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Insurance Claims Services Market to Reach $638.3 Billion, Globally, by 2032 at 12.8% CAGR: Allied Market Research
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.
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- 260– Pages
- 155 – Tables
- 49 – Charts
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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  |
|
Base Year |
2022 |
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Market Size in 2022 |
$193.8 billion |
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Market Size in 2032 |
$638.3 billion |
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CAGR |
12.8 % |
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No. of Pages in Report |
200 |
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Segments covered |
Type of Insurance, Insurance Providers, End User, and Region. |
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Drivers |
Increasing incidents of accident claims Increasing prevalence of theft and vandalism Technological advancements in insurance sector |
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Opportunities |
Growth in developments towards digitalized insurance services Rise in literacy level |
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Restraints |
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
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.
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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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- EQT to sell Melita to Goldman Sachs Alternatives
- Under EQT’s ownership, Melita strengthened its position as a leading digital infrastructure owner and operator through strategic investments in its network and customer experience, while building a successful international Internet of Things (IoT) connectivity business
- Today, Melita is the only operator in Malta providing both nationwide Gigabit fixed and nationwide 5G mobile services, and is well-positioned to expand its footprint in the fast-growing IoT connectivity sector
STOCKHOLM, Nov. 22, 2024 /PRNewswire/ — EQT is pleased to announce that the EQT Infrastructure IV fund (“EQT”) has signed an agreement to sell Melita (“the Company”) to Goldman Sachs Alternatives.
Founded in 1992, Melita is today a leading digital infrastructure owner and operator in Malta with a fully invested fiber-powered fixed network as well as a nationwide 5G mobile network with its own towers, backhaul and small cell footprint. With the largest data center in Malta, Melita delivers a full suite of digital services, including Gigabit broadband and 5G mobile connectivity, premium TV offerings, and data center solutions to households and businesses across the country.
Since EQT acquired Melita in 2019, the Company has made substantial investment in its infrastructure and enhanced its operations and service offering. For example, it has successfully developed Generative AI tools to support customers with billing, sales and technical queries which had a positive impact on customer satisfaction. The Company has also expanded internationally, establishing its presence in the rapidly growing IoT connectivity market via its proprietary platform and agile, customer-centric go-to-market approach.
Sustainability has been a core focus for Melita, becoming the first EQT portfolio company to have its near-term targets validated by the Science Based Targets initiative. The Company is investing in solar farms to produce renewable energy and has already replaced almost half of its car fleet with electric vehicles. It also established the Melita Foundation which supports impactful community initiatives.
Ulrich Köllensperger, Partner in the EQT Value-Add Infrastructure Advisory team, said: “Building on EQT’s long track record of investing in digital infrastructure, we supported Melita through strategic investments including in its 5G coverage and an upgrade of its fiber-powered network. We are proud of the rapid progress of Melita’s IoT business which, in just a few years since inception, has grown significantly and through add-on acquisitions, established a promising new business line with a pan-European reach. We believe the Company is well-positioned for further growth and would like to thank Harald and the entire team for their dedication and wish them continued success.”
Harald Rösch, CEO of Melita, said: “Thanks to EQT’s support, the past five years have been transformational, enabling us to make substantial progress across all aspects of our business and becoming the first operator in the European Union to deploy both a nationwide Gigabit broadband network and a nationwide 5G network. This transaction reflects the achievements of our entire team and the loyalty of our customers. With Goldman Sachs Alternatives’ support and expertise, we are excited to continue our journey sustainably, investing in our infrastructure, enhancing our services in Malta and driving further innovation.”
The transaction is subject to conditions including regulatory approvals.
EQT was advised by UBS (financial), Milbank and Camilleri Preziosi (legal).
Contact
EQT Press Office, [email protected]
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LONDON, Nov. 22, 2024 /PRNewswire/ — Space NK reveal growth during the last financial year, as turnover rose 34 per cent to £196.5 million in the year to the end of March, compared with the previous 12 months. Pre-tax profit rose from £1.5 million to £7.5 million during the same period.
This growth has continued into the current financial year, with half year figures up 38% per cent year-on-year. Diving deeper into this performance, it’s clear Space NK is truly an omnichannel business with shop sales rising 24 per cent and online sales increasing 35 per cent during the first six months of the year.
Performance has been fuelled by Space NK’s growth in customers, with its active base experiencing double-digit growth across all age categories, from Gen Z through to millennials and Gen Alpha. The fastest-growing category being the under-25s, at 164 per cent.
Andy Lightfoot, CEO, explained “We are delighted to report another record-breaking half of sales (April 24 – Sept 24) up 38% on last year, continuing our run of greater than 30% growth every year since 2020. Since then, the business has more than doubled its revenue and with our customer first mindset and expertly curated brands, we are delighted with our consistent and continuous growth”.
Plans to increase Space NK’s store portfolio by a further 10 additions to the existing estate are in flight – Meadowhall (Sheffield) opened November 17th 2024, a new store in Milton Keynes will open this weekend (23[rd] November) with further openings in Bluewater and other locations scheduled for 2025.
Photo: https://mma.prnewswire.com/media/2565331/Space_NK.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/the-beauty-boom-figures-from-space-nk-reveal-continuing-3-year-growth-trend-302314074.html
Fintech PR
Cultural Finance Empowers New Quality Productive Forces in the Greater Bay Area’s Cultural Industry
GUANGZHOU, China, Nov. 22, 2024 /PRNewswire/ — From November 20 to 22, the 2024 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference took place in Guangzhou. The event was attended by representatives from financial and securities institutions, industry associations, over 100 leading investment firms, more than 40 listed companies, as well as over 100 unicorn and gazelle companies, and cultural technology innovation companies.
This year’s conference centered on the theme “Cultural Finance Empowering the Greater Bay Area: Industry and Technology Reinforcing Each Other.” Several impactful cultural investment projects were launched, alongside a series of forward-looking and in-depth high-quality research findings in the cultural industry. The event showcased cutting-edge cultural technology achievements with independent intellectual property rights and practical application potential. Notable cultural projects and products, including the film Fall Into the Mortal World, virtual digital humans for museums, and “Humanoid Robot+,” made their debut, attracting significant interest from attendees. Core cultural industry cities within the Greater Bay Area, such as Guangzhou, Shenzhen, Hong Kong, and Macao, are abundant in cultural resources and presented diverse offerings. Many enterprises in these cities are focusing on areas such as AIGC, digital creative production, smart cultural manufacturing, and new forms of cultural consumption, leading to the rapid formation of a vibrant digital cultural industry ecosystem.
During the conference, the “2024 Cultural Industry Investment Report” and the “2024 Report on the Trends of Cultural Industry Investment in the Greater Bay Area” were released, providing insights and strategic guidance for financing and investment development of the cultural sector from various perspectives, hotspots, and trends. The reports indicated that the total financing amount for the cultural industry in the Greater Bay Area reached approximately 52.82 billion yuan over the past five years. Guangdong’s cultural industry’s added value has ranked first in the country for 20 consecutive years, achieving an average annual growth rate exceeding 10 percent. In 2023, the revenue of culture and culture-related enterprises above a designated size in Guangdong reached 2.2483 trillion yuan, the highest in the nation. The province is home to 10,800 culture and culture-related enterprises above a designated size, accounting for one-seventh of the national total. Notably, Shenzhen’s culture and culture-related enterprises above a designated size generated over 1 trillion yuan in revenue, accounting for 8.5 percent of the national total. Revenue from the cultural manufacturing industry accounts for nearly half of the revenue from culture and culture-related enterprises, reflecting the strength of Guangdong’s manufacturing industry.
Guangdong produces four-fifths of the nation’s gaming and amusement equipment, with Guangzhou’s gaming machines capturing 20 percent of the global market share and one-quarter of global animation derivatives originating in Dongguan. The province exhibits distinct advantages in niche segments, such as films and TV programs, video games, animation, and creative design. The gaming industry’s revenue accounts for over 80 percent of the national total, while revenues from digital music, digital publishing, and animation account for approximately one-quarter, one-fifth, and one-third of the national total, respectively.
Contact：Zi Xiang
Tel.: 0086-15099961640
E-mail: [email protected]
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