Latest News- Insurance Claims Services Market: Property and casualty claims is expected to lead the Type segment during 2025-2029

The Insurance Claims Services Market is being driven by Urbanization and economic development

The Insurance Claims Services Market is expected to grow at a CAGR of 12.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 155.1 billion. The global insurance claims services market is experiencing a notable shift towards digital transformation, with insurers integrating advanced technologies such as artificial intelligence (AI), machine learning, and predictive analytics to automate claims processing and improve accuracy. DXC Technology, a leading technology solutions provider, introduced AI Impact on January 6, 2025, a comprehensive solution that assists industries in utilizing AI for business benefits. In the insurance sector, AI Impact streamlines processes like underwriting, risk assessment, claims handling, and customer service, enabling insurers to enhance operational efficiency, deliver superior customer experiences, and sustain a competitive edge in the rapidly evolving market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Property and casualty claims
  • Health insurance claims
  • Motor insurance claims
  • Life insurance claims
• End-user
  • Individual policyholder
  • Commercial policyholder
  • Government and public sector
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Urbanization and economic development
• Escalating frequency and intensity of natural disasters and catastrophes
• Increasing insurance penetration

However, the market also witnesses some limitations, which are as follows:

• Stringent regulatory compliance
• Delays in claims processing
• Fraud prevention and detection

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Market Scope in Insurance Claims Services Market Research Report

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Research Analysis Overview

The Insurance Claims Services Market is undergoing significant modernization, focusing on automation and digitalization to enhance customer experience. Services include claim filing, processing, and dispute resolution for various segments like refugees, expats, families, individuals, students, seniors, and large enterprises. Providers offer consulting, training, and outsourcing for fraud prevention, claim severity analysis, and claims management services. Automation streamlines cycle time, while data analytics ensures data security and settlement. Medical services and claims litigation are also covered. Claims adjusters and examiners leverage technology for faster resolution and process optimization.

Market Research Overview

The Insurance Claims Services Market encompasses the revenue generated by insurance carriers in processing and settling claims for various sectors, such as automobiles and medical goods, amidst rapid urbanization. This market includes personal accident claims, physical damage, and loss of life. Technavio's analysis calculates the market size based on the revenue generated by insurance carriers offering specialized claims services. Digitalized insurance services are increasingly popular, improving accessibility and efficiency. Despite this, literacy levels and communication with landlords can pose challenges. The report excludes insurance services classified under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/