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Claims Processing Software Market By Component (Software and Service), Deployment Model (On-premise and Cloud), and End User (Insurance Companies, Agents & Brokers, Insurance Intermediaries, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Sep 2020 | 106 Views
 
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Claims Processing Software Market Outlook – 2027 

The claims processing software market size is substantially get increasing and expected to grow during the forecasted period, owing to increase in shift from manual processing to AI automations. Claims processing is one of the most crucial part of an insurance process. Insurance claims management software assists insurers in handling and reviewing insurance claims. This automates and processes data capture and settlement for insurance companies. In addition, it also offers other capabilities such as authorization and authorization processes, payment tracking, recovery and recovery tracking, legal matter processing, communications management, and monitoring. 

 

The global claims processing software market is segmented on the basis of component, deployment model, end user, and region. Based on component, the market is bifurcated into Software and Service. In terms of deployment model, the market is categorized into On-premise and Cloud. On the basis of end user, the market is divided into insurance companies, agents & brokers, insurance intermediaries, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global claims processing software industry include Newgen Software Technologies Limited, Applied Epic, Pegasystems Inc., Partner XE, Central Point Services Limited, Jenesis Software, EIS Group Software Limited, HawkSoft Inc., and EZLynx®. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global claims processing software market. 

Top Impacting Factors

The key factors that drive the claims processing software market include growth in need of lowering claims processing costs, increase in need to reduce false claims, and need for improvement in customer loyalty with quicker claim settlements. In 2018, in the UK, fraud claimers exploited $13,000 through insurance frauds. 

Similarly, Indian insurance companies lost $6.5 billion due to insurance frauds in the past few years. The reasons behind such frauds were forged documents, non-disclosure of critical information, manipulating pre-policy checkup records, and manual interpretation of claims. To avoid such incidents there is a crucial need for claims processing software. However, high operating costs and financial & government compliance are some factors that hamper the claims processing software market growth.  

Subsequently, claims management is expected to be a primary point of focus for insurance firms in developing countries as it impacts business model and retention strategies of subscribers. In addition, many insurance firms have already started automating their claims process. This decision is expected to create lucrative opportunities for the claims processing software market during the forecasted period. 

New Technology Improvements to Flourish the Market

Automation in insurance claims has transformed the insurance industry. Globally, policy documents and reports of insurance arrangements are getting digitized. The First Notice of Loss (FNOL) reports, the first notification report in case of insured asset's loss, or injury can be processed through interactive technological advancements, such as chat bots. 

In addition, predictive modeling, machine-learning techniques, and big data are integrated within new software as these provide abilities to identify more fraudulent claims. Moreover, GPS monitoring tools are also being adopted to evaluate losses. For instance, Newgen Software Technologies Limited empowered its customers through mobile/web-enabled claim application self-service portal. Through this, customers could claim for their insurance in real-time and verify status of a claim submitted. 

Growth in Need For Claims Processing Software

Lack of automation has created significant problems in case of processing of insurance claims. For claims professionals to review and validate the claim, a complete list of policies related to the claims as well as previous claims history must be available to them. Through claims processing software, these insurance claims can be routed to an examiner automatically, based on configurable business rules. For instance, after the outbreak of COVID-19, many insurance companies paid consumers for claims by processing them with no manual intervention. 

Key Benefits of the Report

  • This study presents the analytical depiction of the global claims processing software market along with the current claims processing software market trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the claims processing software market share. 
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.     
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed claims processing software market analysis based on the present and future competitive intensity of the market.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available For Years

2019-2027

Base Year Considered

2019

Forecast Period

2020-2027

Forecast Units

Value ($)

Segments Covered

Component, Deployment Model, End User, and Region

Regions Covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa

Companies Covered

Newgen Software Technologies Limited, Applied Epic, Pegasystems Inc., Partner XE, Central Point Services Limited, Jenesis Software, EIS Group Software Limited, HawkSoft Inc., and EZLynx®


COVID-19 Scenario

  • COVID-19 is expected to support the growing need for software to process claims. 
  • Insurance companies are no exceptions and certainly battling with the inflows of new claims and challenges of determining risks. 
  • Many insurance firms have adopted work from home for business continuity plan and are processing payments electronically or via wire transfers using claims processing software. 
  • The use of insurance claims software to process claims efficiently has outperformed manual processing through agents during this pandemic.

Claims Processing Software Market Key Segments

Segments

Sub-Segments

Component

  • Software
  • Service

Deployment Model

  • On-premise
  • Cloud

End User

  • Insurance Companies
  • Agents & Brokers
  • Insurance Intermediaries
  • Others

 

Questions Answered in the Claims Processing Software Market Research Report

  • What are the leading market players active in global claims processing software market?
  • What will be the detailed impact of COVID-19 on global claims processing software market?
  • How current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the global claims processing software market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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