Blockchain in Insurance - Thematic Research

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $1,950	61 Pages	GlobalData	May, 2022	GBDT17278599

Best Price Guarantee
Price	from $1,950
Length	61 Pages
Publisher	GlobalData
Published Date	May, 2022
SKU	GBDT17278599

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.

Executive Summary
- Table Figure 1: GlobalData estimates that the global blockchain market will be worth almos $200 billion in 2030
Players
- Table Figure 2: Who are the leading players in the blockchain theme, and where do they sit in the value chain?
Technology Briefing
- What is blockchain?
  - Table Figure 3: A broad definition of blockchain
- The four key blockchain characteristics
  - Table Figure 4: Blockchain has four key features
- How a blockchain transaction works
  - Table Figure 5: Blockchain transaction process
- Types of blockchains
  - Table Figure 7: The degree of decentralization of blockchains varies
  - Table Figure 6: Public versus private and permissioned versus permissionless
- What are the most talked-about areas of blockchain in insurance?
  - Table Figure 8: The most-tweeted keywords related to blockchain in insurance, 2022
Trends
- Technology trends
  - Table Technology trends
- Macroeconomic trends
  - Table Macroeconomic trends
- Regulatory trends
  - Table Regulatory trends
Industry Analysis
- Blockchain investment is increasing but lags behind other disruptive technologies
  - Table Figure 9: Blockchain is lagging behind other emerging technologies in current investments
- What are the insurance benefits of blockchain?
  - Table Figure 10: Key valu8e propositions
  - Table Figure 11: Blockchain can improve efficiency within the insurance industry
- Challenges to be solved before large-scale deployment
  - Table Figure 12: Is blockchain a solution looking for a problem?
  - Blockchain has an image problem
  - Blockchain is an ill-defined technology
    - Table Figure 13: Blockchain is poorly understood—and the sentiment is not improving
- Insurers are prioritizing other key themes when hiring specialists
  - Table Figure 14: Insurers are looking to employ specialists from themes other than blockchain
  - Table Figure 15: Active blockchain jobs within the insurance industry are much rarer
- But blockchain remains a topic of conversation in the industry
  - Table Figure 16: Social media discussion increases as sentiment score remains strong for blockchain in insurance
  - Table Figure 17: Blockchain can impact various areas and themes within the insurance industry
- Investment in blockchain companies is more common than fullscale acquisitions
  - Table Figure 19: Insurers are more likely to invest in blockchain specialists than acquire them
  - Table Figure 18: Acquisitions within blockchain in insurance remain rare
  - Table Figure 20: The value of investment in blockchain specialist companies peaked in 2018
  - Table Figure 21: The value of investment in blockchain specialist companies peaked in 2018
- Mention of blockchain in company statements dropped after the 2019 spike
  - Table Figure 22: Mentions of blockchain by insurers have fallen since 2019
- Blockchain fares better against other key themes in patents
  - Table Figure 23: Insurers are patenting ideas within the blockchain theme
Industry Use Cases
- 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
  - Table Figure 24: B3i’s platform helps insurers and banks interact
- 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
  - Table Figure 25: AXA and Fizzy’s partnership prioritized convenience for the consumer
- 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
  - Table Figure 26: Blockchain is a nascent theme, but it has a strong value proposition that will drive growth
  - Table Figure 27: Global blockchain software and services revenue will reach $198.6 billion by 2030
- Mergers and acquisitions
  - Table Mergers and acquisitions
- Timeline
  - Table Figure 28: The blockchain story
Value Chain
- Table Figure 29: The blockchain value chain
- Product development
- Marketing & distribution
- Underwriting & risk profiling
- Claims management
- Customer service
Companies
- Table Figure 30: Big Tech is making its mark in blockchain
- Public companies
  - Table Public companies
- Private companies
  - Table Private companies
Sector Scorecards
- Insurance sector scorecard
  - Who’s who
    - Table Figure 31: Who does what in the non-life insurance space?
  - Thematic screen
    - Table Figure 32: Thematic screen
  - Valuation screen
    - Table Figure 33: Valuation screen
  - Risk screen
    - Table Figure 34: Risk screen
Glossary
- Table Glossary
Further Reading
- GlobalData reports
  - Table GlobalData reports
Our thematic research methodology
- Table Figure 35: Our five-step approach for generating a sector scorecard
About GlobalData
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