Insurance Claims Management Software Market Definition
Insurance claims management software automates the management of claims to reduce the risk of fraudulent claims. The software provides the access to relevant data to claim the required data. It also provides information for the evaluation of claims from the centralized systems of record. The software helps the agents to manage the insurance claims process and provides automation in workflows considering the compliances.
The market study is broken down, by Application (Large Enterprises and Small-medium Enterprises) and major geographies with country level splits.
Snapsheet (BodyShopBids, Inc.) (United States), Applied Systems (United States), Oracle Corporation (United States), Alfresco Software, Inc (United States), Majesco (United States), Xactimate (United States), Ventic Technology (United States), Comindware Inc. (United States) and Pegasystems Inc. (United States) are some of the key players that are part of study coverage.
AdvanceMarketAnalytics has segmented the market of Global Insurance Claims Management Software market by Type, Application and Region.
On the basis of geography, the market of Insurance Claims Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, 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 Platform, the sub-segment i.e. Windows will boost the Insurance Claims Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. Cloud Based will boost the Insurance Claims Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Document Management will boost the Insurance Claims Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 23rd June 2020, Alfresco Software, an open-source, content services provider announced the availability of Alfresco Claims Management as a Service offering, which enables insurance companies to access content faster and modernize their claims processes. Companies can now create a fully digital claim file that improves the efficiency of front-line, claims employees by increasing the speed of claims handling and decision-making, as well as the ability to create tailored customer experiences.
On 5th May 2020, Snapsheet, a pioneer in virtual claims management processing technology, announced a new strategic partnership with Clearcover. The collaboration between the two Chicago-based insurtech leaders integrates Snapsheet’s claims management software to power Clearcover’s modern approach to auto insurance. and On 20th July 2020, Majesco a global leader of cloud insurance software solutions for insurance business transformation announced that it has signed a definitive agreement to be acquired by Thoma Bravo, L.P., a leading private equity firm focused on the software and technology-enabled services sectors, in a transaction valuing the company at USD594 dollar million.
- Integration of Artificial Intelligence in the Insurance Claims Management Software
- Demand for Automation in the Insurance Claiming Services
- Increasing Need for Productivity and Efficiency in Insurance Managing Operation
- Rising Insurance and Finance Industry will Boost the Insurance Claims Management Software Market
- Technological Upgradation in the Insurance Claims Management Software
- Regulatory Compliance with Insurance Claims Management Software
- Technical Problem with the Insurance Claims Management Software
Key Target AudienceInsurance Claims Management Software Developers, Insurance Claims Management Software Industry Associations, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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