What is Digital Claim?
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 | 2017-2027 |
Base Year | 2021 |
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), SAP (Germany), Capgemini (France), Pegasystems Inc. (United States) and Cognizant (United States) |
CAGR | % |
The market study is broken down and major geographies with country level break-up.
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. Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Digital Claim market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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), SAP (Germany), Capgemini (France), Pegasystems Inc. (United States) and Cognizant (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Digital Claim market by Type, Application and Region.
On the basis of geography, the market of Digital Claim has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Software {Cloud-based, On Premises} will boost the Digital Claim market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. Small and Medium Businesses will boost the Digital Claim market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Users, the sub-segment i.e. Insurance Agencies will boost the Digital Claim market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Insurance Types, the sub-segment i.e. Automotive and Transportation will boost the Digital Claim market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
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.
Market Trend
- Integration of Cutting-edge Technologies like Artificial Intelligence, Big Data, and Chatbots to Evaluate and Process Claims Precisely and Quickly
- Increased Adoption of Cloud-based Software by the Small and Medium-Sized Enterprises Due to Improved Scalability and Flexibility
Market 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
- Rapid Adoption of Digital Transformation Strategies in the Insurance Sector to Fully Automate the Process and Stay Competitive
Opportunities
- Penetration of Smartphones and Inclination Towards the Virtual claim Methods by Insurance Holders to Settle Claim Quickly Compared to Traditional Methods
Restraints
- High Cost of Continually Upgrading Software and Rising Data Security Concerns Due to Increasing Cyberattacks
- Lack of High-Speed Internet Connectivity May Slowdown the Adoption of Digital Claim Solutions
Challenges
- Limitations of Software Tools and Communication Difficulties Can Hamper the Growth
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Digital Claims Software and Service Providers, Venture Capitalists and Private Equity Firms, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
Frequently Asked Questions (FAQ):
1. What all players are profiled in the study?
The standard version of the report profiles 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), SAP (Germany), Capgemini (France), Pegasystems Inc. (United States) and Cognizant (United States) etc.
2. Can we have customized study for Digital Claim Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. What would be the Market Size of Digital Claim Market by 2027?
Analysts at AMA estimates Digital Claim Market to reach USD Million by 2027.