The rise in call volumes and increase in medical emergencies, deaths, and business interruption claims have driven the claims processing industry to invest in advanced AI and machine learning technologies. By leveraging these, insurance companies can engage with customers faster, improve distribution, settle claims quicker, and enhance fraud detection.
Ac cording to research by alliedmarketresearch.com, the global claims processing software market was valued at $33.9 billion in 2020 and is projected to reach $73.0 billion by 2030, registering a CAGR of 8.3 percent during the period.
The prolific growth can be attributed to claims processing software’s ability to handle every aspect of claims management on a single system, enabling easy access to customer data and improved workflow. In addition, these software help eliminate the need for manual methods, save time, and increase data accuracy.
AI -driven claims processing software used for evaluating claims can help insurance organizations reduce processing time from days to hours or even minutes. Power by AI algorithms, chatbots can not only address common queries and transactions but also understand the nature of claims and detect early warnings of fraud.
The benefits of advanced self-learning software have helped industry leaders recognize that machine-learning applications have the potential to improve the accuracy of treatment protocols and health outcomes. The combination of AI and machine learning technologies offer an innovative guiding solution that simplifies the industry, organizes data, and enhances patient safety.
This edition of Insurance CIO Outlook delivers a bird’s-eye view of the recent developments in the claims processing arena and insights into how organizations are aligning with these trends and adopting new ways to shape the future of insurance claims.
We have curated thought leadership articles from industry experts, including the Director of Claim Contact Center and Claim Handling Unit at AAA-The Auto Club Group and the Chief Digital Officer at Chubb.
We also took a deep dive into the market trends to narrow down the list of companies delivering innovative claims processing services. Equipped with innovative technological capabilities, the enlisted service providers, such as Windley Ely and Canadian Benefits Consulting Group, help transform businesses at the cloverleaf of various disruptive technologies.
We hope this edition of Insurance CIO Outlook’s claims processing service companies helps you build the partnership you and your organization need to foster an environment driven by efficient technology.
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