PUBLISHER: KBV Research | PRODUCT CODE: 1101752
PUBLISHER: KBV Research | PRODUCT CODE: 1101752
North America Claims Processing Software Market Size, Share & Industry Trends Analysis Report By Component, By Enterprise Size, By End User, By Country and Growth Forecast, 2022 - 2028
The North America Claims Processing Software Market would witness market growth of 7.9% CAGR during the forecast period (2022-2028).
The claims management process is intricate, and any gaps in documentation, erroneous claims, or mismatched quotations can result in claims being rejected, delayed, or falsified. Insurance businesses are progressively deploying claims processing software featuring advanced AI-automation capabilities to digitally revolutionize the review and payment of insurance claims, assuring fast and transparent payouts. Enterprise insurance agencies and independent insurers utilize insurance claims management systems to assist agents in managing their clients' claims. With a consolidated record system, it primarily streamlines the information and knowledge required for analyzing claims.
The regional insurance industry is one of the most advanced and robust insurance sectors all over the world. According to the Insurance Information Institute, the US insurance industry's net premiums recorded in 2020 reached $1.28 trillion, with property/casualty insurers accounting for 51% and life/annuity insurers accounting for 49% of the total. Auto, business, and home insurances are the most common kinds of P/C insurance. In 2020, the sector's net premiums written totaled $652.8 billion.
Annuities, accident and health insurance, and life insurance are all part of the life/annuity insurance sector. In 2020, the sector's net premiums written totaled $624.0 billion. Although most private health insurance is written by health insurance companies, life/annuity, and property/casualty insurers also write accident and health insurance.
Moreover, according to the organization, in the United States, there was a total of 5929 insurance companies operating in the country. P/C (2,476 firms), life/annuities (843), fraternal (81), health (995), title (62), risk retention groups (245), and other firms (1,227) make up this total. Moreover, total P/C cash and investment assets were $2.0 trillion in 2020. In 2020, life and annuity cash and invested assets were $4.7 trillion, while separate account assets and other investments were $3.0 trillion.
The US market dominated the North America Claims Processing Software Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $19,139.7 Million by 2028. The Canada market is anticipated to grow at a CAGR of 10.4% during (2022 - 2028). Additionally, The Mexico market would display a CAGR of 9.4% during (2022 - 2028).
Based on Component, the market is segmented into Software (Without Services) and Services. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on End User, the market is segmented into Insurance Companies, Insurance Intermediaries, Agents & Brokers, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Duck Creek Technologies, Inc., FINEOS Corporation Holdings plc, Hyland Software, Inc., Hawksoft, Inc., HIPAAsuite, Newgen Software Technologies Limited, Pegasystems, Inc., Quick Silver Systems, Inc., Ventiv Technology, and A1 Enterprise, Inc.
Scope of the Study
Market Segments covered in the Report:
By Component
- Software (Without Services)
- Services
By Enterprise Size
- Large Enterprises
- Small & Medium-sized Enterprises
By End User
- Insurance Companies
- Insurance Intermediaries
- Agents & Brokers
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Companies Profiled
- Duck Creek Technologies, Inc.
- FINEOS Corporation Holdings plc
- Hyland Software, Inc.
- Hawksoft, Inc.
- HIPAAsuite
- Newgen Software Technologies Limited
- Pegasystems, Inc.
- Quick Silver Systems, Inc.
- Ventiv Technology
- A1 Enterprise, Inc.
Unique Offerings from KBV Research
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- Highest number of market tables and figures
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- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Claims Processing Software Market, by Component
- 1.4.2 North America Claims Processing Software Market, by Enterprise Size
- 1.4.3 North America Claims Processing Software Market, by End User
- 1.4.4 North America Claims Processing Software Market, by Country
- 1.5 Methodology for the research
Chapter 2. Market Overview
- 2.1 Introduction
- 2.1.1 Overview
- 2.1.1.1 Market composition and scenario
- 2.1.1 Overview
- 2.2 Key Factors Impacting the Market
- 2.2.1 Market Drivers
- 2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
- 3.1 Recent Industry Wide Strategic Developments
- 3.1.1 Partnerships, Collaborations and Agreements
- 3.1.2 Product Launches and Product Expansions
- 3.1.3 Acquisition and Mergers
- 3.2 Top Winning Strategies
- 3.2.1 Key Leading Strategies: Percentage Distribution (2018-2022)
- 3.2.2 Key Strategic Move: (Partnerships, Collaborations and Agreements : 2018, Nov - 2022, May) Leading Players
Chapter 4. North America Claims Processing Software Market by Component
- 4.1 North America Software (Without Services) Market by Country
- 4.2 North America Services Market by Country
Chapter 5. North America Claims Processing Software Market by Enterprise Size
- 5.1 North America Large Enterprises Market by Country
- 5.2 North America Small & Medium-sized Enterprises Market by Country
Chapter 6. North America Claims Processing Software Market by End User
- 6.1 North America Insurance Companies Market by Country
- 6.2 North America Insurance Intermediaries Market by Country
- 6.3 North America Agents & Brokers Market by Country
- 6.4 North America Others Market by Country
Chapter 7. North America Claims Processing Software Market by Country
- 7.1 US Claims Processing Software Market
- 7.1.1 US Claims Processing Software Market by Component
- 7.1.2 US Claims Processing Software Market by Enterprise Size
- 7.1.3 US Claims Processing Software Market by End User
- 7.2 Canada Claims Processing Software Market
- 7.2.1 Canada Claims Processing Software Market by Component
- 7.2.2 Canada Claims Processing Software Market by Enterprise Size
- 7.2.3 Canada Claims Processing Software Market by End User
- 7.3 Mexico Claims Processing Software Market
- 7.3.1 Mexico Claims Processing Software Market by Component
- 7.3.2 Mexico Claims Processing Software Market by Enterprise Size
- 7.3.3 Mexico Claims Processing Software Market by End User
- 7.4 Rest of North America Claims Processing Software Market
- 7.4.1 Rest of North America Claims Processing Software Market by Component
- 7.4.2 Rest of North America Claims Processing Software Market by Enterprise Size
- 7.4.3 Rest of North America Claims Processing Software Market by End User
Chapter 8. Company Profiles
- 8.1 Pegasystems, Inc.
- 8.1.1 Company Overview
- 8.1.2 Financial Analysis
- 8.1.3 Regional Analysis
- 8.1.4 Research & Development Expense
- 8.1.1 Recent strategies and developments:
- 8.1.1.1 Partnerships, Collaborations, and Agreements:
- 8.1.1.2 Product Launches and Product Expansions:
- 8.1.1.3 Acquisition and Mergers:
- 8.1.2 SWOT Analysis
- 8.2 Duck Creek Technologies, Inc.
- 8.2.1 Company Overview
- 8.2.2 Financial Analysis
- 8.2.3 Regional Analysis
- 8.2.4 Research & Development Expenses
- 8.2.5 Recent strategies and developments:
- 8.2.5.1 Partnerships, Collaborations, and Agreements:
- 8.2.5.2 Product Launches and Product Expansions:
- 8.3 FINEOS Corporation Holdings plc (Jacquel Investments Limited)
- 8.3.1 Company Overview
- 8.3.2 Financial Analysis
- 8.3.3 Research & Development Expenses
- 8.3.4 Recent strategies and developments:
- 8.3.4.1 Partnerships, Collaborations, and Agreements:
- 8.3.4.2 Product Launches and Product Expansions:
- 8.3.4.3 Acquisition and Mergers:
- 8.4 Newgen Software Technologies Limited
- 8.4.1 Company Overview
- 8.4.2 Financial Analysis
- 8.4.3 Segmental and Regional Analysis
- 8.4.4 Research & Development Expense
- 8.4.5 Recent strategies and developments:
- 8.4.5.1 Partnerships, Collaborations, and Agreements:
- 8.4.5.2 Product Launches and Product Expansions:
- 8.4.5.3 Acquisition and Mergers:
- 8.5 Hawksoft, Inc.
- 8.5.1 Company Overview
- 8.5.2 Recent strategies and developments:
- 8.5.2.1 Partnerships, Collaborations, and Agreements:
- 8.6 HIPAAsuite
- 8.6.1 Company Overview
- 8.7 Quick Silver Systems, Inc.
- 8.7.1 Company Overview
- 8.7.2 Recent strategies and developments:
- 8.7.2.1 Partnerships, Collaborations, and Agreements:
- 8.8 Ventiv Technology, Inc.
- 8.8.1 Company Overview
- 8.8.2 Recent strategies and developments:
- 8.8.2.1 Partnerships, Collaborations, and Agreements:
- 8.8.2.2 Acquisition and Mergers:
- 8.9 A1 Enterprise, Inc.
- 8.9.1 Company Overview
- 8.10. Hyland Software, Inc.
- 8.10.1 Company Overview
- 8.10.2 Recent strategies and developments:
- 8.10.2.1 Partnerships, Collaborations, and Agreements:
LIST OF TABLES
- TABLE 1 North America Claims Processing Software Market, 2018 - 2021, USD Million
- TABLE 2 North America Claims Processing Software Market, 2022 - 2028, USD Million
- TABLE 3 Partnerships, Collaborations and Agreements- Claims Processing Software Market
- TABLE 4 Product Launches And Product Expansions- Claims Processing Software Market
- TABLE 5 Acquisition and Mergers- Claims Processing Software Market
- TABLE 6 North America Claims Processing Software Market by Component, 2018 - 2021, USD Million
- TABLE 7 North America Claims Processing Software Market by Component, 2022 - 2028, USD Million
- TABLE 8 North America Software (Without Services) Market by Country, 2018 - 2021, USD Million
- TABLE 9 North America Software (Without Services) Market by Country, 2022 - 2028, USD Million
- TABLE 10 North America Services Market by Country, 2018 - 2021, USD Million
- TABLE 11 North America Services Market by Country, 2022 - 2028, USD Million
- TABLE 12 North America Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
- TABLE 13 North America Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
- TABLE 14 North America Large Enterprises Market by Country, 2018 - 2021, USD Million
- TABLE 15 North America Large Enterprises Market by Country, 2022 - 2028, USD Million
- TABLE 16 North America Small & Medium-sized Enterprises Market by Country, 2018 - 2021, USD Million
- TABLE 17 North America Small & Medium-sized Enterprises Market by Country, 2022 - 2028, USD Million
- TABLE 18 North America Claims Processing Software Market by End User, 2018 - 2021, USD Million
- TABLE 19 North America Claims Processing Software Market by End User, 2022 - 2028, USD Million
- TABLE 20 North America Insurance Companies Market by Country, 2018 - 2021, USD Million
- TABLE 21 North America Insurance Companies Market by Country, 2022 - 2028, USD Million
- TABLE 22 North America Insurance Intermediaries Market by Country, 2018 - 2021, USD Million
- TABLE 23 North America Insurance Intermediaries Market by Country, 2022 - 2028, USD Million
- TABLE 24 North America Agents & Brokers Market by Country, 2018 - 2021, USD Million
- TABLE 25 North America Agents & Brokers Market by Country, 2022 - 2028, USD Million
- TABLE 26 North America Others Market by Country, 2018 - 2021, USD Million
- TABLE 27 North America Others Market by Country, 2022 - 2028, USD Million
- TABLE 28 North America Claims Processing Software Market by Country, 2018 - 2021, USD Million
- TABLE 29 North America Claims Processing Software Market by Country, 2022 - 2028, USD Million
- TABLE 30 US Claims Processing Software Market, 2018 - 2021, USD Million
- TABLE 31 US Claims Processing Software Market, 2022 - 2028, USD Million
- TABLE 32 US Claims Processing Software Market by Component, 2018 - 2021, USD Million
- TABLE 33 US Claims Processing Software Market by Component, 2022 - 2028, USD Million
- TABLE 34 US Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
- TABLE 35 US Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
- TABLE 36 US Claims Processing Software Market by End User, 2018 - 2021, USD Million
- TABLE 37 US Claims Processing Software Market by End User, 2022 - 2028, USD Million
- TABLE 38 Canada Claims Processing Software Market, 2018 - 2021, USD Million
- TABLE 39 Canada Claims Processing Software Market, 2022 - 2028, USD Million
- TABLE 40 Canada Claims Processing Software Market by Component, 2018 - 2021, USD Million
- TABLE 41 Canada Claims Processing Software Market by Component, 2022 - 2028, USD Million
- TABLE 42 Canada Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
- TABLE 43 Canada Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
- TABLE 44 Canada Claims Processing Software Market by End User, 2018 - 2021, USD Million
- TABLE 45 Canada Claims Processing Software Market by End User, 2022 - 2028, USD Million
- TABLE 46 Mexico Claims Processing Software Market, 2018 - 2021, USD Million
- TABLE 47 Mexico Claims Processing Software Market, 2022 - 2028, USD Million
- TABLE 48 Mexico Claims Processing Software Market by Component, 2018 - 2021, USD Million
- TABLE 49 Mexico Claims Processing Software Market by Component, 2022 - 2028, USD Million
- TABLE 50 Mexico Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
- TABLE 51 Mexico Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
- TABLE 52 Mexico Claims Processing Software Market by End User, 2018 - 2021, USD Million
- TABLE 53 Mexico Claims Processing Software Market by End User, 2022 - 2028, USD Million
- TABLE 54 Rest of North America Claims Processing Software Market, 2018 - 2021, USD Million
- TABLE 55 Rest of North America Claims Processing Software Market, 2022 - 2028, USD Million
- TABLE 56 Rest of North America Claims Processing Software Market by Component, 2018 - 2021, USD Million
- TABLE 57 Rest of North America Claims Processing Software Market by Component, 2022 - 2028, USD Million
- TABLE 58 Rest of North America Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
- TABLE 59 Rest of North America Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
- TABLE 60 Rest of North America Claims Processing Software Market by End User, 2018 - 2021, USD Million
- TABLE 61 Rest of North America Claims Processing Software Market by End User, 2022 - 2028, USD Million
- TABLE 62 Key Information - Pegasystems, Inc.
- TABLE 63 Key Information - Duck Creek Technologies, Inc.
- TABLE 64 Key Information - FINEOS Corporation Holdings plc
- TABLE 65 key information - Newgen Software Technologies Limited
- TABLE 66 Key Information - HawkSoft, Inc.
- TABLE 67 Key Information - HIPAAsuite
- TABLE 68 Key Information - Quick Silver Systems, Inc.
- TABLE 69 Key Information - Ventiv Technology, Inc.
- TABLE 70 Key Information - A1 Enterprise, Inc.
- TABLE 71 Key Information - Hyland Software, Inc.
List of Figures
- FIG 1 Methodology for the research
- FIG 2 Key Leading Strategies: Percentage Distribution (2018-2022)
- FIG 3 Key Strategic Move: (Partnerships, Collaborations and Agreements : 2018, Nov - 2022, May) Leading Players
- FIG 4 Recent strategies and developments: Pegasystems, Inc.
- FIG 5 SWOT Analysis: Pegasystems, Inc.
- FIG 6 Recent strategies and developments: Duck Creek Technologies, Inc.
- FIG 7 Recent strategies and developments: FINEOS Corporation Holdings plc
- FIG 8 Recent strategies and developments: Newgen Software Technologies Limited
