Press release
Insurance Claims Services Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Insurance Claims Services Market
The increasing occurrence of road accidents is expected to accelerate the growth of the insurance claim services market. Higher traffic volumes, urbanization, and distracted driving contribute to the growing number of accidents. Insurance claim services facilitate repairs or replacements for damaged vehicles or property, ensuring quick recovery for policyholders. For example, in 2022, road deaths in the UK increased by 10%, reaching 1,766 fatalities. This rise in road accidents is driving the demand for insurance claim services.
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What Is the projected market size and growth rate for the insurance claims services market?
The insurance claims services market will increase from $184.93 billion in 2024 to $210.11 billion in 2025 at a CAGR of 13.6%, driven by rising insurance adoption, increased theft cases, and demand for mobile insurance applications.
The insurance claims services market is expected to reach $345.97 billion by 2029 at a CAGR of 13.3%, fueled by rising health insurance claims, increased accidents, and risk management awareness. Trends include AI-powered claims processing, predictive analytics, and cloud-based solutions.
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How are the latest trends influencing the growth of the insurance claims services market?
Companies in the insurance claims services market are integrating generative AI to improve claims processing, boost customer service, and enhance operational efficiency. Generative AI automates routine tasks like data entry and claims verification, speeding up the claims cycle and reducing manual errors. For instance, in June 2023, Simplifai, an India-based automation company, launched Simplifai InsuranceGPT, a generative AI tool built for the insurance industry. Powered by Simplifai's no-code platform, the tool aids claims management by providing insights based on legal precedents and historical decisions while ensuring data privacy and security.
What major market segments define the scope and growth of the insurance claims services market?
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
Subsegments:
1) By Life Insurance Claims: Term Life Insurance Claims, Whole Life Insurance Claims, Universal Life Insurance Claims, Group Life Insurance Claims
2) By Health Insurance Claims: Individual Health Insurance Claims, Family Health Insurance Claims, Medicare Claims, Medicaid Claims, Critical Illness Insurance Claims
3) By Motor Insurance Claims: Car Insurance Claims, Motorcycle Insurance Claims, Commercial Vehicle Insurance Claims, Third-party Liability Claims, Comprehensive Motor Insurance Claims
4) By Property And Casualty Insurance Claims: Homeowners Insurance Claims, Renters Insurance Claims, Commercial Property Insurance Claims, Flood Insurance Claims, Fire Insurance Claims, Natural Disaster And Catastrophe Claims
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Which region dominates the insurance claims services market?
North America was the largest region in the insurance claims services market in 2023. The regions covered in the insurance claims services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the insurance claims services industry growth?
Major companies operating in the insurance claims services market are accenture* 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.
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What Is Covered In The Insurance Claims Services Global Market Report?
•Market Size Forecast: Examine the insurance claims services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the insurance claims services market for a structured understanding.
•Key Players Overview: Analyze major players in the insurance claims services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the insurance claims services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the insurance claims services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the insurance claims services market.
•Industry Challenges: Identify potential risks and obstacles affecting the insurance claims services market.
•Competitive Landscape: Review strategic developments in the insurance claims services market, including expansions, agreements, and new product launches.
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