The Asia Pacific Claims Processing Software Market would witness market growth of 9.5% CAGR during the forecast period (2022-2028).
Insurance businesses may handle all aspects of claims administration with claims processing software, which allows quick access to consumer information and enhanced workflow. Furthermore, independent adjusting businesses use it to simplify the claims handling process. As a result, this is a primary driver of the claims processing software market's growth. Furthermore, claims processing software lowers errors, saves time, and improves data accuracy by eliminating the need for manual processes. As a result, these are some of the elements that contribute to market expansion. Due to technology improvements in emerging countries, there has been a spike in the adoption of claims processing software by insurance companies.
An increase in chronic disease events, an aging population, the use of digital and cloud services, efforts to improve insurance claims services, the government's push to boost insurance coverage among its residents, and other factors are driving the demand for claims processing software. Insurance businesses are also aiming to invest in claims processing software in order to improve their value chain as well as internal processes, reduce operational costs through automation, and reduce leakages via operational efficiency.
There is a significant prevalence of various life-threatening diseases in this region. One of the most prevalent causes of death in this region is chronic diseases. India is one of the world’s largest population countries and has been witnessing rapid epidemiological transition, for instance, a shift towards chronic non-communicable diseases along with socio-economic development.
According to the Indian Government’s Ministry of Science and Technology, with approximately 77 million people living with diabetes, which is estimated to reach 134 million by 2045, India has the greatest population of diabetics in the world. Cardiovascular disease, which accounts for one-fourth of all deaths in India, are becoming the major cause of mortality of people at a young age. Hypertension is on the rise in India, especially in the rural and urban populations.
In line with the Sustainable Development Goals, India's National Health Policy seeks to reduce premature mortality from noncommunicable diseases (NCD) by one-third by 2030. Due to the increase in the incidence of chronic disorders across the region, the workflows across insurance companies are majorly rising. This factor is playing a major role in expediting the adoption of claims processing software in these companies. Therefore, the growth of the regional claims processing software market is bolstering.
The China market dominated the Asia Pacific Claims Processing Software Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,700.3 Million by 2028. The Japan market is experiencing a CAGR of 8.9% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 10.2% during (2022 - 2028).
Based on Component, the market is segmented into Software (Without Services) and Services. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on End User, the market is segmented into Insurance Companies, Insurance Intermediaries, Agents & Brokers, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Claims Processing Software Market is Projected to reach USD 59 Billion by 2028, at a CAGR of 8.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Duck Creek Technologies, Inc., FINEOS Corporation Holdings plc, Hyland Software, Inc., Hawksoft, Inc., HIPAAsuite, Newgen Software Technologies Limited, Pegasystems, Inc., Quick Silver Systems, Inc., Ventiv Technology, and A1 Enterprise, Inc.
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