A new report from Juniper Research has found that blockchain-based insurance will transform claims administration; saving $10 billion in costs globally by 2024, up from $1.1 billion in 2021.

Insurance providers will increasingly leverage the benefits of increased process transparency and real-time data sharing. Data on blockchain networks is accessible to all parties; eliminating duplication of effort and minimising fraud.

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.

This market will see sharp rises in total cost savings through blockchain use for premium issuance and management between 2021 and 2024; representing more than half of all cost savings globally by 2024.

Insurance is a complex, data-siloed, often inefficient area of business, and blockchain offers critical advantages by enabling equitable data access and minimising fraud through increased data transparency.