SpendEdge has been monitoring the global claims processing services market and the market is poised to experience spend growth of more than USD 110 billion between 2019-2024 at a CAGR of over 6% during the forecast period. Request Free Sample Pages.
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Read the 126-page research report with TOC and LOE on “The Global Claims Processing Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Cyber-attacks are becoming one of the imposing challenges for organizations post-implementation of new enterprise applications to improve productivity and efficiency. This is spurring the number of cyber claims which is accelerating the spend momentum in the global claims processing services market. The rapid leveraging of robust technological tools such as big data analytics, fraud detection technology, among others to enhance the effectiveness of the review, investigation, adjustment, and remittance or denial of claims is improving the prospects of growth of claims processing service providers, thereby inviting investments in the market.
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The Top Claims Processing Service Providers Enlisted in this Report:
With the increasing reliance of service providers on advanced technologies to improve their service delivery, skilled resources with knowledge about the latest technologies are becoming critical. However, the growing shortage of the same is compelling claims processing service providers to increase their compensations to hire and retain professionals with the requisite skills. This is increasing their OPEX which is expected to have an inflationary impact on buyers’ procurement expenses in this market. Considering this possibility, this report has listed the top claims processing service providers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal and cost-effective procurement in this market.
Crawford & Co- Litigation management is an important aspect of claims processing, which can lead to higher legal costs due to poor implementation of mitigation measures. In view of this, it is crucial for buyers to evaluate the staff’s knowledge employed by this service provider on litigation management and related cost-reduction measures. It is necessary for service providers to have appropriate programs in place that can handle aspects such as periodic review of legal bills, review of counsel performance, among others.
Allianz SE- Buyers are advised to ensure the provision of various value-added services by this claims processing service provider which will boost the buyers’ negotiation opportunities. Buyers should focus on evaluating the effectiveness of value-added services such as claims advocacy, loss funds management, and investments consulting provided by this service provider.
Chubb Group Holdings- Subrogation indicates insurers’ rights to legally pursue a third-party responsible for the loss event to recover the claim amount paid to the insured. Salvage rights allow insurers to take over a damaged property for which claim amount was paid to the insured and utilize it. The utilization of subrogation and salvage opportunities limit claims losses for buyers. This makes it crucial for buyers to ensure that this service provider follows practices with respect to subrogation and salvage rights.
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Some of the key topics covered in this report are:
- Claims processing services market spend segmentation by region
- Claims processing services supply market analysis
- Regional spend opportunity for claims processing service providers
- Claims processing service providers cost structure
- Total cost of ownership analysis in the claims processing services market
- Claims processing services pricing models analysis
- Category management objectives
- Cost saving opportunities in the claims processing services market
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