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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 |
|
Market Size in 2022 |
$193.8 billion |
|
Market Size in 2032 |
$638.3 billion |
|
CAGR |
12.8 % |
|
No. of Pages in Report |
200 |
|
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 |
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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ISX Financial® Launches New Globally Accepted flykk® Debit Card in Working with Diners Club International®
NICOSIA, Cyprus, Jan. 14, 2025 /PRNewswire/ — flykk®, the pan-European and UK digital payment app, announces the launch of its new flykk® Diners Club International® debit card in several priority markets. This offering combines the best of both worlds: the convenience and security of a globally accepted debit card with all the robust benefits Diners Club International® offers.
With the new flykk® Diners Club International® Card, users can enjoy a range of exclusive Diners Club benefits, including access to more than 1,500 airport lounges and experiences around the world, travel insurance, and purchase protection. Additionally, the flykk® Diners Club International® Card also offers a range of other features and benefits that can delight users, including access to millions of amenities and premium Wi-Fi hotspots.
Key features of the flykk® app, which flykk® Diners Club cardholders can access, include bank transfers, free flykk-to-flykk transfers, dedicated money remittance channels and global money transfers. Users can easily transfer money between their flykk® account and European Union (EU) bank accounts, as well as between other flykk® users.
“Launching this partnership with Diners Club International® is a significant milestone for ISX Financial,” said Nikogiannis Karantzis, CEO of ISX Financial. “By combining the innovative flykk® payment app with the benefits of the Diners Club International® Card, we strive to offer users an unparalleled payment experience both online and in-store. With the flykk® Diners Club International® Card, users can enjoy all the convenience and security of a debit card, together with a range of other features and benefits that support their lifestyle.”
Diners Club is accepted at millions of merchant locations and over 1.2 million ATM and cash access locations around the world. Diners Club is part of the Discover® Global Network, the fastest growing global payments network[1]. Comprised of Diners Club International®, Discover Network, PULSE®, and more than 25 alliance partner networks across the globe, Discover Network has 345 million Discover Global Network Cardholders worldwide[2] and facilitated $589B+ in global transactions in 2023.
The flykk® debit card is now available to users in selected markets in the EU, with plans to expand to additional markets in the coming months. To learn more about flykk® and its innovative payment solutions, visit the flykk® website at www.flykk.it.
“By combining our world-class benefits, services, and capabilities with flykk’s comprehensive payment technology, we’re able to offer users a more seamless payment experience,” said Matt Sloan, Vice President of International Markets, EMEA at Discover® Global Network. “We look forward to continuing to work closely with the team at ISX Financial to bring even more innovative payment solutions to users around the world.”
- To learn more about the flykk® Diners Club Debit Card: www.flykk.it
- To learn more about the ISX Financial and Discover Global Network partnership: https://insights.discoverglobalnetwork.com/insights/james-cameron-isx-financial-partnership
About ISX Financial:
ISX Financial EU PLC is a ‘banktech’ company that leverages its own technology to provide financial services to merchants across the EEA & UK. The company’s combined payments stack and infrastructure provides a complete end-to-end transactional banking, FX, remittance and payment processing capability.
ISXMoney’s multi-Currency IBAN accounts coupled with PaidBy® instant open banking provides merchants with a tailored payment solution to reach any UK or EEA bank account holders.
ISX Financial’s consumer product flykk®, is a digital wallet that combines all its financial technology and infrastructure to create a retail product. flykk® is a two-sided network developed on ISX’ Financial’s own platform that links both merchants and consumers around the globe to facilitate the processing of payment transactions. flykk® allows customers to use their account for both purchase and paying for goods, as well as to transfer and withdraw funds, with the benefits of a Diners card for point-of-sale transactions.
ISX Financial’s subsidiary Probanx® also develops payment infrastructure for third parties, and provides connectivity to central banks, banks around the world and major card schemes.
[1] Based on signed network alliance agreements over the past fourteen years with major payment networks within respective countries – Panoramic Research study, conducted 2022
[2] Based on data provided to Discover by Network Alliances participants and other third party sources as of December 31, 2023.
Media enquiries: +35722015740, [email protected]
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Investindustrial expands its presence to Abu Dhabi, set to become the firm’s Middle East and Asia hub
ABU DHABI, UAE, Jan. 14, 2025 /PRNewswire/ — Investindustrial is pleased to announce the formal inauguration of its Abu Dhabi office. Attended by authorities and senior officials, this milestone marks a pivotal moment in the firm’s journey to expand its global footprint. The Abu Dhabi strategy follows the successful blueprint of Investindustrial’s office in Shanghai, which has been an accretive business development and value creation office for the firm since 2009. The Abu Dhabi office opened with a team of eight professionals, becoming the Middle East and Asia hub for the group’s activities.
As a leading European investment group with over €15 billion in raised fund capital, Investindustrial is proud to announce that it has received the Financial Services Permission (“FSP”) from the Financial Services Regulatory Authority (“FSRA”) of ADGM. The newly granted licence will enable Investindustrial to provide financial services, including advisory, fundraising, marketing, and arranging, within or from the ADGM.
Andrea C. Bonomi, Chairman of Investindustrial, stated, “At the heart of Investindustrial’s approach is the goal of pursuing a sustainable, industrially-driven strategy to build better global companies for the long-term. Establishing our office in Abu Dhabi underscores our commitment to fostering partnerships in the Middle East and supporting the region’s transformative growth while unlocking these regions for our portfolio companies with significant opportunity to grow. These companies often have the potential to scale, but they require strategic guidance, operational expertise, and a global perspective to reach their full potential.”
Arvind Ramamurthy, Chief Market Development Officer, ADGM, commented, “We congratulate Investindustrial’s on receiving its FSP. The establishment of its Middle East and Asia hub in ADGM reflects the strength of our business environment and our ability to support global investment groups in achieving their growth ambitions. This milestone reinforces ADGM’s position as a leading financial hub and its commitment to unlocking opportunities across the region.”
The Middle East and Asia expansion is led by Emanuela Cisini (Partner, Co-Head of Operational Improvement), who relocated from London to Abu Dhabi. Emanuela has been with the firm for close to a decade, having led various teams across several Investindustrial offices. Under her leadership, the firm aims to grow its human capital in the Middle East, focusing on building on-the-ground operational capabilities that will contribute to the value creation across Investindustrial’s portfolio companies by increasing footprint, enhancing manufacturing capabilities, and bringing high-growth companies to the Middle East.
Emanuela Cisini, Head of Middle East and Asia, commented: “We are excited about this new chapter. Leveraging on Investindustrial’s global operational improvement expertise we take a hands-on approach in guiding our companies through the international expansion in the Gulf region building global leaders.”
The opening of the Abu Dhabi office underscores a commitment to the region’s economic objectives and sustainable growth. Investindustrial has a strong track record across sectors, with deep expertise in industrial manufacturing and sub-sectors such as food security, a critical area for the GCC. By supporting innovation and investment in sectors like specialty ingredients, frozen desserts, and private-label products, Investindustrial’s efforts are aligned with regional priorities of helping foster growth.
Additionally, Investindustrial’s portfolio companies in the consumer space – such as Zegna Group, Eataly, Flos, and B&B Italia – are already active in the region, and the new office in Abu Dhabi, will allow these companies to tap into greater regional opportunities and enhance their operational capabilities.
In addition to operational improvement capabilities, senior investment professionals have also relocated to Abu Dhabi to actively engage with local entrepreneurs and drive investments and growth for portfolio companies in the region. The team will work in close collaboration with the firm’s global offices, reinforcing Investindustrial’s commitment to becoming a truly global player in the mid-market investment space.
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PORT VILA, Vanuatu, Jan. 14, 2025 /PRNewswire/ — Vantage Markets has been honored with “Best Range of Markets” award for 2025 by Compare Forex Brokers, a leading authority in evaluating trading platforms. This accolade reflects Vantage’s commitment to offering an unparalleled range of tradable instruments, leverage options and suitability for diverse trading strategies while maintaining transparency, trust, and innovation.
Justin Grossbard, CEO and Head of Research at Compare Forex Brokers, commended Vantage for setting industry benchmarks, “Your commitment to providing a seamless trading experience, supported by innovative technology and a customer-focused approach, is truly commendable. Trust is at the heart of our industry, and Vantage Markets has continually set the benchmark for integrity and professionalism.”
The recognition celebrates Vantage’s dedication to offering a wide array of CFD markets, empowering traders with flexibility and choice. This includes forex, commodities, indices, shares, ETFs, and bonds CFDs, ensuring clients have access to diverse trading opportunities supported by cutting-edge tools and a robust platform.
Marc Despallieres, Chief Strategy & Trading Officer at Vantage, expressed gratitude for the award, “Winning the ‘Best Range of Markets’ award from Compare Forex Brokers is a proud moment for us. It underscores our dedication to delivering exceptional trading experiences through innovation and trust. This achievement reflects the hard work of our team and the trust our clients place in us. We remain committed to pushing boundaries and providing our global community with unparalleled opportunities.”
As Vantage continues to evolve, the company is focused on maintaining its position as a leader in the trading industry by expanding its offerings, advancing technology, and fostering transparency.
For more information about Vantage Markets and its award-winning services, visit Vantage Markets.
About Vantage
Vantage Markets (or Vantage) is a multi-asset CFD broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) products, including Forex, Commodities, Indices, Shares, ETFs, and Bonds.
With over 15 years of market experience, Vantage transcends the role of broker, providing a trusted trading ecosystem, an award-winning mobile trading app, and a user-friendly trading platform that empowers clients to seize trading opportunities. Download the Vantage App on App Store or Google Play.
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