The global claims management software market is anticipated to grow at a significant CAGR of 7.9% during the forecast period (2022-2028). Insurance claims management software assists insurers in handling and reviewing insurance claims. This automates and processes data capture and settlement for insurance companies. The global claims management software market is growing due to the need of lowering claims processing costs globally. The rising usage of automation in the insurance sector is also driving the growth of the market. The use of predictive modeling, machine-learning techniques, and big data are installed within new software as these provide abilities to identify more fraudulent claims. Additionally, several government initiatives for the development in the insurance sector to decrease the number of faults are also expected to propel the growth of the global claims management software market.
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The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new launches, to stay competitive in the market. For instance-
- In February 2022, VCA Software LLC announced that it has gone live with real-time, instant digital claims payments, enabled through the real-time payment network. Its insurance carrier and third-party administrator clients can ensure that claimants can now receive a payment within 15 seconds of issuance.
- In August 2021, Majesco announced the launch of Majesco ClaimVantage Connect, a new digital portal specific for customers using Majesco ClaimVantage solutions including claims, absence, and accommodation management.
- In May 2021, IBM announced the launch of the intelligent automation solution for insurance claims, enabled by IBM Cloud Paks.
- In November 2019, South Africa’s special risk insurer announced the launch of their new technologically advanced claims management system.
- In March 2019, the Louisiana Department of Veterans Affairs launched the use of a secure, online claims management software solution built for veteran service officers and state departments.
Market Coverage
- The market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Jenesis Software, Central Point Services Ltd., Newgen Software Technologies Ltd., and Pegasystems Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Claims Management Software Market Report by Segment
By Product Type
- Web-based
- App-based
By End-User
- Insurance
- Electronic Commerce
- Other
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