Insurance Claims Services Market Report 2024

This Insurance Claims Services market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The insurance claims services market size has grown rapidly in recent years. It will grow from $163.49 billion in 2023 to $184.93 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth during the historic period can be attributed to several factors, greater acceptance of insurance services, higher literacy levels, a rise in theft and vandalism, more frequent chronic diseases, and growing demand for mobile applications.

The insurance claims services market size is expected to see rapid growth in the next few years. It will grow to $309.7 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%.The growth during the forecast period can be attributed to factors such as an increase in accidents, a rise in health insurance claims, higher disposable incomes, greater awareness of risk management, and a growing demand for customer-centric services. Key trends for this period include advancements in technology, innovation in service offerings, the use of predictive analytics for claims handling, the integration of artificial intelligence (AI) and machine learning (ML), and the adoption of cloud-based solutions.

The growing frequency of road accidents is anticipated to drive the expansion of the insurance claim services market. This increase in road accidents is attributed to urbanization, which results in higher traffic volumes, changes in lifestyle, environmental factors, and distracted driving behaviors. Insurance claim services facilitate the repair or replacement of damaged vehicles or property, enabling policyholders to resume their normal activities as swiftly as possible. For example, in October 2023, Bake, The Road Safety Charity, a UK-based government organization, reported a 10% rise in road accident fatalities in the UK, with the number of deaths reaching 1,766 in 2022 - 1,711 in Britain and 55 in Northern Ireland. Thus, the rising incidence of accidents is fueling the growth of the insurance claim services market.

Leading companies in the insurance claims services sector are focusing on integrating generative artificial intelligence (AI) to optimize claims processing, improve customer service, and boost overall efficiency. Generative AI automates routine tasks such as data entry and claims verification, thus accelerating the claims process and minimizing manual errors. By employing AI-driven chatbots and virtual assistants, these companies enhance customer service with timely and personalized responses. For instance, in June 2023, Simplifai, an India-based automation company, launched Simplifai InsuranceGPT, a generative AI tool tailored for the insurance industry. This tool, powered by Simplifai's no-code AI platform, aims to improve decision-making in automated claims management while ensuring data privacy and security. It aids in claims settlement by providing insights based on legal precedents and historical data.

In January 2023, Adjusteck, a US-based provider of medical device solutions, acquired D’Brook LLC for an undisclosed amount. This acquisition is intended to enhance patient outcomes and the quality of care through innovative adjustable medical devices. D’Brook LLC, also a US-based company, specializes in insurance claim services.

Major companies operating in the insurance claims services market are Accenture PLC, International Business Machines Corporation, Oracle Corporation, KPMG International Limited, Capgemini SE, Cognizant Technology Solutions, DXC Technology Company, Concentrix Corporation, Gartner Inc., Genpact Ltd., Conduent Inc., Sutherland Global Services Inc., Exlservice Holdings Inc., Pegasystems Inc., World Network Service(WNC) Holdings Limited, Flatworld Solutions Private Limited, Software AG, Guidewire Software Inc., Hexaware Technologies Limited, Sapiens International Corporation N.V.

North America was the largest region in the insurance claims services market in 2023. The regions covered in the insurance claims services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the insurance claims services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Insurance claims services encompass a variety of professional services offered by insurance companies or third-party administrators to handle and process claims made by policyholders. These services are essential for ensuring the operational efficiency, financial stability, and customer satisfaction of insurance companies, while providing fair and timely compensation to policyholders.

The main categories of insurance claims services include life insurance claims, health insurance claims, motor insurance claims, and property and casualty insurance claims. Life insurance claims involve the process through which beneficiaries seek payment from an insurance company following the death of the insured individual. These services are provided by insurance companies, third-party administrators (TPAs), and specialized claims management firms, and are utilized by individual and commercial policyholders, as well as government and public sector entities.

The insurance claim services market research report is one of a series of new reports that provides insurance claim services market statistics, including insurance claim services industry global market size, regional shares, competitors with an insurance claim services market share, detailed insurance claim services market segments, market trends, and opportunities, and any further data you may need to thrive in the insurance claim services industry. This insurance claim services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The insurance claims services market includes revenues earned by entities through document management systems, legal and compliance tools, claim investigation and verification, claim assessment and adjustment, and emergency response services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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