LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Claims Processing Services Market - Procurement Intelligence Report.
The number of cyber claims is taking an upward surge owing to the recent surge in cyber-attack incidents. Such incidents are the negative impacts of the rapid adoption of new enterprise applications by organizations. However, this is working in favor of suppliers in the claims processing services market. A majority of suppliers are leveraging robust technological tools such as big data analytics, fraud detection technology, among others to enhance the effectiveness of the review, investigation, adjustment, and remittance or denial of claims. This is propelling their demand among buyers which will accelerate the spend momentum of this claims processing services at a CAGR of over 6% between 2019-2024.
The automobile and the healthcare sectors in the US insurance market are witnessing an exponential increase in the number of claims volume. In response to this surge in demand, claims processing services suppliers are adopting the robust technological tools to fortify their skills in terms of litigation management, fraud detection, and utilization of subrogation opportunities. This will drive more investments in the claims processing services market in this region. Buyers in APAC are experiencing a pressing requirement for cyber insurance owing to the sudden surge in cyber-attacks that accounts for about 35% of the globally reported incidents. This will drive the demand growth in the claims processing services market in this region.
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Things to Know Before Venturing into the Claims Processing Services Market:
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Suppliers are adopting claims processing software to reduce the overall cost and time required for the validation, evaluation, and settlement of claims. They are automating reporting, capturing, auditing, and communication required for claims processing. The adoption of such claims processing software helps the suppliers save up to 40% on claims processing compared with conventional methods, which involve human interruption and a lot of paperwork. This will bring stability in the price in the claims processing services market.
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Fraudulent claims are one of the imposing challenges in this market. Prior to confirming partnership with suppliers, buyers must analyze the number of fraud referrals that the suppliers make in a line of business, consistency of the reported fraud referrals with the industry's benchmark, the presence of an internal SIU team or a third-party vendor to identify and manage fraudulent claims, and the provision of annual fraud training to claims handlers.
- Data synchronization and centralization leads to lower data accuracy errors and reduces validation effort for suppliers, thereby contributing to the effective TAT of the suppliers.
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Other key topics covered in this report are:
- Claims processing services market spend segmentation by region
- Total cost of ownership analysis in the claims processing services market
- Regional spend opportunity for claims processing services suppliers
- Claims processing services suppliers cost structure
- Claims processing services suppliers selection criteria
- Claims processing services suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the claims processing services market
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