Insurance claims management software helps insurers manage and evaluate insurance claims. They allow agents to manage claims process with automated workflows, ensuring that all claim details are recorded within a centralized system. Claims processing software provides a company a tool for entering and tracking a claim against an order and managing claim settlement.
Claims processing software are used by independent adjusting firms to streamline claims management process. In addition, it allows insurance companies to handle every aspect of claims management within one system allowing for easy access and improved workflow. Thus, this is a major driving factor for the claims processing software market. Furthermore, one of the primary benefits of claims management software is that it eliminates the need for manual methods altogether. It reduces errors, saves time, and increases accuracy of data. Therefore, these are some of the factors that propel the market growth. However, one major obstacle to convert from paper recording systems to claims processing software is the startup cost of purchasing necessary hardware and software, which is a major factor that limits the claims processing software market. On the contrary, claims management software 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 forecast period.
The claims processing software market is segmented on the basis of component, enterprise size, end user and region. By component, it is segmented into software and services. By enterprise size, it is bifurcated into large enterprises and small & medium enterprises. By end user, it is segregated into insurance companies, insurance intermediaries, agents & brokers, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the claims processing software market such as A1 Enterprise, Duck Creek Technologies, FINEOS, Hyland Software, Inc., Hawksoft, Inc., HIPPAsuite, Newgen Software Technologies Limited, Pegasystems Inc., Quick Silver and VENTIV TECHNOLOGY. These players have adopted various strategies to increase their market penetration and strengthen their position in the claims processing software industry.
Claims processing software are used by independent adjusting firms to streamline claims management process. In addition, it allows insurance companies to handle every aspect of claims management within one system allowing for easy access and improved workflow. Thus, this is a major driving factor for the claims processing software market. Furthermore, one of the primary benefits of claims management software is that it eliminates the need for manual methods altogether. It reduces errors, saves time, and increases accuracy of data. Therefore, these are some of the factors that propel the market growth. However, one major obstacle to convert from paper recording systems to claims processing software is the startup cost of purchasing necessary hardware and software, which is a major factor that limits the claims processing software market. On the contrary, claims management software 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 forecast period.
The claims processing software market is segmented on the basis of component, enterprise size, end user and region. By component, it is segmented into software and services. By enterprise size, it is bifurcated into large enterprises and small & medium enterprises. By end user, it is segregated into insurance companies, insurance intermediaries, agents & brokers, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the claims processing software market such as A1 Enterprise, Duck Creek Technologies, FINEOS, Hyland Software, Inc., Hawksoft, Inc., HIPPAsuite, Newgen Software Technologies Limited, Pegasystems Inc., Quick Silver and VENTIV TECHNOLOGY. These players have adopted various strategies to increase their market penetration and strengthen their position in the claims processing software industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the claims processing software market share from 2020 to 2030 to identify the prevailing claims processing software market forecast.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the claims processing software market outlook segmentation assists to determine the prevailing market opportunities.
- The report includes the analysis of the regional as well as global claims processing software market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
- Software
- Services
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
BY END USER
- Insurance Companies
- Insurance Intermediaries
- Agents and Brokers
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Duck Creek Technologies
- FINEOS
- Hyland Software, Inc.
- Hawksoft, Inc.
- HIPPAsuite
- Newgen Software Technologies Limited
- Pegasystems Inc.
- Quick Silver
- VENTIV TECHNOLOGY
- a1 enterprise, inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CLAIMS PROCESSING SOFTWARE MARKET, BY COMPONENT
CHAPTER 5: CLAIMS PROCESSING SOFTWARE MARKET, BY ENTERPRISE SIZE
CHAPTER 6: CLAIMS PROCESSING SOFTWARE MARKET, BY END USER
CHAPTER 7: CLAIMS PROCESSING SOFTWARE MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Claims Processing Software Market,' the claims processing software market size was valued at $33.9 billion in 2020, and is estimated to reach $73.0 billion by 2030, growing at a CAGR of 8.3% from 2021 to 2030.Claims processing software is beneficial as it helps to effectively manage and analyze information pertaining to claims. The claims automation software helps to automate the entire system of claims management by reducing the settlement time and enhancing customer service. It provides faster and intuitive access to claims data records, which helps in making effective decisions. Therefore, these are the key factors that boost the global claims processing software market growth. However, higher startup cost for claims processing software restricts growth of the claims processing software market. Conversely, claim processing platforms can help insurance companies and risk managers to reduce exposure, increase employee productivity, reduce claim processing cycle time, and provide better customer service. Moreover, it helps enhance quality of service, which gives a competitive edge over other companies. Therefore, these factors are expected to create an immense opportunity for the market in the coming years.
On the basis of end user, the insurance companies segment generated the highest revenue in 2020. This is attributed to the fact that insurance claims management software provides faster access to claims data and helps insurance companies to operate with efficiency. The software also allows tracking of claim processes performance resulting in improved process visibility. This increases effectiveness of managing claims as they are quickly finalized and decisions are made faster. Furthermore, the agents & brokers segment is expected to exhibit highest growth during the forecast period. This is attributed to the fact that insurance claims processing software is commonly used by both independent and enterprise insurance agencies to support agents and brokers as they manage claims of clients.
Region wise, North America generated the highest revenue in 2020. This is attributed to the fact that North America has witnessed an increased rate of adoption of cloud-based solutions, owing to increase in digitization in insurance and e-commerce sectors, which drives growth prospects for this regional market significantly during the forecast period. Moreover, Asia-Pacific is attributed to grow significantly during the forecast period. This is attributed to growth in digitization and strong technological advancements in the region.
The claims processing software industry has been positively impacted by the COVID-19 outbreak. This is attributed to the fact that consumer trends toward claims processing software are changing and key players in the market are adopting claims processing software for faster claims processing platforms & real-time interaction with consumers. Reduced claim processing time makes it easy for employees to quickly respond to customer queries. The software provides good visibility of the claim process, which enables users to make improvements and use enhanced resources to provide better results. The software also provides an effective user-friendly interface with contact-sensitive help instructions and tutorials for various features, which makes it easy to learn quickly.
Key findings of the Study
- By component, the software segment led the claims processing software market share, in terms of revenue in 2020.
- By enterprise size, the large enterprise size segment accounted for the highest claims processing software market trends in 2020.
- By region, North America generated the highest revenue in 2020.
Companies Mentioned
- Duck Creek Technologies
- FINEOS
- Hyland Software, Inc.
- Hawksoft, Inc.
- HIPPAsuite
- Newgen Software Technologies Limited
- Pegasystems Inc.
- Quick Silver
- VENTIV TECHNOLOGY
- a1 enterprise, inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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