Market Share of Blockchain Insurance Industry
The blockchain market in the insurance industry is highly concentrated and consolidated with a few significant players, such as IBM Corporation, Microsoft, AWS, Oracle, SAP, etc. Regarding market share, some of the major players currently dominate the market. However, with the advancement of blockchain technologies and cloud deployment, new players are increasing their market presence, thereby expanding their business footprint across emerging economies.
- April 2022 - Zurich Insurance Group chose 12 startups to work together on cutting-edge customer service strategies, more frequent meaningful contact with them, and insurance industry limits. The 12 selected startups are seeking solutions comprising tools to measure and reduce the carbon footprints of businesses & individuals, smartphone access to video-based health and wellness monitoring, tools to detect and prevent cyberbullying, and automatically settling insurance claims using blockchain and AI.
- January 2022 - Etherisc, an open-source, decentralized insurance protocol and ecosystem, launched its FlightDelay product, which the company claims to be a blockchain-backed parametric insurance application that autonomously issues policies and executes payouts for travelers experiencing flight delays or cancellations. Available for passenger flights globally through 80 airlines, the insurance policies are purchasable on Etheric's dedicated FlightDelay Portal. Payments are processed through blockchain payments platform Gnosis Chain, with an initial payment option of USDC.
Blockchain Insurance Market Leaders
Microsoft Corporation
IBM Corporation
Amazon Web Services, Inc.
Oracle Corporation
SAP SE
*Disclaimer: Major Players sorted in no particular order
