• In June 2023, JP Morgan partnered with six Indian banks, including Axis Bank, HDFC Bank, Yes Bank, ICICI Bank, IndusInd Bank, and JPMorgan's GIFT City, to launch a blockchain-focused platform for U.S. dollar settlements. This collaboration aims to address challenges in traditional finance.

• In December 2022, Italy chose Algorand blockchain technology to modernize its banking systems starting from 2023, making it the first EU member to integrate blockchain into its financial and insurance sectors.

• In September 2022, Ant Group's insurance division introduced the Xingyun platform in China, leveraging blockchain technology to enhance operational efficiency and customer experience for insurance companies.

In this report, the Blockchain In Insurance Market has been segmented by Provider, Organization, Functionality, Application, End User, and Geography.

Blockchain In Insurance Market, Segmentation by Provider

The Blockchain In Insurance Market has been segmented by Provider into Application & Solution Provider, Middleware Provider and Infrastructure & Protocols Provider.

Application & Solution Provider
Application and solution providers are central to the digital ecosystem, offering custom-built software for domains like IoT, AI, and advanced analytics. This segment represents about 42% of the smart technology landscape, emphasizing intuitive user experiences and direct business solutions. These providers ensure seamless functionality and value for end users.

Middleware Provider
Middleware providers act as the critical integration layer, facilitating smooth communication between applications and underlying infrastructure. Covering nearly 30% of tech entities, they supply essential services such as data orchestration, messaging queues, and interoperability frameworks. This ensures efficient and scalable system performance across diverse platforms.

Infrastructure & Protocols Provider
Infrastructure and protocol providers form the technological backbone by delivering hardware systems and communication protocols that ensure system reliability and performance. Representing approximately 28% of the ecosystem, they offer key components like servers, network equipment, and standardized protocols that are vital for secure and consistent digital operations.

Blockchain In Insurance Market, Segmentation by Organization

The Blockchain In Insurance Market has been segmented by Organization into Small & Medium-Sized Enterprises (SMEs) and Large Enterprises.

Small & Medium-Sized Enterprises
Small and medium-sized enterprises are rapidly embracing blockchain technology to improve operational efficiency, minimize fraud, and secure sensitive insurance data. With roughly 35% market penetration, SMEs leverage blockchain to gain a competitive edge through automation, cost-efficiency, and trust-building mechanisms in policy processing and claims handling.

Large Enterprises
Large enterprises, accounting for nearly 65% of the blockchain in insurance market, are spearheading large-scale blockchain integration for advanced claims automation, KYC verification, and end-to-end transparency. Their robust infrastructure enables seamless implementation across policy management, risk analysis, and multi-party coordination.

Blockchain In Insurance Market, Segmentation by Functionality

The Blockchain In Insurance Market has been segmented by Functionality into Smart Contracts, Asset Management, and Data Security.

Smart Contracts
Smart contracts are revolutionizing the insurance industry by automating policy execution, claim settlements, and premium payments with minimal human intervention. Covering about 40% of the market, this functionality enhances transparency, reduces operational costs, and ensures faster processing—making it a key driver in blockchain adoption across insurers.

Asset Management
In insurance, blockchain-powered asset management improves audit trails, supports real-time ownership tracking, and reduces dependency on manual reconciliation. Accounting for approximately 33% of the market, it strengthens trust and reduces fraud by offering secure, tamper-proof asset records throughout the value chain.

Data Security
Data security functionalities leverage blockchain’s immutable structure and distributed network to protect sensitive insurance information. Representing nearly 27% of this segment, blockchain helps insurers meet regulatory demands, prevent breaches, and maintain data integrity across customer records and transactions.

Blockchain In Insurance Market, Segmentation by Application

The Blockchain In Insurance Market has been segmented by Application into GRC Management, Death & Claims Management, Identity Management & Fraud Detection, Payments, Smart Contracts, and Others.

GRC Management
Blockchain is transforming Governance, Risk, and Compliance (GRC) management in insurance by enabling transparent audit trails, real-time reporting, and automated compliance checks. Representing around 18% of the market, this application helps insurers reduce regulatory risks and improve accountability.

Death & Claims Management
By automating death certification and claim settlement, blockchain eliminates paperwork and accelerates disbursements. With a market share of about 20%, it enhances efficiency, reduces disputes, and ensures greater accuracy in life insurance claims processing.

Identity Management & Fraud Detection
Holding approximately 22% of the segment, this application uses blockchain’s immutable records to enhance identity verification and prevent fraudulent activities. It enables secure access controls and ensures that only verified data is used during policy issuance and claims.

Payments
Blockchain streamlines insurance premium payments, especially across borders, by removing intermediaries and reducing costs. Covering nearly 15% of the application market, it also ensures faster, tamper-proof transaction processing and settlement tracking.

Smart Contracts
Smart contracts power automated policy execution, including premium collection and claims processing. Representing around 17% of the application space, they enable real-time, trustless operations between parties with minimal manual intervention.

Others
Accounting for about 8%, this category includes specialized use cases like microinsurance, peer-to-peer models, and reinsurance, where blockchain brings added transparency, cost-efficiency, and traceability.

Blockchain In Insurance Market, Segmentation by End User

The Blockchain In Insurance Market has been segmented by End User into Insurance Companies, Brokers, and Reinsurers.

Insurance Companies
Insurance companies lead blockchain adoption in the insurance sector, utilizing the technology to drive automated claims processing, improve underwriting accuracy, and boost operational transparency. Making up roughly 60% of the end-user market, they are leveraging blockchain to enhance policy management and customer experience.

Brokers
Brokers are integrating blockchain to enhance data accuracy, reduce administrative overhead, and establish trust-driven communication with insurers and clients. Covering nearly 25% of the market, blockchain allows brokers to operate with greater efficiency and real-time insight into policy and claim status.

Reinsurers
Reinsurers use blockchain for managing risk pools, automating reinsurance contracts, and ensuring transparent settlements between insurers and reinsurers. Holding around 15% of the market, this group benefits from improved data integrity and faster multi-party collaboration.

Blockchain In Insurance Market, Segmentation by Geography

In this report, the Blockchain In Insurance Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Blockchain In Insurance Market Share (%), by Geographical Region

North America
North America leads the global blockchain in insurance market, accounting for nearly 38% of the total share. The region benefits from early technology adoption, regulatory support, and a well-established insurance ecosystem. Leading insurers here are leveraging blockchain for fraud prevention, smart contracts, and process automation.

Europe
Holding around 25% of the market, Europe is advancing rapidly due to supportive regulatory frameworks like GDPR, and the push for data transparency in insurance. Blockchain is being used to enhance compliance, risk management, and cross-border claims handling.

Asia Pacific
Asia Pacific captures approximately 22% of the market, with countries like China, India, and Japan emerging as major hubs for blockchain innovation in insurance. Growing insurtech investments and digital-first insurance models are fueling this momentum.

Middle East and Africa
This region, representing about 8% of the market, is adopting blockchain gradually, with a focus on enhancing policy access, reducing manual errors, and ensuring trust in underdeveloped insurance systems.

Latin America
With roughly 7% of the market, Latin America is tapping into blockchain to solve key challenges around fraud detection, policy tracking, and claims integrity, especially in underserved rural and emerging markets.

This report provides an in depth analysis of various factors that impact the dynamics of Global Blockchain In Insurance Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Drivers

• Enhanced data security and transparency
• Increasing demand for smart contracts
• Streamlined claim processing and settlements

• Rising adoption of blockchain-as-a-service : Rising adoption of blockchain-as-a-service (BaaS) is a key driver of the global blockchain in insurance market, as it enables insurers to implement blockchain solutions without the burden of developing infrastructure from scratch. BaaS providers offer scalable, cloud-based platforms that simplify integration, reduce costs, and accelerate deployment timelines. This is particularly valuable in the insurance sector, where legacy systems and regulatory complexities have traditionally slowed technological adoption.

  By leveraging BaaS, insurers can enhance operations such as claims processing, fraud detection, and policy administration with minimal technical overhead. These services also support faster implementation of smart contracts and automated workflows, improving efficiency and transparency across the insurance value chain. As more insurers recognize the strategic benefits of plug-and-play blockchain solutions, the demand for BaaS is expected to fuel long-term market growth.

Restraints

• Regulatory uncertainties and compliance issues
• Integration challenges with legacy systems
• High initial setup costs

• Concerns over scalability and speed : Concerns over scalability and speed remain a significant restraint in the global blockchain in insurance market, as current blockchain infrastructures often struggle to handle high transaction volumes with the speed required by large-scale insurance operations. Processes such as real-time claims adjudication, instant policy updates, and customer data validation demand fast, seamless performance that many blockchain networks are not yet equipped to consistently deliver at scale. These limitations can lead to processing delays and hinder user experience.

  Additionally, as insurance involves a vast amount of data exchanges across multiple stakeholders—policyholders, brokers, reinsurers, and regulators—the need for high-throughput, low-latency systems becomes even more critical. Without significant improvements in blockchain’s scalability capabilities, insurers may hesitate to fully integrate the technology into core systems. This performance gap may slow adoption, especially among larger insurers managing millions of policyholders across regions.

Opportunities

• Expansion of usage in reinsurance
• Growth in emerging markets
• Development of personalized insurance products

• Collaboration with technology providers : Collaboration with technology providers presents a strong opportunity in the global blockchain in insurance market, enabling insurers to access specialized expertise, accelerate blockchain implementation, and reduce development costs. Partnering with blockchain developers, BaaS vendors, and FinTech innovators allows insurance firms to co-develop solutions tailored to critical functions such as fraud detection, claims automation, and secure customer onboarding. These partnerships ensure faster deployment and improved alignment with regulatory and operational needs.

  Such collaborations also promote the creation of interoperable platforms that can support industry-wide data sharing and standardization. By leveraging the strengths of technology providers, insurers can stay competitive, enhance customer trust, and streamline administrative processes. As the demand for digital transformation rises, these strategic alliances are expected to play a key role in driving blockchain adoption and unlocking new value in the insurance ecosystem.

Key players in Global Blockchain In Insurance Market include:

• IBM Corporation
• Accenture
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• AWS (Amazon Web Services)
• B3i (Blockchain Insurance Industry Initiative)
• R3
• Guardtime
• Bitfury

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Market Share Analysis
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis