This RadarView provides a view into the leading service providers offering claims processing business process transformation services. It begins with a summary of key trends shaping the market’s supply side and subsequently provides a detailed assessment of 21 providers offering claims processing transformation services. Each profile provides an overview of the service provider, its key 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 innovations.
Why read this RadarView?
With the rise in competition and changing regulations, insurance companies must simplify their operations and focus on their core strengths. Thus, insurers increasingly outsource claims processing services to address rising challenges, including narrow profit margins and changing customer expectations. Service providers also invest in enhancing their ability to process claims and capabilities across the claims value chain.
Insurers are partnering with service providers to utilize advanced technologies, such as predictive analytics, cybersecurity measures, and blockchain, to improve decision-making, fraud detection, and data security. They leverage telematics, AI, and IoT innovations to transform auto insurance and low-code/no-code solutions for faster product development.
The Claims Processing Business Process Transformation 2023 RadarView™ highlights key supply-side trends in the claims processing transformation services space and Avasant’s viewpoint. It aids companies in identifying top service providers to assist them with claims processing outsourcing services. It also analyzes each service provider’s technology and delivery support capabilities, enabling organizations to identify the right strategic partners for claims processing services.
This RadarView includes a detailed analysis of the following claims processing service providers: Accenture, CGI, Coforge, Cognizant, Conduent, Datamatics, DXC Technology, Exela Technologies, EXL, Firstsource, Genpact, HCLTech, Hexaware, Infosys, Mphasis, ReSource Pro, Sutherland, Virtusa, Wipro, WNS, Xceedance.
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 4–9)
- Defining claims processing services
- Avasant recognizes 21 top-tier providers offering claims processing business process transformation services
- Provider comparison
Supply-side trends (Pages 10–16)
- Insurers are partnering with service providers to leverage their domain knowledge, technological expertise, and cost-efficiency.
- Very large enterprises are driving claims processing services in terms of revenue and the number of clients.
- Enterprises are shifting towards an output/transaction-based pricing model to enable enhanced customer experiences for claims processing.
- Claims intake, complaints, and appeals are growing as enterprises continuously transform with increasing customer expectations.
- Over 70% of claims processing service provider investments are dedicated toward R&D and inorganic expansion.
- Claims processing service providers are expanding their offerings by leveraging their partner ecosystems.
Service provider profiles (Pages 17–59)
Detailed profiles for Accenture, CGI, Coforge, Cognizant, Conduent, Datamatics, DXC Technology, Exela Technologies, EXL, Firstsource, Genpact, HCLTech, Hexaware, Infosys, Mphasis, ReSource Pro, Sutherland, Virtusa, Wipro, WNS, and Xceedance.
Appendix (Pages 60–63)
- RadarView assessment
- Research methodology and coverage
- Interpretation of classification
Read the Research Byte based on this report.
Please refer to Avasant’s Claims Processing Business Process Transformation 2023 Market Insights™ for detailed insights on the demand side trends.