Amid the COVID-19 pandemic, the insurance industry, which has traditionally been slow to adopt digital technologies, saw an acceleration in the digital transformation of the claims processing function. Insurers had to manage a large volume of claims, which pushed them to leverage new technologies through partnerships, acquisitions, and outsourcing. Outsourcing in particular, became an attractive option for insurers, with approximately 17% growth in the number of insurers turning to claims processing service providers. Claims management, payment integrity, and complaints and appeals segments continued to remain in focus.
These trends, and others, are covered in our Claims Processing Business Process Transformation 2022–2023 RadarView™. The report is a comprehensive study of claims processing business process transformation service providers, including top trends, analysis, and recommendations. It also takes a close look at the market’s leaders, innovators, disruptors, and challengers.
We evaluated over 40 service providers across three dimensions: practice maturity, domain ecosystem, and investments and innovation. Of these, we recognized 20 that brought the most value to the market during the past 12 months.
The report recognizes service providers in four categories:
Figure 1 from the full report illustrates these categories:
“Claims processing is a crucial moment in a customer’s insurance journey, and this experience needs to evolve with changing consumer behavior,” said Avasant Distinguished Fellow Ray Barnard. “Insurers must invest in simplifying claims processing and developing customer-centric and personalized offerings.”
The full report provides a number of findings and recommendations. Insurance carriers should:
“To deliver differentiated value, insurers must solve the dual challenge of cutting costs and enhancing the customer experience for their claims function,” said Aditya Jain, principal analyst at Avasant. “Service providers can help insurers through platform-driven and digital technology-enabled claims services.”
The full report also features detailed RadarView profiles of the 20 service providers, along with their solutions, offerings, and experience in enabling claims process transformation.
This Research Byte is a brief overview of the Claims Processing Business Process Transformation 2022™ (click for pricing).
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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