The North America Claims Processing Software Market would witness market growth of 7.9% CAGR during the forecast period (2022-2028).
The claims management process is intricate, and any gaps in documentation, erroneous claims, or mismatched quotations can result in claims being rejected, delayed, or falsified. Insurance businesses are progressively deploying claims processing software featuring advanced AI-automation capabilities to digitally revolutionize the review and payment of insurance claims, assuring fast and transparent payouts. Enterprise insurance agencies and independent insurers utilize insurance claims management systems to assist agents in managing their clients' claims. With a consolidated record system, it primarily streamlines the information and knowledge required for analyzing claims.
The regional insurance industry is one of the most advanced and robust insurance sectors all over the world. According to the Insurance Information Institute, the US insurance industry's net premiums recorded in 2020 reached $1.28 trillion, with property/casualty insurers accounting for 51% and life/annuity insurers accounting for 49% of the total. Auto, business, and home insurances are the most common kinds of P/C insurance. In 2020, the sector's net premiums written totaled $652.8 billion.
Annuities, accident and health insurance, and life insurance are all part of the life/annuity insurance sector. In 2020, the sector's net premiums written totaled $624.0 billion. Although most private health insurance is written by health insurance companies, life/annuity, and property/casualty insurers also write accident and health insurance.
Moreover, according to the organization, in the United States, there was a total of 5929 insurance companies operating in the country. P/C (2,476 firms), life/annuities (843), fraternal (81), health (995), title (62), risk retention groups (245), and other firms (1,227) make up this total. Moreover, total P/C cash and investment assets were $2.0 trillion in 2020. In 2020, life and annuity cash and invested assets were $4.7 trillion, while separate account assets and other investments were $3.0 trillion.
The US market dominated the North America Claims Processing Software Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $19,139.7 Million by 2028. The Canada market is anticipated to grow at a CAGR of 10.4% during (2022 - 2028). Additionally, The Mexico market would display a CAGR of 9.4% during (2022 - 2028).
Based on Component, the market is segmented into Software (Without Services) and Services. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on End User, the market is segmented into Insurance Companies, Insurance Intermediaries, Agents & Brokers, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Claims Processing Software Market is Estimated to reach $59 Billion by 2028, at a CAGR of 8.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Duck Creek Technologies, Inc., FINEOS Corporation Holdings plc, Hyland Software, Inc., Hawksoft, Inc., HIPAAsuite, Newgen Software Technologies Limited, Pegasystems, Inc., Quick Silver Systems, Inc., Ventiv Technology, and A1 Enterprise, Inc.
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