Insurance Claims Services Market to Hit $638.3 Bn by 2032, Fueled by a 12.8% CAGR in Automated Claims Processing Demand

𝑰𝒏𝒔𝒖𝒓𝒂𝒏𝒄𝒆 𝑪𝒍𝒂𝒊𝒎𝒔 𝑺𝒆𝒓𝒗𝒊𝒄𝒆𝒔 𝑴𝒂𝒓𝒌𝒆𝒕 𝒕𝒐 𝑯𝒊𝒕 $638.3 𝑩𝒏 𝑮𝒍𝒐𝒃𝒂𝒍𝒍𝒚 𝒃𝒚 2032, 𝑭𝒖𝒆𝒍𝒆𝒅 𝒃𝒚 𝒂 12.8% 𝑪𝑨𝑮𝑹 𝒊𝒏 𝑨𝒖𝒕𝒐𝒎𝒂𝒕𝒆𝒅 𝑪𝒍𝒂𝒊𝒎𝒔 𝑷𝒓𝒐𝒄𝒆𝒔𝒔𝒊𝒏𝒈 𝑫𝒆𝒎𝒂𝒏𝒅

NEW CASTLE, DE, UNITED STATES, November 8, 2024 /EINPresswire.com/ -- 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝗶𝗻𝗰𝗶𝗱𝗲𝗻𝘁𝘀 𝗼𝗳 𝗮𝗰𝗰𝗶𝗱𝗲𝗻𝘁 𝗰𝗹𝗮𝗶𝗺𝘀, 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝗽𝗿𝗲𝘃𝗮𝗹𝗲𝗻𝗰𝗲 𝗼𝗳 𝘁𝗵𝗲𝗳𝘁 𝗮𝗻𝗱 𝘃𝗮𝗻𝗱𝗮𝗹𝗶𝘀𝗺, 𝗮𝗻𝗱 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝗶𝗰𝗮𝗹 𝗮𝗱𝘃𝗮𝗻𝗰𝗲𝗺𝗲𝗻𝘁𝘀 𝗶𝗻 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝘀𝗲𝗰𝘁𝗼𝗿 𝗱𝗿𝗶𝘃𝗲 𝘁𝗵𝗲 𝗴𝗿𝗼𝘄𝘁𝗵 𝗼𝗳 𝘁𝗵𝗲 𝗴𝗹𝗼𝗯𝗮𝗹 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗰𝗹𝗮𝗶𝗺𝘀 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗺𝗮𝗿𝗸𝗲𝘁.

Allied Market Research published a report, titled, "Insurance Claims Services Market by Type of Insurance (Property and Casualty Insurance Claims, Health Insurance Claims, Life Insurance Claims, Motor Insurance Claims, and Others), Insurance Providers (Insurance Companies, Third-Party Administrators (TPAs), and Specialized Claims Management Firms), and End User (Individual Policyholders, Commercial Policyholders, and Government & Public Sector): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global insurance claims services industry generated $193.8 billion in 2022, and is anticipated to generate $638.3 billion by 2032, witnessing a CAGR of 12.8% from 2023 to 2032.

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Prime determinants of growth
The insurance operations have been completely altered owing to advancements in technologies like digital platforms, artificial intelligence, and data analytics. These developments have improved the accuracy, efficiency, and customer-centric claims processing process. Insurers currently employ automation and data-driven insights to review claims more quickly and effectively than they could with human processing. The emergence of digital gateways and mobile applications has additionally enabled policyholders to effortlessly submit claims and track their progress in real time.

The property and casualty claims segment to maintain its leadership status throughout the forecast period

Based on type of insurance, the property and casualty insurance claims segment held the highest market share in 2022, accounting for nearly two-fifths of the global insurance claims services market revenue and is estimated to maintain its leadership status throughout the forecast period, as it covers everything from home insurance to automobile coverage, safeguarding individuals and businesses against unforeseen events. However, the life insurance segment is projected to manifest the highest CAGR of 16.8% from 2023 to 2032, as insurers are moving towards more personalized life insurance products. This involves using data and analytics to tailor policies based on individual behaviors and lifestyles.

The insurance companies' segment to maintain its leadership status throughout the forecast period

Based on insurance providers, the insurance companies segment held the highest market share in 2022, accounting for more than half of the global insurance claims services market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that insurers are placing a greater emphasis on customer experience. This involves providing more user-friendly digital interfaces, faster claims processing, and improved communication to enhance overall customer satisfaction. However, the third-party administrators (TPAs) segment is projected to manifest the highest CAGR of 15.8% from 2023 to 2032, owing to the fact that TPAs are prioritizing cybersecurity measures to protect sensitive customer data. It includes implementing robust cybersecurity protocols and staying updated on the latest security technologies.

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The commercial policyholder's segment to maintain its lead position during the forecast period

Based on end user, the commercial policyholders segment accounted for the largest share in 2022, contributing nearly half of the global insurance claims services market revenue, as commercial policyholders were experiencing a shift towards digitalization in claims services. It involved the use of digital platforms, mobile apps, and online tools to facilitate the claims reporting and management process. However, the individual policyholders segment is expected to portray the largest CAGR of 14.9% from 2023 to 2032, and is projected to maintain its lead position during the forecast period. This is owing to the fact that insurers were implementing digital communication channels, including chatbots, to interact with individual policyholders during the claims process. These technologies offered instant support, answered queries, and provided updates on claims status.

𝗚𝗲𝘁 𝟮𝟬% 𝗙𝗿𝗲𝗲 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗜𝗻 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global insurance claims services market revenue, owing to the fact that insurance companies in North America were actively investing in digital technologies to transform their claims services. However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.6% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is attributed to widespread adoption of smartphones in the APAC region, which led insurance companies to increasingly focus on mobile channels for claims reporting, communication, and document submission.

Leading Market Players: -

Pegasystems Limited
Hexaware Technologies Inc.
Software AG
Avaya Inc.
Cognizant Technology Solutions
Accenture PLC
International Business Machines Corporation
Oracle Corporation
HCL Technologies
DXC Technology Company
The report provides a detailed analysis of these key players of the global insurance claims services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

KEY BENEFITS FOR STAKEHOLDERS

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the insurance claims services market forecast from 2022 to 2032 to identify the prevailing market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities of insurance claims services market overview.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the insurance claims services market segmentation assists to determine the prevailing insurance claims services market opportunity.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global insurance claims services market trends, key players, market segments, application areas, and market growth strategies.

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Insurance Claims Services Market Report Highlights

By Type of Insurance

Life Insurance Claims
Motor Insurance Claims
Others
Property and Casualty Insurance Claims
Health Insurance Claims
By Insurance Providers

Insurance Companies
Third-Party Administrators (TPAs)
Specialized Claims Management Firms
By End User

Individual Policyholders
Commercial Policyholders
Government and Public Sector

By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East and Africa)
Key Market Players: HCL Technologies, Hexaware Technologies Ltd, Pegasystems, Software AG, International Business Machines Corporation, DXC Technology Company, Accenture, Oracle Corporation, Avaya Inc, Cognizant Technology Solutions Corp.

𝐓𝐡𝐞 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐝𝐢𝐠𝐢𝐭𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐬𝐞𝐜𝐭𝐨𝐫 𝐢𝐬 𝐛𝐨𝐨𝐬𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐞𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐟𝐨𝐫 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬, 𝐝𝐫𝐢𝐯𝐢𝐧𝐠 𝐭𝐡𝐞 𝐠𝐫𝐨𝐰𝐭𝐡 𝐟𝐨𝐫 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐜𝐥𝐚𝐢𝐦𝐬 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭. 𝐅𝐮𝐫𝐭𝐡𝐞𝐫, 𝐭𝐡𝐞 𝐫𝐢𝐬𝐞 𝐢𝐧 𝐝𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐪𝐮𝐢𝐜𝐤𝐞𝐫 𝐜𝐥𝐚𝐢𝐦 𝐬𝐞𝐭𝐭𝐥𝐞𝐦𝐞𝐧𝐭 𝐩𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬 𝐢𝐬 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐩𝐫𝐨𝐩𝐞𝐥 𝐭𝐡𝐞 𝐠𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭.

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