According to a new market research report “Blockchain In Insurance Market by Provider, Application (GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments, and Smart Contracts), Organization Size (Large Enterprises and SMEs), and Region – Global Forecast to 2023″.
Infrastructure and protocols providers help enterprises implement the blockchain technology by developing solutions that fulfill the increasing need for customer services, including mining, public, and special protocols. The blockchain technology can synchronize data across multiple entities, build trust, and engage customers by developing products and services that streamline and enhance the current payment processes. The effective and economic integration of the blockchain technology needs profound cooperation among incumbents, innovators, and regulatory bodies, which, at times, results in delayed implementation.
The application and solution provider segment is expected to grow at the fastest rate due to the rising demand for international online money transfer network, and cloud-based services across the insurance sector. In addition, application and solution providers provide blockchain technologies that are more likely to deliver value to businesses by reducing the duplication of transaction data and providing periodic reconciliation and authentication for commercial and regulatory reasons.
The increasing number of fraudulent claims in insurance companies and the emerging need to have transparent and trustworthy systems are expected to drive the overall growth of the blockchain in insurance market.