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The insurance claims services market size is forecast to increase by USD 155.1 billion at a CAGR of 12.7% between 2024 and 2029.
The insurance claims services industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
The property and casualty claims segment is estimated to witness significant growth during the forecast period.
The market, notably in the property and casualty sector, is marked by its handling of losses involving property damage and accidents or injuries' liability. This segment addresses incidents such as fires, theft, natural disasters, and various forms of liability. The intricacy of property and casualty insurance claims necessitates comprehensive assessment, rigorous investigation, and collaboration with external adjusters to guarantee fair and precise settlements. A key factor fueling growth in the property and casualty claims segment is the rising frequency and intensity of natural disasters. Events like hurricanes, floods, and wildfires are increasingly common, resulting in a surge in claims.
Machine learning, claims data analytics, and artificial intelligence are increasingly being integrated into claims platforms to streamline the claims process, improve operational efficiency, and reduce costs. Personal lines insurance and commercial insurance each present unique challenges in claims handling. Personal lines insurance involves managing claims for individual policies, while commercial insurance encompasses claims for businesses. Industry best practices and insurance regulation play a crucial role in ensuring a consistent and fair claims process across the board. Claims automation, fraud detection, and risk management are essential components of the claims process. Health insurance claims, though distinct from property and casualty, share similarities in the need for thorough investigation and coordination with providers.
Cloud computing and mobile applications are transforming the insurance industry, enabling claims reporting, processing, and adjudication in real-time. Claims software and technology are essential tools for claims specialists, adjusters, and examiners, facilitating data security, customer satisfaction, and claims cycle time reduction. Policy administration, claims payables, and claims workflow are interconnected aspects of the claims process, requiring seamless integration and coordination. Cost reduction, claims ratios, and claims severity are critical metrics for insurance carriers, agents, and brokers to monitor and manage effectively.
The Property and casualty claims segment was valued at USD 44.50 billion in 2019 and showed a gradual increase during the forecast period.
North America is estimated to contribute 35% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In the vast and intricate landscape of the insurance industry, North America, specifically the United States, emerges as a significant player in The market. The region's well-established insurance sector, coupled with a large population and extensive insurance coverage across various sectors like life, health, property, casualty, and motor insurance, fuels considerable demand for insurance claims services. This mature market is marked by a robust infrastructure and regulatory framework that fosters efficient claims processing and management. Natural disasters, such as hurricanes, floods, and wildfires, are common occurrences in North America, significantly impacting the property and casualty insurance sectors.
For example, on January 7, 2025, California was hit by devastating wildfires due to a Santa Ana wind event in Los Angeles County. In response to these events, claims handling becomes a critical function, necessitating the use of advanced technologies like machine learning, claims data analytics, and artificial intelligence to expedite claims resolution and enhance operational efficiency. Personal lines and commercial insurance companies employ claims platforms, claims software, and mobile applications to streamline the claims process and improve customer experience. Claims management, claims adjudication, claims reporting, and risk management are all integral components of this process. Moreover, the integration of fraud prevention measures, such as fraud detection and claims investigators, ensures cost reduction and maintains claims ratios.
Industry best practices and insurance regulation guide the market in North America. Regulatory changes and policy administration updates necessitate continuous adaptation and innovation. Insurance carriers, agents, brokers, and adjusters collaborate to provide comprehensive claims services, ensuring customer satisfaction and data security throughout the claims lifecycle. The digital transformation of the insurance industry further propels the adoption of claims technology, including claims automation, claims workflow, and claims payables, to optimize the claims process and enhance overall operational efficiency.
Our researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The insurance claims services market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the insurance claims services market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, insurance claims services market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Accenture PLC - The company specializes in insurance business process services and outsourcing, enhancing claim processing efficiency, quality, and reducing administrative expenses through innovative solutions. Our offerings encompass Accenture Insurance BPS, designed to streamline claims handling and optimize operational performance. By leveraging advanced technologies and industry expertise, we deliver cost savings and improved customer experience for our clients.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market continues to evolve, driven by advancements in technology and shifting industry dynamics. Claims investigation and handling are increasingly leveraging machine learning and claims data analytics to enhance accuracy and efficiency. Personal lines insurance and commercial insurance sectors are adopting claims platforms to streamline processes and improve operational efficiency. Industry best practices and insurance regulation are shaping the market, with a focus on claims automation and fraud prevention. Health insurance is exploring artificial intelligence and cloud computing to optimize claims resolution and enhance customer experience. Claims backlog and claims cycle time are critical metrics, with claims examiners utilizing natural language processing and claims software to expedite claims processing.
Auto insurance and business insurance sectors are integrating mobile applications and claims technology to improve accessibility and convenience. Regulatory changes and claims frequency are influencing the market, with insurance carriers, agents, brokers, and adjusters adopting digital transformation to reduce cost and improve customer satisfaction. Claims payables, claims workflow, claims adjudication, and claims reporting are all areas undergoing significant innovation. Risk management and claims processing are becoming more sophisticated, with a focus on big data, data security, claims severity, and cost reduction. The claims lifecycle is being optimized through claims ratios and claims specialists, ensuring a seamless claims experience for policyholders.
Dive into Technavio’s robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Insurance Claims Services Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
217 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.7% |
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Market growth 2025-2029 |
USD 155.1 billion |
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Market structure |
Fragmented |
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YoY growth 2024-2025(%) |
12.1 |
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Key countries |
US, China, UK, Germany, India, France, Japan, Canada, Brazil, and Australia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by End-user
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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