Blockchain in Insurance Market is expected to grow at a CAGR of 65.9% over the forecast years (2019 – 2027), With Its Growing Applications in Health Insurance for Revenue Cycle Management, Says Absolute Markets Insights.
Pune, India -- (SBWIRE) -- 03/09/2019 -- Patient data volume is increasing at a fast pace, and the need to improve the efficiency for processing and storing information has become paramount. Data managed by health insurance companies includes electronic health records, patient health information (PHI), data collected from IoT devices (Internet of Things) or monitoring systems and, medical insurance claims. As blockchain is a digital ledger of transactions between a public network of computers, it allows each participant to manage their own data securely, without the need for a central authority. This application in health insurance is expected to boost the blockchain in insurance market. For instance, application of automation to blockchain-developed programs enable patients to establish contractual agreements with physicians, hospitals, and pharmaceutical companies. The completed transactions between parties make up a 'block' that forms a 'chain', and subsequently results in a public, secure and accessible record of all concurrent interactions.
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Government agencies for health insurance across the world are also taking initiatives in order to maximize usability of blockchain in the industry which is expected to boost the blockchain in insurance market. For Instance, the Office of the National Coordinator (ONC) for Health Information Technology, is spreading awareness through white papers on the potential application of blockchain in managing electronic health records and resources. Moreover, several health insurers who have partnered or collaborated with blockchain companies have already reported significant improvement in processes. The U.S. based Change Healthcare has announced the general availability of its healthcare blockchain solution (Hyperledger) for claims management to deliver transparent claim lifecycles last year. As per the company, currently the solution is processing around 550 transactions per second through blockchain and is scalable. As more companies adopt it, Change Healthcare expects further improvement in its baseline performance.
"Healthcare insurance is one of the most heavily regulated industry in terms of privacy. Protection of Personal healthcare information is crucial, along with all of the other data therein (birthdates, social security numbers, payment data, etc.). Blockchain offers a balancing solution for both accessibility and security. Patients can gain higher control over their health care needs, and healthcare providers can easily share individual patient information among themselves when that becomes necessary without a centralized authority. This can improve the speed of the entire revenue cycle process while propelling the blockchain in insurance market."
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The detailed research study provides qualitative and quantitative analysis of blockchain in insurance market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa and Latin America.
Some of the players operating in the blockchain in insurance market are Amazon Web Services, Inc., AUXESIS GROUP, Bitfury Group Limited, Boston Consulting Group, BTL Group Ltd, ChainThat, Circle Internet Financial Limited, CONSENSUS SYSTEMS (Consensys), Deloitte Touche Tohmatsu Limited, Digital Asset Holdings, LLC, Everledger Ltd, Etherparty Inc, Factom, Guardtime, IBM Corporation, iXLedger, KPMG International Cooperative, Microsoft, Oracle, SafeShare, Symbiont.io and Willis Towers Watson amongst others.
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Blockchain in Insurance Market:
- By Offerings
- Solutions
- Applications and Platforms
- Middleware
- Infrastructure and Protocols
o Services
- Professional
- Managed
- By Application
- Identity Management and Fraud Detection
- Claims Management
- Distribution and Payment Models
- Others (GRC Management etc.)
- By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
- By Insurance Type
- Life Insurance
- Health Insurance
- Property and Casualty Insurance
- Reinsurance
- Others (Travel Insurance, Vehicle Insurance etc.)
- By Geography
o North America
- U.S.
- Canada
- Mexico
- Rest of North America
o Europe
- France
- The UK
- Spain
- Germany
- Italy
Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
Benelux Union
- Belgium
- The Netherlands
- Luxembourg
Rest of Europe
o Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
o Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
o Latin America
- Brazil
- Argentina
- Rest of Latin America
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