In recent years, there has been a massive increase in global demand for robust and effective claims processing and management. This is due to insurance companies seeking to restructure their claims handling procedures and value chain, reduce operational costs through automation, and improve their operational efficiency. Consequently, the global claims processing services market is growing at a CAGR of 8.3 percent between 2021 and 2030 and is expected to be worth $73.0 billion by 2030.
This market expansion can be attributed to the COVID-19 pandemic, which had a significant impact on the world economy and public health. The pandemic has caused an increase in consumer claims settlement cases for managing business losses due to the economic downturn and claiming health insurance policies owing to massive medical costs. As a result, insurance carriers are looking for ways to better manage the massive volume of claims and expedite claim settlements to ensure greater policyholder satisfaction.
This edition of Insurance CIO Outlook sheds light on the key developments in the claims processing and management space and how insurers are leveraging the latest tech solutions to streamline their claims handling operations. It features thought leadership articles from Ralph LaSpina, EVP, Chief Marketing & Underwriting Officer at FCCI Insurance Group and Randy Boston, Director, Service Billing Operation Administration at Aflac. They speak about empowering underwriters with technology such as big data analytics for enhanced decision-making and upgrading legacy systems with machine learning and artificial intelligence to drive efficiency in claims underwriting.
The edition also features Aspen Claims, an insuretech service provider that helps bridge the communication gap between insurance carriers and policyholders through its team of eminent industry experts and provides greater real-time visibility into the claims process with its digital tools.
In this edition featuring top claims processing and management service companies, we hope you find the ideal partner to successfully fulfil your claims handling requirements.
