claims outsourcing

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 Avasant’s Claims Processing Business Process Transformation 2022–2023 RadarView™.

December, 2022