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.
Why read this Market Insights?
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.
Methodology
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.
Table of contents
About the report (Page 3)
Executive summary (Pages 4–7)
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- Defining claims processing services
- Key trends shaping the claims processing services market
- Avasant recognizes 21 top-tier providers offering claims processing business process transformation services
Demand-side trends (Pages 9–14)
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- With geopolitical tensions, natural calamities, and disrupted supply chains, the claims industry is in a challenging space.
- Insurers are leveraging IoT, analytics, and AI/ML tools to facilitate touchless claims decisions and prevent fraud.
- Pressure from insurtechs and initiatives by traditional companies are changing the insurance market landscape.
- As technological innovation increases, a new range of challenges and opportunities arise for insurance companies.
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.
