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Insurance Claims Services Market to Reach $638.3 Billion, Globally, by 2032 at 12.8% CAGR: Allied Market Research
[January 25, 2024]

Insurance Claims Services Market to Reach $638.3 Billion, Globally, by 2032 at 12.8% CAGR: Allied Market Research


Increasing incidents of accident claims, increasing prevalence of theft and vandalism, and technological advancements in insurance sector drive the growth of the global insurance claims services market.

WILMINGTON, Del., Jan. 25, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Insurance Claims Services Market by Type of Insurance (Property and Casualty Insurance Claims, Health Insurance Claims, Life Insurance Claims, Motor Insurance Claims, and Others), Insurance Providers (Insurance Companies, Third-Party Administrators (TPAs), and Specialized Claims Management Firms), and End User (Individual Policyholders, Commercial Policyholders, and Government & Public Sector): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global insurance claims services industry generated $193.8 billion in 2022, and is anticipated to generate $638.3 billion by 2032, witnessing a CAGR of 12.8% from 2023 to 2032.

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  • 260– Pages
  • 155 – Tables
  • 49 – Charts

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Prime determinants of growth  

The insurance operations have been completely altered owing to advancements in technologies like digital platforms, artificial intelligence, and data analytics. These developments have improved the accuracy, efficiency, and customer-centric claims processing process. Insurers currently employ automation and data-driven insights to review claims more quickly and effectively than they could with human processing. The emergence of digital gateways and mobile applications has additionally enabled policyholders to effortlessly submit claims and track their progress in real time.

Report coverage & details: 





Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$193.8 billion

Market Size in 2032

$638.3 billion

CAGR

12.8 %

No. of Pages in Report

200

Segments covered

Type of Insurance, Insurance Providers, End User, and Region.

Drivers 

Increasing incidents of accident claims

Increasing prevalence of theft and vandalism

Technological advancements in insurance sector

Opportunities

Growth in developments towards digitalized insurance services

Rise in literacy level

Restraints

Increasing fraudulent insurance claims


 

The property and casualty claims segment to maintain its leadership status throughout the forecast period 

Based on type of insurance, the property and casualty insurance claims segment held the highest market share in 2022, accounting for nearly two-fifths of the global insurance claims services market revenue and is estimated to maintain its leadership status throughout the forecast period, as it covers everything from home insurance to automobile coverage, safeguarding individuals and businesses against unforeseen events. However, the life insurance segment is projected to manifest the highest CAGR of 16.8% from 2023 to 2032, as insurers are moving towards more personalized life insurance products. This involves using data and analytics to tailor policies based on individual behaviors and lifestyles.

The insurance companies' segment to maintain its leadership status throughout the forecast period 

Based on insurance providers, the insurance companies segment held the highest market share in 2022, accounting for more than half of the global insurance claims services market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that insurers are placing a greater emphasis on customer experience. This involves providing more user-friendly digital interfaces, faster claims processing, and improved communication to enhance overall customer satisfaction. However, the third-party administrators (TPAs) segment is projected to manifest the highest CAGR of 15.8% from 2023 to 2032, owing to the fact that TPAs are prioritizing cybersecurity measures to protect sensitive customer data. It includes implementing robust cybersecurity protocols and staying updated on the latest security technologies. 

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The commercial policyholder's segment to maintain its lead position during the forecast period 

Based on end user, the commercial policyholders segment accounted for the largest share in 2022, contributing nearly half of the global insurance claims services market revenue, as commercial policyholders were experiencing a shift towards digitalization in claims services. It involved the use of digital platforms, mobile apps, and online tools to facilitate the claims reporting and management process. However, the individual policyholders segment is expected to portray the largest CAGR of 14.9% from 2023 to 2032, and is projected to maintain its lead position during the forecast period. This is owing to the fact that insurers were implementing digital communication channels, including chatbots, to interact with individual policyholders during the claims process. These technologies offered instant support, answered queries, and provided updates on claims status.

North America to maintain its dominance by 2032 

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global insurance claims services market revenue, owing to the fact that insurance companies in North America were actively investing in digital technologies to transform their claims services. However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.6% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is attributed to widespread adoption of smartphones in the APAC region, which led insurance companies to increasingly focus on mobile channels for claims reporting, communication, and document submission.

Leading Market Players: - 

  • Pegasystems Limited
  • Hexaware Technologies Inc.
  • Software AG
  • Avaya Inc.
  • Cognizant Technology Solutions
  • Accenture PLC
  • International Business Machines Corporation
  • Oracle Corporation
  • HCL Technologies
  • DXC Technology Company

The report provides a detailed analysis of these key players of the global insurance claims services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  

KEY BENEFITS FOR STAKEHOLDERS

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the insurance claims services market forecast from 2022 to 2032 to identify the prevailing market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities of insurance claims services market overview.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the insurance claims services market segmentation assists to determine the prevailing insurance claims services market opportunity.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global insurance claims services market trends, key players, market segments, application areas, and market growth strategies.

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Insurance Claims Services Market Report Highlights

By Type of Insurance

  • Life Insurance Claims
  • Motor Insurance Claims
  • Others
  • Property and Casualty Insurance Claims
  • Health Insurance Claims

By Insurance Providers

  • Insurance Companies
  • Third-Party Administrators (TPAs)
  • Specialized Claims Management Firms

By End User

  • Individual Policyholders
  • Commercial Policyholders
  • Government and Public Sector

By Region

  • North America (U.S., Canada)
  • Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • Latin America (Brazil, Argentina, Rest of Latin America)
  • Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East and Africa)

Key Market Players: HCL Technologies, Hexaware Technologies Ltd, Pegasystems, Software AG, International Business Machines Corporation, DXC Technology Company, Accenture, Oracle Corporation, Avaya Inc, Cognizant Technology Solutions Corp.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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