Claims Processing Software Market: Unlocking the Potential of Digital Transformation

PORTLAND, UNITED STATES, UNITED STATES, September 15, 2023/EINPresswire.com/ -- Allied Market Research recently published a report, titled, 'Claims Processing Software Market By Component (Software, Services), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), End User (Insurance Companies, Insurance Intermediaries, Agents and Brokers, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030.' As per the report, the global claims processing software industry was accounted for $33.9 billion in 2020, and is expected to reach $73.0 billion by 2030, growing at a CAGR of 8.3% from 2021 to 2030.

Major determinants of the market growth

Increase in demand for automation and surge in need for claims automation software for faster and intuitive access to claims data records have boosted the demand for global claims processing software market. However, startup cost of purchasing necessary insurance claim management software hinders the market growth. On the contrary, increase in adoption of claims processing software by insurance firms in developing countries would open lucrative opportunities in the future.

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COVID-19 Scenario:

The Covid-19 pandemic positively impacted the market as consumers of health insurance and general insurance demanded claim settlement due to business losses and health issues.
This sudden surge in claim settlement increased the demand for claim processing software in order to save time and effort of employees.
The software segment dominated the market

By component, the software segment held the largest share in 2020, accounting for more than two-thirds of the global claims processing software market. This is attributed to the fact that claims processing software eliminates the need for manual methods altogether and it reduces errors, saves time, and increases the accuracy of the data. However, the services segment is estimated to register the highest CAGR of 10.0% during the forecast period, as they centralize all the information related to a claim in a secure, cloud-based system and works directly with internal team & policyholders.

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The commercial and industrial segment to portray the highest CAGR through 2030

By enterprise size, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 10.2% from 2021 to 2030, as it helps the insurance companies to process accurate data, offer better service, and improve customer satisfaction. However, the large enterprises segment held the largest share in 2020, accounting for nearly three-fourths of the global claims processing software market, as they intend to keep operating costs low to maximize profits through business automation.

North America held the lion's share

By region, the global claims processing software market across North America dominated in 2020, accounting for more than half of the market, owing to rapid adoption of digital services to handle claims of customers. However, market across Asia-Pacific is anticipated to showcase the highest CAGR of 12.4% during the forecast period, owing to rise in adoption of claim processing software to boost business efficiency, lower compliance risk exposure, and increase bureaucratic efficiency of the organization.

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Major Market Players

A1 Enterprise
Duck Creek Technologies
FINEOS
Hyland Software, Inc.
Hawksoft, Inc.
HIPPAsuite
Newgen Software Technologies Limited
Pegasystems Inc.
Quick Silver
VENTIV TECHNOLOGY

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