Retail Banking: Trends in claims processing; Vertical and technology trends
Insurance companies are known to house varied legacy systems that have either evolved over time within the company or have been acquired as a result of mergers and acquisitions. However, persisting with these aging systems will obstruct carrier operations by offering limited agility, increasing complexity, and exposing the carrier to increased fraud risk, in addition to hindering automation of processes. Though insurance companies are well aware that claims management is one of the first functions to be modernized, they are often held back by sizeable investments involved in transitioning from legacy to contemporary systems. The crunch in terms of investment becomes more of a reality for insurance companies operating in weak economies, inhibiting them from realizing obvious benefits.
- Insurers are tapping into the trend of ‘going paperless’ as the benefits thereof are quite conspicuous. A paperless office not only enjoys cost savings but also gains benefits in terms of improved productivity, space saving, easy documentation, information sharing, and the security of critical data.
- Carriers are also attempting to etch out a distinctive place for themselves within the industry by deploying enterprise mobility strategy, in order to facilitate agents to access back office data on a real-time basis.
- Vendors catering to the needs of the insurers are developing mobile claims application that allows their customers to capture data, file First Notice of Loss (FNOL) from the site of incident occurrence, upload proof/pictures, and call for assistance, all through the use of a mobile device.
Current Analysis’ Vertical Focus Report – Insurance: Trends in claims processing depicts the business challenges faced by the insurance sector in the claims processing domain along with the recent demand side and supply side trends in this functional area. The report outlines the evolution of the claims processing domain and identifies the key opportunity areas for the ICT vendors. This report also presents Current Analysis’ view of the revenue opportunities in claims processing domain through to 2019, highlighting the market size and growth by geography and business function.In particular, it provides an in-depth analysis of the following:
Reasons To Buy
- The latest trends impacting the insurance sector’s claims processing market.
- The market trends (both supply-side and demand-side) that will facilitate the growth of the insurance sector’s claims processing market.
- The technology evolution of the market and vendor opportunities
- The market inhibitors that may hinder the pervasive adoption of claims processing among insurers.
- The primary findings from Current Analysis’ view of revenue opportunities in the insurance sector’s claims processing market through to 2019, highlighting the market size and growth by function and regions.
- An identification of banks’ IT budget allocation and IT priorities relating to claims processing.
- Understand the insurance sectors’ landscape, the recent trends, and inhibitors shaping the insurance sector’s claims processing market.
- Comprehend the insurance sector’s claims processing evolution.
- Enhance your market segmentation by analyzing the revenue opportunity forecasts figure in the insurance sector’s claims processing market from 2015 to 2019, spanning its functions and geographies.
- Comprehend insurance sectors’ IT budget allocation and prioritization of top IT projects in 2015
- Understand how insurance sector’s claims processing market opportunities are set to change in the market in near future.
- 1 Business challenges for insurance companies
- 2 Market Dynamics
- 2.1 Demand side trends
- 2.2 Supply side trends
- 3 Technology Lifecycle
- 3.1 Insurers’ IT budget allocation and IT priorities
- 4 Opportunities for ICT vendors
- 5 Market size and forecast
- 6 Future outlook
- 6.1 Evolving technologies continue to digitally transform the claims function within an insurance company
- 7 Appendix
- 7.1 Definitions
- 7.2 Further reading
- 7.3 Contact the authors
- List of Tables
- Table 1: Insurance claims processing function market – global market opportunity forecast, US$ millions
- List of Figures
- Figure 1: Key business challenges impacting insurance companies in adopting claims processing automation
- Figure 2: Key demand and supply side trends impacting the claims processing market
- Figure 3: The claims function’s journey from the manual phase to the electronic phase
- Figure 4: Insurers’ IT budget allocation and top IT projects prioritization in 2015
- Figure 6: Key opportunities for ICT vendors catering to the claims processing function
- Figure 5: The insurance claims processing function market – global market opportunity (US$ millions)