According to the Market Statsville Group (MSG), the global digital claims management market size is expected to grow at a CAGR of 11.1% from 2022 to 2030.

The major factor driving the global digital claims management software market is the increasing focus on improving customer experience and decreasing risk. A crucial aspect driving this growth is the constant increase in demand for cloud-based apps to manage various risks and cut costs. Additionally, the surging use of smartphones and other mobile devices has expanded the use of such apps to help with claims administration.

Other factors driving the market’s growth are the increasing shift of companies from product based to customer-centric strategies and surging awareness among insurers about digital channels. However, the difficulty regarding platform integration with legacy systems may hinder the market’s growth over the forecast period.

Global Digital Claims Management Market Definition

Digital Claims Management uses technology to assist businesses and people in managing their claims. This process of automating claims management focuses on increasing efficiency and lowering expenses. It is the method of managing insurance claims using technology to simplify and expedite the process. Insurance firms can save money by using the digital claims management method. Insurers can also improve customer service by utilizing machine learning and automation in claim handling.

COVID-19 Impact on the Global Digital Claims Management Market

The COVID-19 pandemic has resulted in significant changes in the insurance business. The pandemic has hastened a shift in consumption patterns in which individuals expect easier access and more personalized care from their insurance providers, both at the beginning of their insurance journey and in the event of a claim. With COVID-19 affecting every aspect of personal and professional life, digitalization has emerged as a new means for the world to adopt the new normal. This is particularly true in the insurance industry, where insurers can distribute and raise awareness through digital platforms. With the emergence of Coronavirus, insurers are developing new COVID-specific packages to provide customers with specific health coverage for the virus.

Global Digital Claims Management Market Dynamics

The digital claims management industry has experienced significant growth in recent years as insurers look for ways to streamline their claims processes and provide better customer experiences. Several trends and growth opportunities are expected to drive the growth of the digital claims management industry in the coming years. One key trend that is driving growth in the digital claims management industry is the increasing use of mobile devices by policyholders. Mobile devices allow policyholders to submit claims quickly and easily, and insurers are responding by developing digital claims management solutions that are optimized for mobile devices. As mobile devices continue to become more ubiquitous, the demand for digital claims management solutions that can be accessed from anywhere, at any time, is expected to increase.
Another trend driving growth in the digital claims management industry is the use of big data and analytics to improve claims processing. Insurers are collecting vast amounts of data on policyholders, and this data can be used to improve claims processing by identifying patterns and trends that can be used to improve decision-making. Digital claims management solutions that can analyze and leverage this data are likely to be in high demand as insurers seek to improve the accuracy and speed of claims processing. Furthermore, the digital claims management industry is expected to benefit from the increasing use of artificial intelligence (AI) and machine learning (ML) in insurance. AI and ML can be used to automate claims processing, identify fraudulent claims, and improve risk assessment, among other things. Digital claims management solutions that can incorporate these advanced technologies into their solutions are likely to be in high demand as insurers seek to leverage these technologies to improve their operations.
In terms of growth opportunities, the digital claims management industry is expected to benefit from the increasing demand for insurance products and services in emerging markets. As more people in developing countries seek insurance coverage, insurers will need to invest in technology solutions to manage the increased volume of claims. Digital claims management solution providers that can offer scalable, cost-effective solutions that can be customized to local needs are likely to be well-positioned to capture this growth. Overall, the digital claims management industry is expected to continue its growth trajectory during the forecast period, driven by the increasing use of mobile devices, the use of big data and analytics, the use of AI and ML, and the increasing demand for insurance in emerging markets.

Scope of the Global Digital Claims Management Market

The study categorizes the digital claims management market based on type, and end user at the regional and global levels.

By Type (Sales, USD Million, 2017-2030)

• Web
• Android
• IOS

By End User (Sales, USD Million, 2017-2030)

• Buyer: Turnover below EUR 5 million
• Buyer: Turnover above EUR 5 million

By Region (Sales, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Android segment is projected to account for the largest market share, by type

Based on type, the global digital claims management market is divided into web, android, and IOS. In 2021, the android segment accounted for the largest market share in the global digital claims management market. A digital claim for android is a software that allows users to scan and upload personal documents like passports and driver's licenses. It also facilitates the verification process by scanning these documents using an automated system, allowing customers to complete their transactions more quickly. The growing number of android users is expected to increase the demand for digital claims management in the forecasting years.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global digital claims management market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global digital claims management market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia-Pacific. Given the untapped prospects and increasing commercial investment in several industry verticals, the region is expected to be a profitable market for digital insurance platform providers. The region's large population and growing company investments are expected to attract many premiums, prompting global corporations to focus on accessing the APAC market by cooperating with local enterprises, channel partners, and technology partners.

Key Market Players in the Global Digital Claims Management Market

The global digital claims management market is highly competitive, with key industry players adopting strategies such as partnerships, product development, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are indulged in expanding business across regions, enhancing their capabilities, and molding strong partner relations.

Major players in the global digital claims management market are:

• Arvato Financial Solutions
• UiPath
• Pulpstream
• Nuxeo
• DAT
• ERGO Group AG
• Softelligence
• Applied Systems
• LexisNexis Risk Solutions Group
• JW Software Inc.

Recent Developments

• In May 2020, eBaoTech Corporation announced the availability of eBaoCloud InsureMO in an online store providing applications and services for use on Azure- the Microsoft Azure Marketplace. eBaoTech’s customers can take advantage of Azure cloud platform, with streamlined deployment and management.
• In May 2022, UiPath introduced Automation Cloud Robots alongside other powerful new capabilities as a part of the UiPath 2022.4 platform release. The new release provides enterprises with an even more comprehensive automation foundation to achieve fast and accurate outcomes.
• In May 2022, UiPath announced that it integrated its automation platform with Adobe's digital document generation and e-signature capabilities. Integrating with Adobe Acrobat Sign and Adobe Document Services, UiPath can boost employee productivity, accelerate digital customer experiences, and minimize costs through seamless, uninterrupted digital document workflows.

Key Issues Addressed

• What is the market size by various segmentation of the digital claims management by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the digital claims management market?
• What are the key opportunities and trends for manufacturers involved in the digital claims management supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of digital claims management in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market