Increasing need of automation across the insurance sector and rising demand for secure online platforms are key factors driving blockchain in insurance market revenue growth.
Vancouver, Nov. 23, 2023 (GLOBE NEWSWIRE) — The global blockchain in insurance market is witnessing remarkable growth, reaching a size of USD 2.10 Billion in 2022 and poised to achieve a rapid revenue Compound Annual Growth Rate (CAGR) of 39.2% during the forecast period. This surge is attributed to the increasing demand for automation in the insurance sector and a growing need for secure online platforms.
Streamlining Operations and Enhancing Security
Insurance companies are embracing blockchain technology to streamline operations, enhance security, and elevate customer experience. Notably, smart contracts play a pivotal role in automating claims processing, ensuring efficient handling when predefined criteria are met. This not only reduces processing time but also minimizes the risks of fraud and errors. The
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