The North America Claims Management Market is expected to witness market growth of 12.4% CAGR during the forecast period (2024-2031).
The US market dominated the North America Claims Management Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $3.24 billion by 2031. The Canada market is experiencing a CAGR of 13.8% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 13.5% during 2024-2031.
The claims management market is pivotal in the insurance and healthcare industries, serving as the backbone for efficiently handling claims across various domains, including health, property, life, and specialized insurance products. The importance of robust claims management systems cannot be overstated in an environment characterized by increasing customer expectations, regulatory pressures, and rising claims volumes.
Additionally, these systems streamline the claims process, improve accuracy, and enhance customer satisfaction, making them indispensable for insurers, healthcare providers, and other stakeholders. The market has experienced substantial development in recent years, driven by technological advancements, increased insurance penetration, and the necessity for operational efficiency in claims management.
The claims management market in North America is marked by a combination of technological leadership, diverse insurance offerings, and a proactive approach to innovation. In the United States, the demand for claims management solutions is fueled by the integration of cutting-edge technologies to address the high volume and complexity of claims. The U.S. insurance sector, one of the largest, is characterized by diverse claim types, including property, health, life, and cyber insurance. The increasing prevalence of fraudulent claims, costing billions annually, has prompted insurers to adopt AI and ML-powered systems to enhance fraud detection and prevention.
The US market dominated the North America Claims Management Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $3.24 billion by 2031. The Canada market is experiencing a CAGR of 13.8% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 13.5% during 2024-2031.
The claims management market is pivotal in the insurance and healthcare industries, serving as the backbone for efficiently handling claims across various domains, including health, property, life, and specialized insurance products. The importance of robust claims management systems cannot be overstated in an environment characterized by increasing customer expectations, regulatory pressures, and rising claims volumes.
Additionally, these systems streamline the claims process, improve accuracy, and enhance customer satisfaction, making them indispensable for insurers, healthcare providers, and other stakeholders. The market has experienced substantial development in recent years, driven by technological advancements, increased insurance penetration, and the necessity for operational efficiency in claims management.
The claims management market in North America is marked by a combination of technological leadership, diverse insurance offerings, and a proactive approach to innovation. In the United States, the demand for claims management solutions is fueled by the integration of cutting-edge technologies to address the high volume and complexity of claims. The U.S. insurance sector, one of the largest, is characterized by diverse claim types, including property, health, life, and cyber insurance. The increasing prevalence of fraudulent claims, costing billions annually, has prompted insurers to adopt AI and ML-powered systems to enhance fraud detection and prevention.
List of Key Companies Profiled
- Salesforce, Inc.
- Conduent, Inc.
- Aclaimant, Inc.
- UnitedHealth Group, Inc. (Optum, Inc.)
- Accenture PLC
- IBM Corporation
- PLEXIS Healthcare Systems, Inc.
- Oracle Corporation
- McKesson Corporation
- DXC Technology Company
Market Report Segmentation
By Enterprise Type- Large Enterprises
- Small & Medium Enterprises (SMEs)
- Cloud
- On-premise
- Internet of Things (IoT)
- Blockchain
- Robotic Process Automation (RPA)
- AI & ML & Other Technologies
- Insurance Companies
- Healthcare Providers
- Third-party Administrators (TPAs)
- Government Agencies
- Other End-users
- Life Insurance Claims
- Property & Casualty Insurance Claims
- Health Insurance Claims
- Worker’s Compensation Claims
- Disability Insurance Claims
- Other Types
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. North America Claims Management Market by Enterprise Type
Chapter 5. North America Claims Management Market by Deployment Mode
Chapter 6. North America Claims Management Market by Technology
Chapter 7. North America Claims Management Market by End-user
Chapter 8. North America Claims Management Market by Type
Chapter 9. North America Claims Management Market by Country
Chapter 10. Company Profiles
Companies Mentioned
- Salesforce, Inc.
- Conduent, Inc.
- Aclaimant, Inc.
- UnitedHealth Group, Inc. (Optum, Inc.)
- Accenture PLC
- IBM Corporation
- PLEXIS Healthcare Systems, Inc.
- Oracle Corporation
- McKesson Corporation
- DXC Technology Company
Methodology
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