Insurance Claims Processing Software in the US - Industry Market Research Report

Insurance Claims Processing Software in the US - Industry Market Research Report

Insurance Claims Processing Software in the US

Software has revolutionized insurance companies from policy underwriting to claims management, giving near-autonomous price discrimination power to what was previously a labor-intensive industry. Insurance software providers market their packages primarily to small and moderate size Property, Casualty and Direct Insurance industry (IBISWorld report 52412) and Life Insurance and Annuities industry (52411a) participants. Unlike many non-software industries, insurers primarily differentiate by using this industry's software, designed to streamline operations, reduce process complexity and costs, manage compliance with new regulations and increase customer satisfaction while lowering statistical risk. Revenue for the Insurance Claims Processing Software industry has been expanding at a CAGR of 2.3% over the past five years, and is expected to reach $12.0 billion in 2023, despite a drop of 0.4% over the year as economic uncertainty reaches a fever pitch.

This industry develops and sells software that is used to process insurance claims and manage policies.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.