+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

Claims Processing Software Market

  • PDF Icon

    Report

  • 115 Pages
  • December 2022
  • Region: Global
  • Polaris Market Research
  • ID: 5724170
The global claims processing software market size is expected to reach USD 74.5 billion by 2030, according to a new study. 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.

The publisher 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
Frequently Asked Questions about the Claims Processing Software Market

What is the estimated value of the Claims Processing Software Market?

The Claims Processing Software Market was estimated to be valued at $39 billion in 2022.

What is the growth rate of the Claims Processing Software Market?

The growth rate of the Claims Processing Software Market is 8.4%, with an estimated value of $74.5 billion by 2030.

What is the forecasted size of the Claims Processing Software Market?

The Claims Processing Software Market is estimated to be worth $74.5 billion by 2030.

Who are the key companies in the Claims Processing Software Market?

Key companies in the Claims Processing Software Market include Newgen Software Technologies Limited, Applied Epic, Pegasystems Inc., Partner XE, Duck Creek Technologies, FINEOS, Hyland Software Inc., Hawksoft Inc. and Newgen Software Technologies Limited.

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
2.1. Market Highlights

3. Research Methodology
3.1. Overview
3.1.1. Data Mining
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
4.2.2.1. High cost
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

Companies Mentioned

  • Newgen Software Technologies Limited
  • Applied Epic
  • Pegasystems Inc.
  • Partner XE
  • Duck Creek Technologies
  • FINEOS
  • Hyland Software Inc.
  • Hawksoft Inc.
  • HIPPAsuite
  • Newgen Software Technologies Limited
  • Pegasystems Inc.
  • Quick Silver
  • VENTIV TECHNOLOGY
  • a1 enterprise Inc. Central Point Services Limited
  • Jenesis Software
  • EIS Group Software Limited
  • HawkSoft Inc.
  • EZLynx.
  • others.