Product Code: PM2858
The global claims processing software market size is expected to reach USD 74.5 billion by 2030, according to a new study by Polaris Market Research. The report " Claims Processing Software Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Service); By Enterprise Size; By End-Use (Insurance Companies, Insurance Intermediaries, Agents and Brokers, Others); By Region; Segment Forecast, 2022 -2030" gives a detailed insight into the current market dynamics and provides analysis on future market growth.
The focus on improving the customer experience and reducing risk is one of the key factors driving the global market. Ongoing demand for cloud-based applications to manage various risks and lower costs is a significant factor driving this growth. It can reduce & eliminate human error by automating the entire process. This saves time and increases productivity, allowing employees to serve its clients better. It automatically sends multi-level notifications and efficiently generates alerts for undetected loss reports.
It enables businesses to create and deploy fully gated claims processing to deliver ROI. Companies should be able to build intelligent, quick, dynamic processes to capture company's objectives & best practices. It should also allow businesses to use those rules to drive processes that consistently apply best practices across organizations.
Claims processing software is a very efficient and effective solution for managing claims processing procedures. It saves an enterprise a lot of time and money. However, the high upfront costs & lack of trained professionals are crucial barriers in the market. Training the workforce to use the software is the add-on cost to such systems. However, once the system is installed and all the client records are shifted to e-formats, it saves both time & money.
For instance, in January 2021, Newgen strengthened its process automation platform, "iBPS 5.0 SP2". The upgraded solution aimed to enhance its customized options, RPA, centralized deployment, app capabilities, and data handling by providing access to a broader range of features from the platform.
Claims Processing Software Market Report Highlights
Software sub-segment by component is anticipated to grow rapidly. The software segment is expected to have a significant market share during the forecast period due to the turn from manual processing to AI automation.
Insurance companies are expected to grow at a high CAGR. The cloud deployment segment is projected to grow fastest throughout the forecast period due to increased acceptance of cloud administrations by government offices to achieve cost savings, continuous access, and zero maintenance downtime.
North America is expected to experience significant global market growth over the forecast period. This region has seen a higher adoption rate of cloud-based solutions due to the rapidly digitalizing insurance and e-commerce sectors, which significantly boosts the regional market's growth potential.
Key players in the market include Newgen Software, Applied Epic, Pegasystems, Partner XE, FINEOS, Hyland Software, Hawksoft, HIPPAsuite, Quick Silver, VENTIV TECHNOLOGY, a1 enterprise, Central Point Services, Jenesis Software, EIS Group, HawkSoft, and EZLynx.
Polaris Market Research has segmented the claims processing software market report based on component, enterprise size, end-use, and region:
Claims Processing Software, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Software
Services
Claims Processing Software, Enterprise Size Outlook (Revenue - USD Billion, 2018 - 2030)
Large Enterprises
Small and Medium-sized Enterprises
Claims Processing Software, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Insurance Companies
Insurance Intermediaries
Agents and Brokers
Others
Claims Processing Software, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
North America
U.S
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Claims Processing Software Market Insights
- 4.1. Claims Processing Software - Industry Snapshot
- 4.2. Claims Processing Software Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Saving employees time and effort
- 4.2.1.2. Health insurance payers invest in claims management systems
- 4.2.2. Restraints and Challenges
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Claims Processing Software Market Industry Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Claims Processing Software Market, by Component
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 5.3. Software
- 5.3.1. Global Claims Processing Software Market, by Software, by Region, 2018 - 2030 (USD Billion)
- 5.4. Services
- 5.4.1. Global Claims Processing Software Market, by Services, by Region, 2018 - 2030 (USD Billion)
6. Global Claims Processing Software Market, by Enterprise Size
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 6.3. Large Enterprises
- 6.3.1. Global Claims Processing Software Market, by Large Enterprises, by Region, 2018 - 2030 (USD Billion)
- 6.4. Small and Medium-sized Enterprises
- 6.4.1. Global Claims Processing Software Market, by Small and Medium-sized Enterprises, by Region, 2018 - 2030 (USD Billion)
7. Global Claims Processing Software Market, by End-Use
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 7.3. Insurance Companies
- 7.3.1. Global Claims Processing Software Market, by Insurance Companies, by Region, 2018 - 2030 (USD Billion)
- 7.4. Insurance Intermediaries
- 7.4.1. Global Claims Processing Software Market, by Insurance Intermediaries, by Region, 2018 - 2030 (USD Billion)
- 7.5. Agents and Brokers
- 7.5.1. Global Claims Processing Software Market, by Agents and Brokers, by Region, 2018 - 2030 (USD Billion)
- 7.6. Others
- 7.6.1. Global Other Claims Processing Software Market, by Region, 2018 - 2030 (USD Billion)
8. Global Claims Processing Software Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Claims Processing Software Market Assessment, By Geography, 2018 - 2030 (USD Billion)
- 8.3. Claims Processing Software Market - North America
- 8.3.1. North America: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.3.2. North America: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.3.3. North America: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.3.4. Claims Processing Software Market - U.S.
- 8.3.4.1. U.S.: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.3.4.2. U.S.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.3.4.3. U.S.: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.3.5. Claims Processing Software Market - Canada
- 8.3.5.1. Canada: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.3.5.2. Canada.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.3.5.3. Canada: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.4. Claims Processing Software Market - Europe
- 8.4.1. Europe: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.2. Europe.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.4.3. Europe: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.4.4. Claims Processing Software Market - UK
- 8.4.4.1. UK: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.4.2. UK.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.4.4.3. UK: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.4.5. Claims Processing Software Market - France
- 8.4.5.1. France: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.5.2. France.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.4.5.3. France: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.4.6. Claims Processing Software Market - Germany
- 8.4.6.1. Germany: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.6.2. Germany.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.4.6.3. Germany: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.4.7. Claims Processing Software Market - Italy
- 8.4.7.1. Italy: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.7.2. Italy.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.4.7.3. Italy: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.4.8. Claims Processing Software Market - Spain
- 8.4.8.1. Spain: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.8.2. Spain.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.4.8.3. Spain: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.4.9. Claims Processing Software Market - Netherlands
- 8.4.9.1. Netherlands: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.9.2. Netherlands.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.4.9.3. Netherlands: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.4.10. Claims Processing Software Market - Russia
- 8.4.10.1. Russia: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.4.10.2. Russia.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.4.10.3. Russia: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.5. Claims Processing Software Market - Asia Pacific
- 8.5.1. Asia Pacific: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.2. Asia Pacific.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.5.3. Asia Pacific: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.5.4. Claims Processing Software Market - China
- 8.5.4.1. China: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.4.2. China.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.5.4.3. China: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.5.5. Claims Processing Software Market - India
- 8.5.5.1. India: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.5.2. India.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.5.5.3. India: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.5.6. Claims Processing Software Market - Malaysia
- 8.5.6.1. Malaysia: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.6.2. Malaysia.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.5.6.3. Malaysia: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.5.7. Claims Processing Software Market - Japan
- 8.5.7.1. Japan: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.7.2. Japan.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.5.7.3. Japan: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.5.8. Claims Processing Software Market - Indonesia
- 8.5.8.1. Indonesia: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.8.2. Indonesia.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.5.8.3. Indonesia: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.5.9. Claims Processing Software Market - South Korea
- 8.5.9.1. South Korea: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.5.9.2. South Korea.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.5.9.3. South Korea: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.6. Claims Processing Software Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.6.2. Middle East & Africa.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.6.3. Middle East & Africa: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.6.4. Claims Processing Software Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.6.4.2. Saudi Arabia.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.6.4.3. Saudi Arabia: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.6.5. Claims Processing Software Market - UAE
- 8.6.5.1. UAE: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.6.5.2. UAE.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.6.5.3. UAE: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.6.6. Claims Processing Software Market - Israel
- 8.6.6.1. Israel: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.6.6.2. Israel.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.6.6.3. Israel: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.6.7. Claims Processing Software Market - South Africa
- 8.6.7.1. South Africa: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.6.7.2. South Africa.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.6.7.3. South Africa: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.7. Claims Processing Software Market - Latin America
- 8.7.1. Latin America: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.7.2. Latin America.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.7.3. Latin America: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.7.4. Claims Processing Software Market - Mexico
- 8.7.4.1. Mexico: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.7.4.2. Mexico.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.7.4.3. Mexico: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.7.5. Claims Processing Software Market - Brazil
- 8.7.5.1. Brazil: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.7.5.2. Brazil.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.7.5.3. Brazil: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
- 8.7.6. Claims Processing Software Market - Argentina
- 8.7.6.1. Argentina: Claims Processing Software Market, by Component, 2018 - 2030 (USD Billion)
- 8.7.6.2. Argentina.: Claims Processing Software Market, by End-Use, 2018 - 2030 (USD Billion)
- 8.7.6.3. Argentina: Claims Processing Software Market, by Enterprise Size, 2018 - 2030 (USD Billion)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. Newgen Software
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. Applied Epic
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. Pegasystems
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. Partner XE
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. FINEOS
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. Hyland Software
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Hawksoft
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. HIPPAsuite
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. Quick Silver
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. VENTIV TECHNOLOGY
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
- 10.11. Central Point Services
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
- 10.12. Jenesis Software
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
- 10.13. EIS Group Software
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
- 10.14. HawkSoft
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development
- 10.15. EZLynx.
- 10.15.1. Company Overview
- 10.15.2. Financial Performance
- 10.15.3. Product Benchmarking
- 10.15.4. Recent Development