Market Overview:
The global insurance claims management software market is expected to grow at a CAGR of 10.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for cloud-based and web-based insurance claims management software solutions by large enterprises and SMEs across the globe. North America is expected to hold the largest share of the global insurance claims management software market in 2018, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa.
Product Definition:
Insurance Claims Management Software is a computer program that helps insurance companies manage their claims. It allows insurance agents to track the progress of each claim, as well as input information about the claim and any associated documents. This software can also help insurance companies calculate payouts and identify potential fraud.
Cloud Based:
Cloud-based software is a type of software system that allows the centralization of data and applications across multiple platforms. The data and applications are stored remotely on digital storage media or remote servers using an Internet connection. Cloud-based systems offer several advantages such as increased efficiency, cost savings, enhanced user experience, and flexibility to insurance companies.
Web Based:
The global web-based and it's usage in insurance claims management software market size was valued at USD 1.5 billion in 2016. The industry is expected to witness a significant growth owing to the increasing adoption of cloud technology by small & medium enterprises, coupled with the rising demand for online services from consumers.
Insurance companies are widely adopting web-based solutions as they enable them to deliver enhanced customer experience while reducing operational costs significantly.
Application Insights:
The large enterprises segment accounted for the largest share of over 60.0% in 2017. The segment is expected to witness significant growth over the forecast period as these companies have a diverse set of risks and exposures which need to be managed effectively. These companies offer various services such as property, casualty, and reinsurance; they also issue financial guarantees and perform underwriting functions for other insurers thereby creating a huge amount of data that needs to be tracked & reviewed.
The SMEs segment is expected to exhibit the fastest CAGR exceeding 16% from 2018 to 2030 owing to increasing penetration into niche markets across geographies where online trading was not possible before due largely but not exclusively due insurance claims management software development platforms with flexible modules that can be integrated with different systems used by SMEs including accounting software, ERP systems etcetera.
Regional Analysis:
North America accounted for the largest share of over 40% in 2017. The growth can be attributed to the presence of a large number of insurance companies, which is expected to increase the demand for claims management software in this region. In addition, high adoption rate and rapid deployment of advanced technologies such as cloud based solutions are also contributing towards market growth. Furthermore, increasing cyber-attacks are compelling insurance companies to opt for digital platforms that help them manage their risks and reduce costs associated with underwriting policies.
Asia Pacific is anticipated to witness significant growth over the forecast period owing to factors such as improving economic conditions leading to an increase in disposable income levels and rising penetration of IT services resulting into an increased usage rates for these software applications across various industries including manufacturing, retail & consumer goods among others.
Growth Factors:
- Increasing demand for insurance claims management software from small and medium-sized businesses (SMBs) due to the growing need for automation of their business processes.
- The increasing adoption of cloud-based solutions by insurers, as it helps them manage their claims processing more efficiently and effectively.
- The rising demand for big data and analytics in the insurance industry to help insurers make better decisions about risk assessment and pricing.
- The increasing use of mobile devices by consumers for filing insurance claims, which is driving the need for mobile-friendly Claims Management Software solutions.
Scope Of The Report
Report Attributes
Report Details
Report Title
Insurance Claims Management Software Market Research Report
By Type
Cloud Based, Web Based
By Application
Large Enterprises, SMEs
By Companies
Applied Epic, ClaimCenter, Snapsheet, CyberSource, ClaimXperience, Virtual Claims Adjuster, ClaimZone, CSCs, SIMS Claims, Change Healthcare
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
180
Number of Tables & Figures
126
Customization Available
Yes, the report can be customized as per your need.
Global Insurance Claims Management Software Market Report Segments:
The global Insurance Claims Management Software market is segmented on the basis of:
Types
Cloud Based, Web Based
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Large Enterprises, SMEs
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Applied Epic
- ClaimCenter
- Snapsheet
- CyberSource
- ClaimXperience
- Virtual Claims Adjuster
- ClaimZone
- CSCs
- SIMS Claims
- Change Healthcare
Highlights of The Insurance Claims Management Software Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud Based
- Web Based
- By Application:
- Large Enterprises
- SMEs
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Insurance Claims Management Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Claims management software is a computer program that helps organizations manage and process insurance claims. Claims management software can automate the claim processing process, including tracking and managing information about each claim, communicating with claimants and insurers, and compiling reports.
Some of the key players operating in the insurance claims management software market are Applied Epic, ClaimCenter, Snapsheet, CyberSource, ClaimXperience, Virtual Claims Adjuster, ClaimZone, CSCs, SIMS Claims, Change Healthcare.
The insurance claims management software market is expected to grow at a compound annual growth rate of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Insurance Claims Management Software Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Insurance Claims Management Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Insurance Claims Management Software Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Insurance Claims Management Software Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Insurance Claims Management Software Market Size & Forecast, 2018-2028
4.5.1 Insurance Claims Management Software Market Size and Y-o-Y Growth
4.5.2 Insurance Claims Management Software Market Absolute $ Opportunity
Chapter 5 Global Insurance Claims Management Software Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Insurance Claims Management Software Market Size Forecast by Type
5.2.1 Cloud Based
5.2.2 Web Based
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Insurance Claims Management Software Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Insurance Claims Management Software Market Size Forecast by Applications
6.2.1 Large Enterprises
6.2.2 SMEs
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Insurance Claims Management Software Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Insurance Claims Management Software Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Insurance Claims Management Software Analysis and Forecast
9.1 Introduction
9.2 North America Insurance Claims Management Software Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Insurance Claims Management Software Market Size Forecast by Type
9.6.1 Cloud Based
9.6.2 Web Based
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Insurance Claims Management Software Market Size Forecast by Applications
9.10.1 Large Enterprises
9.10.2 SMEs
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Insurance Claims Management Software Analysis and Forecast
10.1 Introduction
10.2 Europe Insurance Claims Management Software Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Insurance Claims Management Software Market Size Forecast by Type
10.6.1 Cloud Based
10.6.2 Web Based
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Insurance Claims Management Software Market Size Forecast by Applications
10.10.1 Large Enterprises
10.10.2 SMEs
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Insurance Claims Management Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Insurance Claims Management Software Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Insurance Claims Management Software Market Size Forecast by Type
11.6.1 Cloud Based
11.6.2 Web Based
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Insurance Claims Management Software Market Size Forecast by Applications
11.10.1 Large Enterprises
11.10.2 SMEs
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Insurance Claims Management Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Insurance Claims Management Software Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Insurance Claims Management Software Market Size Forecast by Type
12.6.1 Cloud Based
12.6.2 Web Based
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Insurance Claims Management Software Market Size Forecast by Applications
12.10.1 Large Enterprises
12.10.2 SMEs
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Insurance Claims Management Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Insurance Claims Management Software Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Insurance Claims Management Software Market Size Forecast by Type
13.6.1 Cloud Based
13.6.2 Web Based
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Insurance Claims Management Software Market Size Forecast by Applications
13.10.1 Large Enterprises
13.10.2 SMEs
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Insurance Claims Management Software Market: Competitive Dashboard
14.2 Global Insurance Claims Management Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Applied Epic
14.3.2 ClaimCenter
14.3.3 Snapsheet
14.3.4 CyberSource
14.3.5 ClaimXperience
14.3.6 Virtual Claims Adjuster
14.3.7 ClaimZone
14.3.8 CSCs
14.3.9 SIMS Claims
14.3.10 Change Healthcare
