The new report, Blockchain in Financial Services: Key Opportunities, Vendor Strategies & Market Forecasts 2021-2030, found that the insurance sector will see cost savings from blockchain use across all processes, particularly in insurance-heavy markets such as the US.
As a significant market for health insurance, the US will see the number of claims processed via blockchain climb from 2 million in 2021 to 24 million by 2024. Health insurance is a resource-intense area and the capacity for blockchain to replace inefficient processes and increase system interoperability will prove key to its success.
Stakeholders Need to Overcome Barriers
The report identified that because of the clear benefits for insurance, barriers to implementation will begin to be overcome; enabling blockchain networks to proliferate. Insurers have previously been reluctant to modernise existing processes, and there are currently no global standards around blockchain networks.
Research author Susannah Hampton added: “Insurers must address barriers to implementing blockchain technology through investment and partnerships. Any blockchain solutions deployed must integrate into existing underwriting and claims management platforms and offer an increased value proposition beyond what is already possible.”
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