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Insurance Claims Services Market to Reach $638.3 Billion, Globally, by 2032 at 12.8% CAGR: Allied Market Research

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Increasing incidents of accident claims, increasing prevalence of theft and vandalism, and technological advancements in insurance sector drive the growth of the global insurance claims services market.

WILMINGTON, Del., Jan. 25, 2024 /PRNewswire/ — Allied Market Research published a report, titled,Insurance Claims Services Market by Type of Insurance (Property and Casualty Insurance Claims, Health Insurance Claims, Life Insurance Claims, Motor Insurance Claims, and Others), Insurance Providers (Insurance Companies, Third-Party Administrators (TPAs), and Specialized Claims Management Firms), and End User (Individual Policyholders, Commercial Policyholders, and Government & Public Sector): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global insurance claims services industry generated $193.8 billion in 2022, and is anticipated to generate $638.3 billion by 2032, witnessing a CAGR of 12.8% from 2023 to 2032.

(We look forward to moving quickly provide the report analysis as per your research requirement, needed for your business success.)

  • 260– Pages
  • 155 – Tables
  • 49 – Charts

Request Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/A09995 

Prime determinants of growth  

The insurance operations have been completely altered owing to advancements in technologies like digital platforms, artificial intelligence, and data analytics. These developments have improved the accuracy, efficiency, and customer-centric claims processing process. Insurers currently employ automation and data-driven insights to review claims more quickly and effectively than they could with human processing. The emergence of digital gateways and mobile applications has additionally enabled policyholders to effortlessly submit claims and track their progress in real time.

Report coverage & details: 

Report Coverage

Details

Forecast Period

2023–2032

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Base Year

2022

Market Size in 2022

$193.8 billion

Market Size in 2032

$638.3 billion

CAGR

12.8 %

No. of Pages in Report

200

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Segments covered

Type of Insurance, Insurance Providers, End User, and Region.

Drivers 

Increasing incidents of accident claims

Increasing prevalence of theft and vandalism

Technological advancements in insurance sector

Opportunities

Growth in developments towards digitalized insurance services

Rise in literacy level

Restraints

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Increasing fraudulent insurance claims

 

The property and casualty claims segment to maintain its leadership status throughout the forecast period 

Based on type of insurance, the property and casualty insurance claims segment held the highest market share in 2022, accounting for nearly two-fifths of the global insurance claims services market revenue and is estimated to maintain its leadership status throughout the forecast period, as it covers everything from home insurance to automobile coverage, safeguarding individuals and businesses against unforeseen events. However, the life insurance segment is projected to manifest the highest CAGR of 16.8% from 2023 to 2032, as insurers are moving towards more personalized life insurance products. This involves using data and analytics to tailor policies based on individual behaviors and lifestyles.

The insurance companies’ segment to maintain its leadership status throughout the forecast period 

Based on insurance providers, the insurance companies segment held the highest market share in 2022, accounting for more than half of the global insurance claims services market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that insurers are placing a greater emphasis on customer experience. This involves providing more user-friendly digital interfaces, faster claims processing, and improved communication to enhance overall customer satisfaction. However, the third-party administrators (TPAs) segment is projected to manifest the highest CAGR of 15.8% from 2023 to 2032, owing to the fact that TPAs are prioritizing cybersecurity measures to protect sensitive customer data. It includes implementing robust cybersecurity protocols and staying updated on the latest security technologies. 

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The commercial policyholder’s segment to maintain its lead position during the forecast period 

Based on end user, the commercial policyholders segment accounted for the largest share in 2022, contributing nearly half of the global insurance claims services market revenue, as commercial policyholders were experiencing a shift towards digitalization in claims services. It involved the use of digital platforms, mobile apps, and online tools to facilitate the claims reporting and management process. However, the individual policyholders segment is expected to portray the largest CAGR of 14.9% from 2023 to 2032, and is projected to maintain its lead position during the forecast period. This is owing to the fact that insurers were implementing digital communication channels, including chatbots, to interact with individual policyholders during the claims process. These technologies offered instant support, answered queries, and provided updates on claims status.

North America to maintain its dominance by 2032 

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Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global insurance claims services market revenue, owing to the fact that insurance companies in North America were actively investing in digital technologies to transform their claims services. However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.6% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is attributed to widespread adoption of smartphones in the APAC region, which led insurance companies to increasingly focus on mobile channels for claims reporting, communication, and document submission.

Leading Market Players: – 

  • Pegasystems Limited
  • Hexaware Technologies Inc.
  • Software AG
  • Avaya Inc.
  • Cognizant Technology Solutions
  • Accenture PLC
  • International Business Machines Corporation
  • Oracle Corporation
  • HCL Technologies
  • DXC Technology Company

The report provides a detailed analysis of these key players of the global insurance claims services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  

KEY BENEFITS FOR STAKEHOLDERS

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the insurance claims services market forecast from 2022 to 2032 to identify the prevailing market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities of insurance claims services market overview.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the insurance claims services market segmentation assists to determine the prevailing insurance claims services market opportunity.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global insurance claims services market trends, key players, market segments, application areas, and market growth strategies.

Request Customization:  https://www.alliedmarketresearch.com/request-for-customization/A09995

Insurance Claims Services Market Report Highlights

By Type of Insurance

  • Life Insurance Claims
  • Motor Insurance Claims
  • Others
  • Property and Casualty Insurance Claims
  • Health Insurance Claims

By Insurance Providers

  • Insurance Companies
  • Third-Party Administrators (TPAs)
  • Specialized Claims Management Firms

By End User

  • Individual Policyholders
  • Commercial Policyholders
  • Government and Public Sector

By Region

  • North America (U.S., Canada)
  • Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • Latin America (Brazil, Argentina, Rest of Latin America)
  • Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East and Africa)

Key Market Players: HCL Technologies, Hexaware Technologies Ltd, Pegasystems, Software AG, International Business Machines Corporation, DXC Technology Company, Accenture, Oracle Corporation, Avaya Inc, Cognizant Technology Solutions Corp.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers

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MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.

The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures. 

The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.

On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact. 

The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries. 

With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.

For more information: www.asharedpassion.com

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Alkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™

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Alkira attributes its 7,194% revenue growth to consistent innovation, enabling enterprises to overcome mounting network complexity in the cloud and AI era

SAN JOSE, Calif., Nov. 22, 2024 /PRNewswire/ — Alkira® Inc., the leader in Network Infrastructure as a Service, today announced that it ranked as the 6th fastest-growing technology company in the Bay Area and the 25th fastest-growing company in North America on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Now in its 30th year, the list recognized Alkira for achieving a growth rate of 7,194% during this period.

“Being recognized as one of North America’s fastest-growing companies by Deloitte is a tremendous honor. This achievement reflects Alkira’s unwavering commitment to equipping frontline networking teams with solutions that dramatically simplify enterprise networking amidst escalating complexity,” said Amir Khan, CEO at Alkira. “Today’s enterprises are racing to support cloud, AI and machine learning workloads, but their existing networks weren’t built for this dynamic environment. Alkira’s network infrastructure as-a-service platform enables organizations to connect any cloud, on-premise location, and remote user with a unified, secure, and highly scalable network fabric that reduces deployment times from months to minutes.”

“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”

“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”

Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 186,373% over the three-year time frame, with an average growth rate of 2,097% and median growth rate of 458%.

Now in its 30th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

About Alkira
Alkira is the leader in Network Infrastructure on Demand. We unify any environments, sites, and users via an enterprise network built entirely in the cloud. The network is managed using the same controls, policies, and security systems network administrators know, is available as a service, and can instantly scale as needed. There is no new hardware to deploy, software to download, or architecture to learn. Alkira’s solution is trusted by Fortune 100 enterprises, leading system integrators, and global managed service providers. Learn more at alkira.com and follow us @alkiranet.

About Deloitte 
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.

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Media Contact: 
Jelena Dopudj, Sr. Communications Manager, Alkira Marketing
[email protected]

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

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EliTe Solar: Realizing Our Mission and Standing by Our Core Values

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Written by Arndt Lutz, CEO of EliTe Solar

SINGAPORE, Nov. 22, 2024 /PRNewswire/ — EliTe Solar is dedicated to advancing technology with a strong focus on quality, sustainability, and meaningful partnerships. For nearly two decades, EliTe Solar has led the solar industry by adapting to changing market demands and setting standards in customer service and quality as evidenced by third party reviews. The company’s comprehensive strategy starts with ingots and wafers to cells and modules, supported by a global supply chain. This vertical integration underscores EliTe Solar’s commitment to excellence.

EliTe Solar’s core principles of honesty and transparency drives the company’s growth and actions. By upholding these values, EliTe Solar consistently goes above and beyond for their clients. Open communication is central to their work, fostering trust and loyalty. EliTe Solar ensures their clients are informed every step of the way—from production to customs clearance, and final delivery.

EliTe Solar offers a diverse range of products tailored to different needs. The company’s goal is to optimize module performance and achieve a low Levelized Cost of Electricity (LCOE), delivering lasting value for customers while minimizing costs and environmental impact. This approach supports their partners’ energy goals and contributes to a broader sustainability mission.

EliTe Solar’s supply chain is meticulously designed to meet high standards and market demands. The company sources all materials outside China to ensure traceability from raw material to final product. With ingot and wafer production in Vietnam, cell and module production in Indonesia, and manufacturing in Egypt and soon, the U.S., EliTe Solar maintains compliance and uphold supply chain integrity.

EliTe Solar’s project management expertise sets them apart, especially in challenging environments. Currently, the company is transporting one million solar panels to a remote site in Utah with EV trucking from Hight Mobility, working closely with their client and partners to ensure timely delivery and smooth communication. This demonstrates EliTe Solar’s dedication to reliability and strong partnerships.

EliTe Solar prioritizes inland and ocean transportation management, timely customs clearance, and comprehensive post-sales support to deliver reliability and customer satisfaction.

The company’s commitment to sustainability extends beyond eco-friendly energy options. EliTe Solar actively engages with communities to foster positive social impact. For example, the company recently awarded $50K in scholarships with Utah universities to support future solar industry professionals. This investment in education strengthens the sector’s future and contributes to global sustainability.

In the coming months, EliTe Solar is preparing to expand in Egypt and establish solar cell production in the U.S., creating jobs and reinforcing a dependable supply chain. With a track record of reliable service and top-tier solar technology, the company is proud to have supplied over 10 GW of solar modules worldwide, playing a vital role in the shift to sustainable energy. As EliTe Solar continues to grow, the company’s principles of quality, transparency, and sustainability will guide every member, positioning EliTe Solar as a leader in the global solar industry.

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