The global claims processing software market size is expected to reach USD 74.5 billion by 2030, according to a new study by Polaris Market Research. The report “ Claims Processing Software Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Service); By Enterprise Size; By End-Use (Insurance Companies, Insurance Intermediaries, Agents and Brokers, Others); By Region; Segment Forecast, 2022 -2030″ gives a detailed insight into the current market dynamics and provides analysis on future market growth.
The focus on improving the customer experience and reducing risk is one of the key factors driving the global market. Ongoing demand for cloud-based applications to manage various risks and lower costs is a significant factor driving this growth. It can reduce & eliminate human error by automating the entire process. This saves time and increases productivity, allowing employees to serve its clients better. It automatically sends multi-level notifications and efficiently generates alerts for undetected loss reports.
It enables businesses to create and deploy fully gated claims processing to deliver ROI. Companies should be able to build intelligent, quick, dynamic processes to capture company’s objectives & best practices. It should also allow businesses to use those rules to drive processes that consistently apply best practices across organizations.
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Claims processing software is a very efficient and effective solution for managing claims processing procedures. It saves an enterprise a lot of time and money. However, the high upfront costs & lack of trained professionals are crucial barriers in the market. Training the workforce to use the software is the add-on cost to such systems. However, once the system is installed and all the client records are shifted to e-formats, it saves both time & money.
For instance, in January 2021, Newgen strengthened its process automation platform, “iBPS 5.0 SP2”. The upgraded solution aimed to enhance its customized options, RPA, centralized deployment, app capabilities, and data handling by providing access to a broader range of features from the platform.
Claims Processing Software Market Report Highlights
- Software sub-segment by component is anticipated to grow rapidly. The software segment is expected to have a significant market share during the forecast period due to the turn from manual processing to AI automation.
- Insurance companies are expected to grow at a high CAGR. The cloud deployment segment is projected to grow fastest throughout the forecast period due to increased acceptance of cloud administrations by government offices to achieve cost savings, continuous access, and zero maintenance downtime.
- North America is expected to experience significant global market growth over the forecast period. This region has seen a higher adoption rate of cloud-based solutions due to the rapidly digitalizing insurance and e-commerce sectors, which significantly boosts the regional market’s growth potential.
- Key players in the market include Newgen Software, Applied Epic, Pegasystems, Partner XE, FINEOS, Hyland Software, Hawksoft, HIPPAsuite, Quick Silver, VENTIV TECHNOLOGY, a1 enterprise, Central Point Services, Jenesis Software, EIS Group, HawkSoft, and EZLynx.
Polaris Market Research has segmented the claims processing software market report based on component, enterprise size, end-use, and region:
Claims Processing Software, Component Outlook (Revenue – USD Billion, 2018 – 2030)
Claims Processing Software, Enterprise Size Outlook (Revenue – USD Billion, 2018 – 2030)
- Large Enterprises
- Small and Medium-sized Enterprises
Claims Processing Software, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Insurance Companies
- Insurance Intermediaries
- Agents and Brokers
Claims Processing Software, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa