This report identifies key demand-side trends in the claims processing services space, helping insurers optimize costs and operational efficiencies. It consists of key trends and enterprise challenges in the claims business process transformation services space, based on Avasant’s assessment.
In 2023, the claims industry faces many obstacles, from rising inflation to increased natural disasters and economic uncertainty. To flourish, insurers focus on technological advancements for better efficiency and service quality. They are adopting technologies such as intelligent automation and AI to streamline their claims operations and manage the ever-increasing costs. They are trying to balance automation and personalized service, with data playing a central role in optimizing this combination. Moreover, insurers are transitioning from a reactive approach to adopting preventive models, capitalizing on cutting-edge technologies, such as AI, IoT, and telematics, to proactively predict, detect, and decrease risks. This synchronization of innovative technology with business models holds the promise not only of risk reduction but also an enhanced degree of customer service.
The Claims Processing Business Process Transformation 2023 Market Insights™ aims to provide a view into important market trends and developments to help build a granular understanding of the claims processing ecosystem.
The industry insights presented in this report are based on our ongoing interactions with enterprise CXOs and other key executives, targeted discussions with service providers, subject matter experts, and Avasant Fellows, analyst insights from primary and secondary research, and lessons learned from consulting engagements.
About the report (Page 3)
Executive summary (Pages 4–7)
Demand-side trends (Pages 9–14)
Key contacts (Page 15)
Read the Research Byte based on this report.
Please refer to Avasant’s Claims Processing Business Process Transformation 2023 RadarView™ for detailed insights on service providers and supply-side trends.
Avasant’s research and other publications are based on information from the best available sources and Avasant’s independent assessment and analysis at the time of publication. Avasant takes no responsibility and assumes no liability for any error/omission or the accuracy of information contained in its research publications. Avasant does not endorse any provider, product or service described in its RadarView™ publications or any other research publications that it makes available to its users, and does not advise users to select only those providers recognized in these publications. Avasant disclaims all warranties, expressed or implied, including any warranties of merchantability or fitness for a particular purpose. None of the graphics, descriptions, research, excerpts, samples or any other content provided in the report(s) or any of its research publications may be reprinted, reproduced, redistributed or used for any external commercial purpose without prior permission from Avasant, LLC. All rights are reserved by Avasant, LLC.
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