The global claims processing services market was valued at about USD 217 billion in 2016 and is expected to surpass USD 302 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on claims processing services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the claims processing services market during the forecast period. Some of the top vendors listed in this industry analysis include Sedgwick Claims Management Services, Crawford & Company, York Risk Services Group, Gallagher Bassett Services, and UMR.
In terms of geographical analysis, the Americas is the largest region in the global market, with a market share of around 30%. The adoption of technological innovations drives the region such as AI and predictive analytics that focus on improving the claims management process.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The increasing use of Big Data analytics to increase ROI will help in the growth of the global claim processing services market. The implementation of Big Data analytics in claim processing helps reduce the TAT for processing claims, increasing customer satisfaction, associated labor costs, and increases opportunities for automatic adjudication and settlement of claims. Additionally, these solutions use predictive analysis that facilitates the use of modeling, text mining, and database searches to identify claim patterns and related exceptions, subsequently identifying fraudulent claims.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in claims volume
The increase in the total volume of claims globally and especially in the auto insurance sector will fuel the demand for claim processing services worldwide. As per industry records, the total auto insurance claims increased by 10% to 15% worldwide during the period between December 2016 and January 2017. The rise in large claim volumes will fuel the growth of the industry and will promote the outsourcing to the third-party claims processing service providers.
Innovations in claims technology
The development and adoption of various innovative technological solutions in the claim processing industry that includes end-to-end claims management system, predictive analytics solutions, and fraud detection systems will revolutionize the market. These innovative solutions will facilitate rapid claims investigations and settlements, mitigate claims leakages and fraudulent claims, reduce the buyers’ loss expenses, and promote category growth.
High adoption of process improvement measures by suppliers
Several suppliers in the claim processing industry are focusing on adopting innovative measures and practices that could reduce the claims settlement time and help in increasing customer satisfaction. The different process improvement measures implemented by the vendors will help in the growth of the market. Some of the improvements implemented include development and periodic review of the action plan to settle a claim, provision of fraud identification training to adjusters, and implementation of STP.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Claims Processing Services Market – Procurement Market Intelligence Report 2017-2021.’
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