LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Claims Management Software Market Procurement Report.’ The insights and data offered by this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the information technology industry. This procurement report breaks down the data and analysis behind the procurement of claims management software and acts as an all-inclusive guide for making smart purchasing decisions.
“The demand for the category is being driven by the growth of the insurance market across the world and the increasing focus of category buyers to enhance customer experience,” says SpendEdge procurement analyst Bhuvaneshwari Udayakumar. “Also, integration of advanced technologies such as predictive analytics and AI with claims management software has widened the scope of the category and made it lucrative for buyers,” added Bhuvaneshwari.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Claims Management Software Market:
- Growing use of AI in claims processing
- Increasing integration of fraud detection technologies with claims management software
- Integration of big data analytics with claims management software
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Growing use of AI in claims processing:
In recent years, AI technologies have been used in the claims management process to reduce the number of errors pertaining to manual claims processing procedures. With the help of AI, the burden of insurance for the employees can be reduced, and they can focus on more demanding tasks such as claims verification and fraud detection.
Increasing integration of fraud detection technologies with claims management software
The rapid increase in fraudulent claims has led to the integration of advanced fraud detection technologies with claims management software. With the help of these technologies, insurers can identify the fraud at early stage and further helps them to do a better risk profiling of the consumers.
Integration of big data analytics with claims management software
Claims processing, at large, involves the analysis of a large volume of data. Therefore, big data analytics is increasingly used to assist adjusters in enhancing their decision-making process. It is also used in the claim settlement process to optimize settlement amounts for instant payouts.
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