Industry Background:
Digital claim allows insurers to provide claim management services to their customers and manage the entire claim management lifecycle in a single solution. In today’s time, more and more insurance industries are shifting towards the adoption of technologically advanced solutions to reduce fraud & errors, and malfunctions, and fully automate the entire business process. Digital claims are becoming more popular among consumers/insurance holders as it reduces overall claim settlement cost and provides quick services. Further, the use of innovative technologies like big data, chatbots, and AI in digital claims offers automatic customer interactions, damage assessment, and faster claim processing.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Larsen & Toubro Infotech (India), IBM (United States), Oracle Corporation (United States), Microsoft Corporation (United States), Allianz SE (Germany), Sapiens International (Israel), Deloitte (United States), DEKRA (Germany), Ernst & Young (United States), 360Globalnet (United Kingdom), Accenture (Ireland) and SAP (Germany) |
This growth is primarily driven by Surging Demand for Digital Claim Management Solutions Among the Insurers to Reduce the Expenses Regarding Investigating and Claim Settlement, Increasing Automotive Insurance Claims Across the Globe Due to Rising Number of Accidents or Vehicle Damage Due to Other Reasons and Rapid Adoption of Digital Transformation Strategies in the Insurance Sector to Fully Automate the Process and Stay Competitive.
Globally, a noticeable market trend is evident Integration of Cutting-edge Technologies like Artificial Intelligence, Big Data, and Chatbots to Evaluate and Process Claims Precisely and Quickly
Major Players, such as Larsen & Toubro Infotech (India), IBM (United States), Oracle Corporation (United States), Microsoft Corporation (United States), Allianz SE (Germany), Sapiens International (Israel), Deloitte (United States), DEKRA (Germany), Ernst & Young (United States), 360Globalnet (United Kingdom), Accenture (Ireland) and SAP (Germany), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Key Developments in the Market:
In April, 2021 /PRNewswire/ -- IBM (NYSE:IBM) today announced a definitive agreement to acquire myInvenio, a process mining software company based in Reggio Emilia, Italy. The acquisition will provide organizations with data-driven software that should help them identify the most impactful business processes to automate using AI – including sales, procurement, production and accounting. It also further advances IBM's hybrid cloud and AI strategy, providing customers with a comprehensive suite of AI-powered automation capabilities for business automation.
In May 2021, IBM a global tech giant introduced an intelligent automation solution for insurance claims in order to help insurance companies be nimbler and more innovative. The solution is enabled by IBM Cloud Paks and uses hyper-automation technologies like process mining, RPA, AI, and natural language processing to reorchestrate front-office, core, and back-office insurance processes. IBM’s intelligent automation solution will help insurers to improve customer NPS, reduce loss adjustment expenses, and speed market responsiveness.
Influencing Trend:
Integration of Cutting-edge Technologies like Artificial Intelligence, Big Data, and Chatbots to Evaluate and Process Claims Precisely and Quickly and Increased Adoption of Cloud-based Software by the Small and Medium-Sized Enterprises Due to Improved Scalability and Flexibility
Market Growth Drivers:
Surging Demand for Digital Claim Management Solutions Among the Insurers to Reduce the Expenses Regarding Investigating and Claim Settlement, Increasing Automotive Insurance Claims Across the Globe Due to Rising Number of Accidents or Vehicle Damage Due to Other Reasons and Rapid Adoption of Digital Transformation Strategies in the Insurance Sector to Fully Automate the Process and Stay Competitive
Challenges:
Limitations of Software Tools and Communication Difficulties Can Hamper the Growth
Restraints:
High Cost of Continually Upgrading Software and Rising Data Security Concerns Due to Increasing Cyberattacks and Lack of High-Speed Internet Connectivity May Slowdown the Adoption of Digital Claim Solutions
Opportunities:
Penetration of Smartphones and Inclination Towards the Virtual claim Methods by Insurance Holders to Settle Claim Quickly Compared to Traditional Methods
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Digital Claim Market
- Analysis about New Entrants in Digital Claim Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Digital Claim Study Sheds Light on
The Digital Claim Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Digital Claim industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Digital Claim industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.