Claims Management Solutions: Introduction
Claims management software offers management services to healthcare providers and insurance companies enabling them to investigate and act on claims by an insured person. Multiple services offered by claims management software includes investigation, review, payment release or denial of the claim. Modules offered by claims management software includes billing, claims processing, business process management, contracting and reimbursement, customer services, reporting, collaborative and integration tools, and more.
Claims Management Solutions: Drivers and Restraints
Prominent factors driving the demand of claims management software includes an increase in chronic diseases incidents, increase in aging population, adoption of digital and cloud services, initiatives for improving insurance claims services, the government push to increase insurance coverage among its citizens, etc. Insurance companies are also looking to invest in claims management solutions to optimize their value chain and internal processes, reduction in their operational cost through automation which can be achieved through claims management software, and reduction in the leakages through operational efficiency.
The factors which can affect the demand for claims management software market includes data theft through cyber-attacks and rise in cyber-crimes. The initial investment required for implementation of claims management solution in terms of hardware, software, and services is also expected to affect the demand of claims management software market.
Global Claims Management Solutions: Market Segmentation
Global claims management solutions market can be divided into three segments, based on component, deployment, and region.
Segmentation on the basis of Component for Claims Management Solutions Market:
The major segments of claims management solutions market on the basis of the component include:
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Segmentation on the basis of Deployment for Claims Management Solutions Market:
The major segments of claims management solutions market on the basis of the deployment include:
- Cloud based
Segmentation on the basis of Region for Claims Management Solutions Market:
The major segments of claims management solutions market on the basis of the region include:
- Asia-Pacific excluding Japan
- The Middle East and Africa
- Western Europe
- North America
- Eastern Europe
- Latin America
Global Claims Management Solutions: Regional Trend
Among various regions, claims management solution market in North America region is expected to dominate during the forecast period because of strong presence of insurance and healthcare companies in the region and the presence of major claims management solution provider in the region. North America region is expected to be followed by Western Europe and APEJ.
APEJ region is expected to drive the demand for claim management solution market, supported by large the population of countries including China and India and increasing investment in the field of healthcare and insurance sectors.
Global Claims Management Solutions: Competitive Landscape
Some of the prominent players in the field of claims management solutions market include DXC Technology Company (U.S.), Software AG (Germany), Hexaware Technologies, Inc. (India), HCL Technologies (India), Pegasystems Limited (U.S.), International Business Machines (IBM) Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.) etc.
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