Claims Processing Software Global Market Report 2023

Major players in the claims processing software market are Duck Creek Technologies, FINEOS, Hyland Software Inc., Hawksoft Inc., HIPPAsuite, Newgen Software Technologies Limited, Pegasystems Inc., Quick Silver Systems Inc.

New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Claims Processing Software Global Market Report 2023" - https://www.reportlinker.com/p06464245/?utm_source=GNW
, Ventiv Technology, A1 enterprise Inc., Newgen Software, Applied Systems, Jenesis Software, EIS Group Software, and EZLynx.

The global claims processing software market is expected to grow from $36.23 billion in 2022 to $39.45 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The claims processing software market is expected to reach $53.96 billion in 2027 at a CAGR of 8.1%.

The claims processing software market includes revenues earned by entities by providing managing and reviewing insurance claims, data collection, settlement for insurance businesses, payment tracking, recovery tracks, legal matter processing, monitoring, and authorization and authorization processes.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Claims processing software refers to a software product that completes one or more of the following tasks. This software provide the ability to analyze risk to determine the claim’s complexity and the likelihood of litigation, analyze the data to find false claims, create a method for users to submit automated claim reports, and procedures for claims and settlement support.

North America was the largest region in the claims processing software market in 2022. The regions covered in the claims processing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main components of claims processing software include software and services.Software refers to a collection of instructions, data, or computer programs that are used to run machines and carry out particular activities.

It is used by large enterprises, small and medium-sized enterprises such as insurance companies, insurance intermediaries, agents and brokers, and others.

Lowering compliance risk exposure is expected to propel the growth of the claims processing software market going forward.Compliance risk refers to the risk of not acting in compliance with industry laws and regulations, internal policies, or recommended best practices exposing an organization to possible legal consequences, financial forfeiture, and material loss.

Lowering compliance risk can be a significant advantage for claims processing software providers, as it helps to improve operational efficiency, reduce costs, and enhance their reputation, credibility in the market, and also improve competitive position and generate more revenue by offering a more efficient, reliable, and trustworthy solution to customers.For Instance, in August 2022, according to the data published by Accenture plc, an Ireland-based, information technology services, and consulting company, insurers using the claims processing software tools saw a 38% reduction in fraudulent claims, a 60% reduction in manual intervention, and a 70% reduction in the time taken to settle claims.

Therefore, lowering compliance risk exposure is driving the growth of the claims processing software market.

Technological advancement is a key trend gaining popularity in the claims processing software market.Major market players operating in claims processing software market are concentrating their efforts on creating innovative technologies to strengthen their position in the market.

Technological advancements such as chatbots, optical character recognition, advanced analytics, robotic process automation and more have helped in improving the efficiency and accuracy of claims.Advanced automation tools such as Robotic Process Automation (RPA) and Artificial Intelligence (AI) can be used to automate repetitive and manual claim processing tasks.

For Instance, in July 2022, according to IBM, a US-based technology corporation, launched the release of IBM Robotic Process Automation 21.0.3. There was a 200 percent increase in Return on Investment (ROI) within the first year of RPA deployment in financial services. RPA was used to collect customer information, extract data in claims, perform background checks, and more.

In October 2022, TPG Inc., a US-based private equity firm acquired Change Healthcare’s healthcare claims analytics and payment accuracy software solution, ClaimsXten for $2.2 billion. With this acquisition, TPG Inc can expand its capabilities in the healthcare claims processing space, improve efficiency, enhance data analytics, and increase revenue. Change Healthcare is a US-based provider of healthcare claims management software.

The countries covered in the claims processing software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The claims processing software market research report is one of a series of new reports that provides claims processing software market statistics, including claims processing software industry global market size, regional shares, competitors with a claims processing software market share, detailed claims processing software market segments, market trends, and opportunities, and any further data you may need to thrive in the claims processing software industry. This claims processing software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464245/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________

CONTACT: Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001