This report helps enterprises identify service providers to implement and manage claims processing business process transformation services. It begins with a summary of key trends shaping the market and Avasant’s viewpoint on the road ahead for claims processing business process transformation over the next 12 to 18 months.
We continue with a detailed assessment of 20 providers offering claims processing services. Each profile provides an overview of the service provider, its IP assets, and a list of clients and partnerships, along with brief client case studies. Each profile concludes with analyst insights on the provider’s practice maturity, domain ecosystem, and investments and innovation.
Why read this RadarView?
The insurance industry has been slow to adopt digital technologies in claims processing. However, since the outbreak of the COVID-19 pandemic, the pace of claims digital transformation has accelerated the outsourcing of multiple claims processes to address newer challenges in the claims value chain. During the pandemic, insurers were faced with the challenge of managing large volumes of claims. Therefore, they began leveraging a variety of technologies through partnerships, acquisitions, and outsourcing to enhance claims processing.
The pandemic-related restrictions and resource crunch led to an increased focus on developing digital claims solutions to reduce costs and improve the quality of services. These solutions focused on reducing manual interventions throughout the claims processing life cycle, enabling faster claims settlement and improving customer satisfaction.
The Claims Processing Business Process Transformation 2022–2023 RadarView identifies key service providers in the claims processing space. It provides an analysis of service provider capabilities in technology, domain expertise, and delivery-related capabilities to assist insurers in identifying the right strategic partners for claims process transformation.
This RadarView includes a detailed analysis of the following claims processing business process transformation services providers: Accenture, CGI, Coforge, Cognizant, Conduent, Datamatics, DXC, Exela Technologies, EXL, Firstsource, Genpact, HCLTech, Hexaware, Infosys, Mphasis, ReSource Pro, Virtusa, Wipro, WNS, and Xceedance.
The industry insights and recommendations presented in the 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, along with lessons learned from consulting engagements.
Our evaluation of service providers is based on primary input from the providers, focused briefings, public disclosures, validation from their clients, and Avasant’s ongoing market interactions. The assessment is across the three dimensions of practice maturity, domain ecosystem, and investments and innovation, leading to our recognition of those service providers that have brought the most value to the market over the past 12 months.
Table of contents
About the report (Page 3)
Executive summary (Pages 5–8)
- Key business process transformation services trends shaping the market
- Key recommendations for enterprises
- Avasant recognizes 20 top-tier service providers offering claims processing business process transformation services
Claims processing market trends (Pages 9–23)
- Demand for claims processing services and outsourcing has grown rapidly
- Enterprises are finding innovative ways to process claims by leveraging digital technologies
- Digital claims have gained traction, driven by fast-evolving consumer demand
- Insurtech companies and aggregators are enabling consumer-centric claims services and solutions
- Domain expertise, cost of service, and customization are key in claims processing outsourcing consideration
- Outcome-based agreements linked to business outcomes are rising
- Service providers are making significant investments to augment their claims processes
RadarView overview (Pages 24–29)
- Methodology and coverage
- Interpretation of classification
- RadarView assessment
Service provider profiles (Pages 30–70)
- Detailed service provider profiles providing a 360-degree view for Accenture, CGI, Coforge, Cognizant, Conduent, Datamatics, DXC, Exela Technologies, EXL, Firstsource, Genpact, HCLTech, Hexaware, Infosys, Mphasis, ReSource Pro, Virtusa, Wipro, WNS, and Xceedance.
Key contacts (Page 71)
Read the Research Byte based on this report.