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.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Software (Without Services)
- Services
By Enterprise Size
- Large Enterprises
- Small & Medium-sized Enterprises
By End User
- Insurance Companies
- Insurance Intermediaries
- Agents & Brokers
- Others
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- 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
- A1 Enterprise, Inc.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Asia Pacific Claims Processing Software Market, by Component
1.4.2 Asia Pacific Claims Processing Software Market, by Enterprise Size
1.4.3 Asia Pacific Claims Processing Software Market, by End User
1.4.4 Asia Pacific Claims Processing Software Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition and scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Recent Industry Wide Strategic Developments
3.1.1 Partnerships, Collaborations and Agreements
3.1.2 Product Launches and Product Expansions
3.1.3 Acquisition and Mergers
3.2 Top Winning Strategies
3.2.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.2.2 Key Strategic Move: (Partnerships, Collaborations and Agreements : 2018, Nov – 2022, May) Leading Players
Chapter 4. Asia Pacific Claims Processing Software Market by Component
4.1 Asia Pacific Software (Without Services) Market by Country
4.2 Asia Pacific Services Market by Country
Chapter 5. Asia Pacific Claims Processing Software Market by Enterprise Size
5.1 Asia Pacific Large Enterprises Market by Country
5.2 Asia Pacific Small & Medium-sized Enterprises Market by Country
Chapter 6. Asia Pacific Claims Processing Software Market by End User
6.1 Asia Pacific Insurance Companies Market by Country
6.2 Asia Pacific Insurance Intermediaries Market by Country
6.3 Asia Pacific Agents & Brokers Market by Country
6.4 Asia Pacific Others Market by Country
Chapter 7. Asia Pacific Claims Processing Software Market by Country
7.1 China Claims Processing Software Market
7.1.1 China Claims Processing Software Market by Component
7.1.2 China Claims Processing Software Market by Enterprise Size
7.1.3 China Claims Processing Software Market by End User
7.2 Japan Claims Processing Software Market
7.2.1 Japan Claims Processing Software Market by Component
7.2.2 Japan Claims Processing Software Market by Enterprise Size
7.2.3 Japan Claims Processing Software Market by End User
7.3 India Claims Processing Software Market
7.3.1 India Claims Processing Software Market by Component
7.3.2 India Claims Processing Software Market by Enterprise Size
7.3.3 India Claims Processing Software Market by End User
7.4 South Korea Claims Processing Software Market
7.4.1 South Korea Claims Processing Software Market by Component
7.4.2 South Korea Claims Processing Software Market by Enterprise Size
7.4.3 South Korea Claims Processing Software Market by End User
7.5 Singapore Claims Processing Software Market
7.5.1 Singapore Claims Processing Software Market by Component
7.5.2 Singapore Claims Processing Software Market by Enterprise Size
7.5.3 Singapore Claims Processing Software Market by End User
7.6 Malaysia Claims Processing Software Market
7.6.1 Malaysia Claims Processing Software Market by Component
7.6.2 Malaysia Claims Processing Software Market by Enterprise Size
7.6.3 Malaysia Claims Processing Software Market by End User
7.7 Rest of Asia Pacific Claims Processing Software Market
7.7.1 Rest of Asia Pacific Claims Processing Software Market by Component
7.7.2 Rest of Asia Pacific Claims Processing Software Market by Enterprise Size
7.7.3 Rest of Asia Pacific Claims Processing Software Market by End User
Chapter 8. Company Profiles
8.1 Pegasystems, Inc.
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional Analysis
8.1.4 Research & Development Expense
8.1.1 Recent strategies and developments:
8.1.1.1 Partnerships, Collaborations, and Agreements:
8.1.1.2 Product Launches and Product Expansions:
8.1.1.3 Acquisition and Mergers:
8.1.2 SWOT Analysis
8.2 Duck Creek Technologies, Inc.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Regional Analysis
8.2.4 Research & Development Expenses
8.2.5 Recent strategies and developments:
8.2.5.1 Partnerships, Collaborations, and Agreements:
8.2.5.2 Product Launches and Product Expansions:
8.3 FINEOS Corporation Holdings plc (Jacquel Investments Limited)
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Research & Development Expenses
8.3.4 Recent strategies and developments:
8.3.4.1 Partnerships, Collaborations, and Agreements:
8.3.4.2 Product Launches and Product Expansions:
8.3.4.3 Acquisition and Mergers:
8.4 Newgen Software Technologies Limited
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments:
8.4.5.1 Partnerships, Collaborations, and Agreements:
8.4.5.2 Product Launches and Product Expansions:
8.4.5.3 Acquisition and Mergers:
8.5 Hawksoft, Inc.
8.5.1 Company Overview
8.5.2 Recent strategies and developments:
8.5.2.1 Partnerships, Collaborations, and Agreements:
8.6 HIPAAsuite
8.6.1 Company Overview
8.7 Quick Silver Systems, Inc.
8.7.1 Company Overview
8.7.2 Recent strategies and developments:
8.7.2.1 Partnerships, Collaborations, and Agreements:
8.8 Ventiv Technology, Inc.
8.8.1 Company Overview
8.8.2 Recent strategies and developments:
8.8.2.1 Partnerships, Collaborations, and Agreements:
8.8.2.2 Acquisition and Mergers:
8.9 A1 Enterprise, Inc.
8.9.1 Company Overview
8.10. Hyland Software, Inc.
8.10.1 Company Overview
8.10.2 Recent strategies and developments:
8.10.2.1 Partnerships, Collaborations, and Agreements:
TABLE 1 Asia Pacific Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 2 Asia Pacific Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Claims Processing Software Market
TABLE 4 Product Launches And Product Expansions– Claims Processing Software Market
TABLE 5 Acquisition and Mergers– Claims Processing Software Market
TABLE 6 Asia Pacific Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 7 Asia Pacific Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 8 Asia Pacific Software (Without Services) Market by Country, 2018 - 2021, USD Million
TABLE 9 Asia Pacific Software (Without Services) Market by Country, 2022 - 2028, USD Million
TABLE 10 Asia Pacific Services Market by Country, 2018 - 2021, USD Million
TABLE 11 Asia Pacific Services Market by Country, 2022 - 2028, USD Million
TABLE 12 Asia Pacific Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 13 Asia Pacific Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 14 Asia Pacific Large Enterprises Market by Country, 2018 - 2021, USD Million
TABLE 15 Asia Pacific Large Enterprises Market by Country, 2022 - 2028, USD Million
TABLE 16 Asia Pacific Small & Medium-sized Enterprises Market by Country, 2018 - 2021, USD Million
TABLE 17 Asia Pacific Small & Medium-sized Enterprises Market by Country, 2022 - 2028, USD Million
TABLE 18 Asia Pacific Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 19 Asia Pacific Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 20 Asia Pacific Insurance Companies Market by Country, 2018 - 2021, USD Million
TABLE 21 Asia Pacific Insurance Companies Market by Country, 2022 - 2028, USD Million
TABLE 22 Asia Pacific Insurance Intermediaries Market by Country, 2018 - 2021, USD Million
TABLE 23 Asia Pacific Insurance Intermediaries Market by Country, 2022 - 2028, USD Million
TABLE 24 Asia Pacific Agents & Brokers Market by Country, 2018 - 2021, USD Million
TABLE 25 Asia Pacific Agents & Brokers Market by Country, 2022 - 2028, USD Million
TABLE 26 Asia Pacific Others Market by Country, 2018 - 2021, USD Million
TABLE 27 Asia Pacific Others Market by Country, 2022 - 2028, USD Million
TABLE 28 Asia Pacific Claims Processing Software Market by Country, 2018 - 2021, USD Million
TABLE 29 Asia Pacific Claims Processing Software Market by Country, 2022 - 2028, USD Million
TABLE 30 China Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 31 China Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 32 China Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 33 China Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 34 China Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 35 China Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 36 China Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 37 China Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 38 Japan Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 39 Japan Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 40 Japan Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 41 Japan Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 42 Japan Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 43 Japan Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 44 Japan Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 45 Japan Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 46 India Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 47 India Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 48 India Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 49 India Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 50 India Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 51 India Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 52 India Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 53 India Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 54 South Korea Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 55 South Korea Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 56 South Korea Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 57 South Korea Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 58 South Korea Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 59 South Korea Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 60 South Korea Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 61 South Korea Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 62 Singapore Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 63 Singapore Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 64 Singapore Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 65 Singapore Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 66 Singapore Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 67 Singapore Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 68 Singapore Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 69 Singapore Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 70 Malaysia Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 71 Malaysia Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 72 Malaysia Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 73 Malaysia Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 74 Malaysia Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 75 Malaysia Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 76 Malaysia Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 77 Malaysia Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 78 Rest of Asia Pacific Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 79 Rest of Asia Pacific Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 80 Rest of Asia Pacific Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 81 Rest of Asia Pacific Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 82 Rest of Asia Pacific Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 83 Rest of Asia Pacific Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 84 Rest of Asia Pacific Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 85 Rest of Asia Pacific Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 86 Key Information – Pegasystems, Inc.
TABLE 87 Key Information – Duck Creek Technologies, Inc.
TABLE 88 Key Information – FINEOS Corporation Holdings plc
TABLE 89 key information – Newgen Software Technologies Limited
TABLE 90 Key Information – HawkSoft, Inc.
TABLE 91 Key Information – HIPAAsuite
TABLE 92 Key Information – Quick Silver Systems, Inc.
TABLE 93 Key Information – Ventiv Technology, Inc.
TABLE 94 Key Information – A1 Enterprise, Inc.
TABLE 95 Key Information – Hyland Software, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 Key Leading Strategies: Percentage Distribution (2018-2022)
FIG 3 Key Strategic Move: (Partnerships, Collaborations and Agreements : 2018, Nov – 2022, May) Leading Players
FIG 4 Recent strategies and developments: Pegasystems, Inc.
FIG 5 SWOT Analysis: Pegasystems, Inc.
FIG 6 Recent strategies and developments: Duck Creek Technologies, Inc.
FIG 7 Recent strategies and developments: FINEOS Corporation Holdings plc
FIG 8 Recent strategies and developments: Newgen Software Technologies Limited