sector Scorecards


Further Reading

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