The study covers a detailed analysis segmented by key business segments i.e. by type (On-Premise and Cloud Based) , by application (Healthcare Insurance Claim, Car Insurance Claims, Natural Disaster Claim and Others) and major geographies.
What is Claims Management Solutions?
Claims Management Solutions are comprehensive tools which allow end to end claims workflow and collaboration. The claim management solutions are provided for healthcare insurance claims, car insurance claims, and natural disaster claims among others. The firms are required to compensate for the loss endured when claim is filed by the insurance buyer. The claim management solutions are automated and agile in providing swift action on the claims made. Rising penetration of insurance providers and surge in adoption of digital automated solutions has attributed to the growth of the claims management solutions market. North America is one of the major markets of the claim management solutions.
The competition is expected to become even more intense in the years to come due to entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Claims Management Solutions market analysis report suggests strategies Players can follow and recommends key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, including:
- Software AG (Germany)
- DXC Technology (United States)
- Cognizant (United States)
- IBM Corporation (United States)
- HCL Technologies (India)
- Hexaware Technologies (India)
- Pegasystems Inc. (United States)
- McKesson Corporation (United States)
- Cerner Corporation (United States)
- Health Solutions Plus, Inc. (United States)
Market Overview:
In 2021, Majesco, a United States based market leader in Insurance technology solutions such as cloud insurance platforms has announced completion of acquisition of ClaimVantag, which is an innovative developer and provider of enterprise claims software as well as absence and accommodation management solutions. The acquisition will help Majesco strategically expand in the L&A market segment.
Market Trend
Healthcare Insurance Claims Account for Largest Market Share
Restraints
- Glitches in Software causing Operational Disruptions
Opportunities
Cloud Based Services Present High Performance Applications across Different Domains
Key highlights of the Global Claims Management Solutions market Study:
CAGR of the market during the forecast period 2020-2026
In-depth information on growth factors that will accelerate the Claims Management Solutions market in next few years.
Detailed Insights on futuristic trends and changing consumer behaviour
Forecast of the Global Claims Management Solutions market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Claims Management Solutions Players
Transformation and Important Trigegrs:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Claims Management Solutions market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Claims Management Solutions market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Claims Management Solutions Providers, New Entrants/Investors, Venture Capitalists and Private Equity Firms and End-Use Industries.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.