Insurance Claims Management Market Report 2025 (Global Edition)

Global Insurance Claims Management Market Report 2025 Market Size Split by Type (On Premise, Cloud-Based), by Application (BFSI, Government, Travel & Hospitality, Healthcare & Life Sciences, Others)

Insurance Claims Management Market Report Description

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Insurance Claims Management Market Insights Video

Competitive Landscape of the Insurance Claims Management Market

Guidewire Software Inc

Guidewire Software Inc. specializes in offering digital, core analytics, and AI solutions in the market. The company offers software or platform solutions including insurance suite, insurance now analytics, guidewire jutro, and others. These services and platform solutions are supplied to customers such as Amerisure, Aioi Nissay Dowa, Mountain West, and others. The company has a wide range portfolio of its services, a team of R&D professionals, which offers cloud-based, and insurance claim management services in the market.

Pegasystems Inc.

Pegasystems Inc. offers a powerful platform that empowers the world’s leading organizations to unlock business-transforming outcomes with real-time optimization. Clients use its enterprise AI decisioning and workflow automation to solve their most pressing business challenges – from personalizing engagement to automating service to streamlining operations. Pegasystems Inc., has 40 locations across Asia, Europe, and the Americas, with its corporate headquarters located in Cambridge, Massachusetts. The company offers solutions which serve a wide range of industries which include financial services, insurance, healthacre & lifesciences, communications service providers, government, manufacturing & high-tech, automotive, and other industries. Pegasystems Inc., has its specialties in Business Process Management (BPM) Software, Dynamic Case Management Software, Customer Relationship Management (CRM) Software, Predictive Analytics/Decisioning Software, Customer Service (Call Center) Software, and Mobile Application Development Software. The company's  partners include well-respected major firms, such as Accenture PLC, Amazon.com, Inc., Areteans, Capgemini SA, Coforge, Cognizant Technology Solutions Corporation, EY, Google, HCL Infosys, Merkle, PwC, Tata Consultancy Services Limited, Tech Mahindra Limited, Virtusa Corporation, and Wipro Limited.

Recent Developments:

January 2021

Pega Acquired Qurious.io for AI-Powered Speech Analytics

Pegasystems Inc., the software company that crushes business complexity, today announced its acquisition of Qurious.io, Inc., a cloud-based real-time speech analytics solution powered by artificial intelligence (AI) for customer service teams. Qurious.io’s software-as-a-service (SaaS) offering uses speech-to-text, natural language processing (NLP), and emotion detection capabilities to analyze the dialog within each customer service call as it happens. The software then provides agents with real-time insights and coaching so they can improve customer interactions, make better recommendations, and boost customer loyalty and sales. Pega plans to add Qurious.io’s capabilities to its software portfolio with an initial focus on Pega Customer Service use cases.

Top Companies Market Share in Insurance Claims Management Industry: (In no particular order of Rank)

• Guidewire
• Pegasystems Inc
• Snapsheet
• Applied Systems Inc
• DXC Technology Company
• Others
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Regional Analysis of the Insurance Claims Management Solution Market

North America accounted for the largest market share of 38.51% in 2023 and is expected to grow at CAGR 5.42% during the forecast year. This largest share is attributed to the region’s well-established insurance industry, technological advancements, and a growing emphasis on streamlining and enhancing the efficiency of claims management processes. The United States, in particular, is a significant contributor to the increase in demand for insurance claims management solutions. The country’s huge insurance market, which includes a variety of divisions such as health, property, casualty, and life insurance, has fueled the adoption of new technologies to better handle and process claims. According to the Insurance Information Institute of the United States, insurance premiums written in the U.S. exceed one trillion U.S. dollars yearly. The country is the home of the leading insurance companies and health insurance is the most important topic in the United States. Particularly since the introduction of Obamacare in 2010 which expanded coverage to previously uninsured Americans.

Additionally, in Canada, out of a population of around 38 million, around 26 million people had supplementary health insurance and also having other kinds of insurance in 2020. This increasing focus on the insurance is contributing to the growth of the 

Furthermore, North American insurers are increasingly understanding the value of adopting new solutions to automate and accelerate the claims handling process, resulting in higher customer satisfaction and operational efficiency. In December 2023, Duck Creek Technologies, the intelligent solutions provider of property and casualty (P&C) and general insurance, launched Duck Creek ClarityTM, an innovative, cloud-native technology solution and the successor to Duck Creek Insights, designed to empower insurers with advanced data management, reporting, and analytics capabilities. Similarly, in October 2023, CoreLogic launched a new claims resource management solution called CoreLogic Claims Dispatch, the solution will streamline the claims process to ensure that carriers can efficiently assign the right resources to each claim. Furthermore, the region's positive approach to embracing digital transformation has played a crucial role in the proliferation of insurance claims management solutions. The integration of cutting-edge technologies, such as artificial intelligence, machine learning, and data analytics, has empowered insurers to make informed decisions, minimize fraudulent activities, and optimize the overall claims management lifecycle.

The current report Scope analyzes Insurance Claims Management Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Insurance Claims Management Market

North America Insurance Claims Management market Analysis

North America Insurance Claims Management market size was $6,033.55 Million in 2024 and it is forecasted to reach $8,232.40 Million by 2030.

North America accounted for the largest market share of 38.51% in 2023 and is expected to grow at CAGR 5.42% during the forecast year. This largest share is attributed to the region’s well-established insurance industry, technological advancements, and a growing emphasis on streamlining and enhancing the efficiency of claims management processes. The United States, in particular, is a significant contributor to the increase in demand for insurance claims management solutions. The country’s huge insurance market, which includes a variety of divisions such as health, property, casualty, and life insurance, has fueled the adoption of new technologies to better handle and process claims. According to the Insurance Information Institute of the United States, insurance premiums written in the U.S. exceed one trillion U.S. dollars yearly. The country is the home of the leading insurance companies and health insurance is the most important topic in the United States. Particularly since the introduction of Obamacare in 2010 which expanded coverage to previously uninsured Americans.

Additionally, in Canada, out of a population of around 38 million, around 26 million people had supplementary health insurance and also having other kinds of insurance in 2020. This increasing focus on the insurance is contributing to the growth of the Furthermore, North American insurers are increasingly understanding the value of adopting new solutions to automate and accelerate the claims handling process, resulting in higher customer satisfaction and operational efficiency. In December 2023, Duck Creek Technologies, the intelligent solutions provider of property and casualty (P&C) and general insurance, launched Duck Creek ClarityTM, an innovative, cloud-native technology solution and the successor to Duck Creek Insights, designed to empower insurers with advanced data management, reporting, and analytics capabilities. Similarly, in October 2023, CoreLogic launched a new claims resource management solution called CoreLogic Claims Dispatch, the solution will streamline the claims process to ensure that carriers can efficiently assign the right resources to each claim. Furthermore, the region's positive approach to embracing digital transformation has played a crucial role in the proliferation of insurance claims management solutions. The integration of cutting-edge technologies, such as artificial intelligence, machine learning, and data analytics, has empowered insurers to make informed decisions, minimize fraudulent activities, and optimize the overall claims management lifecycle.

Europe Insurance Claims Management Market

Europe Insurance Claims Management market Analysis

Europe Insurance Claims Management market size was $4,298.32 Million in 2024 and it is forecasted to reach $6,093.74 Million by 2030.

Europe has accounted significant share of 27.26% in the year 2023 and is anticipated growth at CAGR of 6.10% during forecast period. Europe has an established insurance sector with high insurance penetration rates across many countries. This translates to a large volume of claims processed, driving the demand for efficient and sophisticated insurance claim management solutions. The presence of a mature insurance industry, technological innovation, and a commitment to improving operational efficiency within the insurance sector is supporting the growth of the market in the region. According to the Insurance Europe, European Insurance and Reinsurance Federation, the insurance sector is the region's largest institutional investor, with a portfolio worth 61% of GDP. In 2020, claims and benefits paid to consumers in Europe were €1 010 billion, which equates to €1 674 per capita or €2.8 billion per day. This translates to a large volume of claims processed, driving the demand for efficient and sophisticated insurance claim management solutions. 

Moreover, the prevalence of innovative technologies such as artificial intelligence (AI) and data analytics in Europe has further propelled the growth of the Insurance Claims Management Solution Market. These technologies enable insurers to analyze large datasets, identify patterns, and make data-driven decisions, resulting in more accurate risk assessments and streamlined claims processing. In November 2023, Arturo launched a new AI-powered insurance claims module that helps to transform the insurance landscape by helping carriers streamline their claims processes, prioritize effectively, and enhance customer interactions. Similarly, in April 2023, Swiss Re Reinsurance Solutions formed a strategic partnership with Des Moines-based insurtech Benekiva to develop an integrated claims management platform. Thus, European insurers are increasingly investing in these cutting-edge solutions to gain a competitive edge and stay ahead in a rapidly evolving insurance landscape.

Asia Pacific Insurance Claims Management Market

Asia Pacific Insurance Claims Management market Analysis

Asia Pacific Insurance Claims Management market size was $2,982.02 Million in 2024 and it is forecasted to reach $4,451.62 Million by 2030.

Asia pacific held a substantial share of 18.75% of the global insurance claims management software market in the year 2023. Asia Pacific is experiencing rapid urbanization, and technological advancements, and has an expanding middle class. These factors, coupled with the increasing awareness and adoption of insurance products across various industries, have contributed significantly to the rising demand for robust claims management solutions.

In recent years, the insurance sector in the Asia Pacific has undergone a transformative shift, embracing digitalization and technology-driven solutions to enhance operational efficiency. India’s insurance business is rapidly expanding, with an estimated market size of $280 billion by 2025, representing a compound annual growth rate (CAGR) of 12%-15%, owing to increased awareness of the significance of insurance and rising disposable incomes. Insurance companies in the region are recognizing the importance of streamlined claims management processes to reduce costs, enhance customer satisfaction, and mitigate risks effectively. This awareness has fueled the adoption of advanced insurance claims management solutions, leading to the region's substantial share in the market's overall growth. Moreover, the government is also supporting the insurance industry to grow in emerging countries across the APAC. For instance, the Indian government has allowed foreign companies to invest up to 49% in Indian insurance companies.

South America Insurance Claims Management Market

South America Insurance Claims Management Market Analysis

South America Insurance Claims Management market size was $1,408.38 Million in 2024 and it is forecasted to reach $2.026.43 Million by 2030. . 

Latin America accounted market share of 8.91% in the year 2023. The insurance sector in Latin America has been experiencing robust expansion, driven by factors like increasing disposable incomes, rising insurance awareness, and government initiatives. Furthermore, Latin American countries are embracing digital transformation in the insurance industry. The adoption of cloud-based ICMS solutions is gaining traction, offering benefits such as scalability, cost-effectiveness, and improved accessibility. Insurance companies in Latin America are increasingly acknowledging the benefits of digitalization and automation in claims processing to enhance efficiency, reduce costs, and provide a better customer experience. Therefore, the companies are engaged in developing advanced insurance products. For instance, MAPFRE and Tractable together developed an AI-based technology solution to auto claim adjustment in Brazil. Additionally, Shift Technology entered into a long-term agreement with Mitsui Sumitomo Seguros, a member of MS&AD Insurance Group which is the 8th biggest insurance group in the world. As a result, Mitsui Sumitomo Seguros using Shift Technology's FORCEtm to automate and increase the accuracy of its fraud detection capabilities.

Middle East Insurance Claims Management Market

Middle East and Africa Insurance Claims Management Market Analysis

Middle East and Africa Insurance Claims Management market size was $1,042.64 Million in 2024 and it is forecasted to reach $1,536.36 Million by 2030.

Middle East and Africa are also witnessing the transformative evolution in the insurance industry, driven by economic development, demographic changes, and an increased focus on risk management. As economies in the region diversify and expand, there has been a corresponding rise in the demand for sophisticated insurance products, necessitating efficient claims management solutions to handle the growing volume of insurance transactions.

The increasing awareness of the importance of technology adoption within the insurance sector is one of the key driving factors supporting the market growth in the region. In February 2023, Nigerian insurtech startup Curacel, an AI-powered platform for claims processing and fraud management in Africa, secured US$3 million in seed funding to roll out new solutions and support its expansion into North Africa. Additionally, Claim Central Africa (CCA), has launched its digital claims and supplier management technology ClaimLogik, to the African insurer and broker market. Insurers in the Middle East and Africa are recognizing the benefits of digitizing and automating claims processes to improve accuracy, reduce processing times, and enhance overall operational efficiency. This has helped to adopt advanced claims management solutions that cater to the unique requirements and challenges of the Middle East and Africa insurance market.

Insurance Claims Management Market Analysis

Insurance Claims Management Solution Market Analysis By Type

On-Premise

The on-premise segment accounted for the market share of 23.12% in 2023, and is estimated to grow with the CAGR of 4.89% during the forecast period. On-premise software refers to software applications that are installed, deployed, and run on the local infrastructure or servers of an organization, rather than being hosted and operated by a third-party provider or in the cloud.  An On-Premise Insurance Claims Management Solution is a software system that insurance companies deploy and manage within their own physical infrastructure or data centers rather than relying on cloud-based services. This type of solution is installed and runs on the company's own servers and hardware, and it is maintained and updated by the organization's IT staff. Here are key components and features typically found in an On-Premise Insurance Claims Management Solution: Claims Processing, Document Management, Workflow Automation, Integration with External Systems, Reporting and Analytics, and others.

Cloud-Based

Cloud-Based segment accounted for revenue of 11,558.31 million in 2023 and is estimated to reach USD 18,812.20 Million in 2031. This segment is projected to grow with a CAGR of 6.43% during the forecast period. Cloud-based software, also known as Software as a Service (SaaS), refers to applications and services that are delivered and accessed over the Internet. Instead of being installed on individual computers or local servers, these software solutions are hosted and maintained by third-party providers in remote data centers. Users can access cloud-based software through a web browser, and the software is typically subscription-based, allowing organizations to pay for what they use. A Cloud-Based Insurance Claims Management Solution is a software system designed to handle the end-to-end process of insurance claims, and it is hosted and operated in the cloud. This type of solution leverages cloud computing infrastructure to provide scalable, flexible, and accessible features for insurance companies to manage their claims processes efficiently.

• On Premise
• Cloud-Based

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BFSI

The BFSI segment held a market share of 9.88% in 2023 and is projected to grow with a CAGR of 4.83% during the forecast period. In recent years, the demand for health insurance products has been increasing. However, with this exponential increase in the industry, there has been a drastic increase in fraudulent practices. To avoid these frauds Insurance Claims Management Solution software is widely used in the Banking, Financial Services, and Insurance (BFSI) sector to streamline the claims management process, improve customer service, enhance data security, and provide insights and analytics. These solutions help insurance companies combat fraud with effective claim segmentation and accurately analyzing the signs of fraud before a claim is paid, thus improving the percentage of genuine transactions, increasing customer satisfaction, and significantly reducing the costs associated with fraud claims investigation. 

Government

The government segment accounted for the market share of 6.45% in 2023 and is estimated to reach 8.98% in 2031. Government insurance policies refer to insurance programs or schemes that are implemented and managed by the government to provide financial protection and support to individuals, businesses, or specific sectors of the economy. These policies are designed to address various risks and uncertainties, and they often aim to promote social welfare and economic stability. It can include health insurance, crop insurance, flood insurance, pension insurance, and others. So, in recent years, the demand for Insurance Claims Management Solutions is increasing in this sector, owing to growing automation, increasing fraud, and other factors. In these technologies, claim management insurance solutions play a vital role. Claims management in insurance involves the systematic process of handling and resolving insurance claims made by policyholders. It is a critical function in the insurance industry, encompassing 
everything from the initial claim filing to the final settlement or denial. 

Travel & Hospitality 

Travel and hospitality insurance encompasses a range of insurance products designed to provide coverage for individuals and businesses involved in the travel and hospitality industries. These insurance policies aim to mitigate financial risks associated with travel-related events, such as trip cancellations, medical emergencies, or property damage. It includes trip cancellation/interruption insurance, travel medical insurance, lost or delayed baggage insurance, hotel insurance, restaurant insurance, event cancellation insurance, and others. Many travel insurance companies are offering these types of insurance. For instance, in the United States, companies like Allianz Global Assistance, AXA Assistance USA, Berkshire Hathaway, Generali Global, and others are providing this type of insurance. These companies have adopted the Insurance Claims Management Software to minimize the paperwork at every stage, which makes manual claims management very time-consuming. Further, an intelligent claims management platform using artificial learning and machine learning adds functionalities that can help travel & Hospitality insurers make better decisions as a company. 
 
The healthcare & Life Sciences segment held the market share of 72.58% in 2023 and is projected to grow with the CAGR of 6.42% during the forecast period. Healthcare and life sciences insurance involves a range of insurance products tailored to meet the unique risks and challenges faced by organizations operating in the healthcare and life sciences sectors. These sectors are characterized by complex regulatory environments, evolving technologies, and various liability considerations. It includes insurance like medical malpractice insurance, product liability insurance, clinical trials insurance, directors and officers (D&O) insurance, cyber liability insurance, property and casualty insurance, workers' compensation insurance, healthcare providers, group health insurance, employment practices liability insurance (EPLI), business interruption insurance, and others. For instance, Chubb is one of the major life science insurance companies in the United States, which provides clinical trials insurance, errors & omissions (e&o) insurance, workers' compensation insurance, General liability insurance, including products-completed operations, Property insurance, and others for life science companies. Insurance Claims Management Solution helps these companies, which providing AI-powered automation, Increased reporting capabilities, Easy-to-use claim submission process, First notification of loss (FNOL) efficiency, and others. 

Others

Other types of insurance include Homeowners Insurance, Pet Insurance, Motor Insurance, and others. A homeowners insurance policy usually covers four kinds of incidents on the insured property: interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that occurs while on the property. Further, pet insurance covers, Accidents and injuries. This covers medical expenses, behavioral therapy, chronic illnesses, and others. Some of the popular pet insurance companies include Healthy Paws, Pets Best, Embrace, Paw Protect, Fetch, Figo, Lemonade, Spot, and others. In these types of insurance companies Insurance Claims Management Solutions play a vital role, which can eliminate or minimize paperwork, automate the claim procedure, and many other benefits.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

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