Press release
Insurance Third Party Administrators Market Forecast 2024: Streamlining Insurance Operations Globally
Insurance Third Party Administrators Market Forecast
The new report published by The Business Research Company, titled Insurance Claims Services Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the insurance claims services market size has grown rapidly in recent years. It will grow from $163.49 billion in 2023 to $184.93 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The insurance claims services market size is expected to see rapid growth in the next few years. It will grow to $309.70 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%.
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What Is Driving The Growth Of The Global Insurance Claims Services Market?
Rising Incidence Of Accidents Drives The Insurance Claim Services Market Growth
The increasing incidence of road accidents is expected to propel the growth of the insurance claim services market going forward. The rising incidence of road accidents is due to changes in urbanization, which lead to higher traffic volumes, lifestyle, environmental conditions, and distracted behaviors. Insurance claim services arrange for repairing or replacing damaged vehicles or property, ensuring that the policyholder can resume normal activities as quickly as possible. For instance, in October 2023, according to the Bake, The Road Safety Charity, a UK-based government organization, the number of road accident deaths in the UK increased by 10% to reach 1,766 road deaths in 2022 in with 1,711 occurring in Britain and 55 in Northern Ireland. Therefore, The increasing incidence of accidents drives the insurance claim services market.
What Is The Key Trend In The Global Insurance Claims Services Market?
Integrating Generative AI To Improve Overall Efficiency
Major companies operating in the insurance claims services market are focusing on integrating generative artificial intelligence (AI) to streamline claims processing, enhance customer service, and improve overall efficiency. Generative AI automates routine tasks, such as data entry and claims verification, thereby accelerating the claims processing cycle and reducing manual errors. By employing AI-driven chatbots and virtual assistants, these companies enhance customer service through prompt, personalized responses. For instance, in June 2023, Simplifai, an India-based automation company, launched Simplifai InsuranceGPT, a custom-built generative AI tool specifically designed for the insurance industry. This tool is powered by Simplifai's no-code AI platform and aims to enhance decision-making in automated claims management while ensuring data privacy and security. The tool assists in claims settlement by providing insights based on legal precedents and historical decisions.
How Is The Global Insurance Claims Services Market Segmented?
The insurance claims services market covered in this report is segmented -
1) By Type Of Insurance: Life Insurance Claims, Health Insurance Claims, Motor Insurance Claims, Property And Casualty Insurance Claims
2) By Insurance Providers: Insurance Companies, Third-Party Administrators (TPAs), Specialized Claims Management Firms
3) By End-User: Individual Policyholders, Commercial Policyholders, Government And Public Sector
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How Is The Competitive Landscape Of The Global Insurance Claims Services Market?
Major companies operating in the insurance claims services market are Accentur*e PLC, International Business Machines Corporation, Oracle Corporation, KPMG International Limited, Capgemini SE, Cognizant Technology Solutions, DXC Technology Company, Concentrix Corporation, Gartner Inc. , Genpact Ltd., Conduent Inc., Sutherland Global Services Inc., Exlservice Holdings Inc. , Pegasystems Inc., World Network Service(WNC) Holdings Limited, Flatworld Solutions Private Limited, Software AG, Guidewire Software Inc., Hexaware Technologies Limited, Sapiens International Corporation N.V.
Contents Of The Global Insurance Claims Services Market
1. Executive Summary
2. Insurance Claims Services Market Report Structure
3. Insurance Claims Services Market Trends And Strategies
4. Insurance Claims Services Market - Macro Economic Scenario
5. Insurance Claims Services Market Size And Growth
…..
27. Insurance Claims Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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