The Europe Claims Processing Software Market would witness market growth of 8.3% CAGR during the forecast period (2022-2028).
For claim adjudication, insurance companies utilize a combination of computerized and manual verification. After that, the insurance company determines how much it is willing to pay for the claim, which is known as a payment decision. For example, the insurance company notifies the hospital after the adjudication procedure is complete, along with specifics of their conclusions and justification for settling (totally or partially) or rejecting the claim. This is referred as a benefits explanation or remittance advice. The healthcare provider may submit more details or request to represent the claim based on the EOB.
Amount paid, the amount authorized, approved amount, patient responsibility amount (in situations of copay and coinsurance), covered amount, discount amount, and so on are usually included in the explanation of benefits. This is the final phase, in which the insurance company pays the healthcare provider the money owing for the therapy provided to the covered patient. This can be done for each claim individually or in aggregate for all claims obtained from the same healthcare provider over a period of time.
According to the United Kingdom government, the insurance industry contributes significantly to the UK economy, employing over 300,000 people nationwide, attracting worldwide capital, meeting consumer demands, and creating UK exports. It is critical in analyzing and managing risk, whether it is to increase local communities' resilience, support regional growth, or underpin trade. As a result, various government authorities and market players are determined to make the United Kingdom one of the most competitive insurance markets in the world. The Government's goal is to maintain a solid collaboration with the insurance industry, increase its contribution to economic growth, and collaborate to reinforce the UK's position as a leader in a truly global industry.
In addition, the UK insurance sector is the largest in Europe and a key global center. The sector is an important part of the UK's broader financial services cluster, with a diverse and well-developed skill set. There are various strategies and initiatives going on in this region in order to boost insurance industry growth and boost the sector's contribution to the UK economy.
The Germany market dominated the Europe Claims Processing Software Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,740.7 Million by 2028. The UK market is poised to grow at a CAGR of 7.4% during (2022 - 2028). Additionally, The France market would display a CAGR of 9.1% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Claims Processing Software Market will Hit $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
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
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 Europe Claims Processing Software Market, by Component
1.4.2 Europe Claims Processing Software Market, by Enterprise Size
1.4.3 Europe Claims Processing Software Market, by End User
1.4.4 Europe 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. Europe Claims Processing Software Market by Component
4.1 Europe Software (Without Services) Market by Country
4.2 Europe Services Market by Country
Chapter 5. Europe Claims Processing Software Market by Enterprise Size
5.1 Europe Large Enterprises Market by Country
5.2 Europe Small & Medium-sized Enterprises Market by Country
Chapter 6. Europe Claims Processing Software Market by End User
6.1 Europe Insurance Companies Market by Country
6.2 Europe Insurance Intermediaries Market by Country
6.3 Europe Agents & Brokers Market by Country
6.4 Europe Others Market by Country
Chapter 7. Europe Claims Processing Software Market by Country
7.1 Germany Claims Processing Software Market
7.1.1 Germany Claims Processing Software Market by Component
7.1.2 Germany Claims Processing Software Market by Enterprise Size
7.1.3 Germany Claims Processing Software Market by End User
7.2 UK Claims Processing Software Market
7.2.1 UK Claims Processing Software Market by Component
7.2.2 UK Claims Processing Software Market by Enterprise Size
7.2.3 UK Claims Processing Software Market by End User
7.3 France Claims Processing Software Market
7.3.1 France Claims Processing Software Market by Component
7.3.2 France Claims Processing Software Market by Enterprise Size
7.3.3 France Claims Processing Software Market by End User
7.4 Russia Claims Processing Software Market
7.4.1 Russia Claims Processing Software Market by Component
7.4.2 Russia Claims Processing Software Market by Enterprise Size
7.4.3 Russia Claims Processing Software Market by End User
7.5 Spain Claims Processing Software Market
7.5.1 Spain Claims Processing Software Market by Component
7.5.2 Spain Claims Processing Software Market by Enterprise Size
7.5.3 Spain Claims Processing Software Market by End User
7.6 Italy Claims Processing Software Market
7.6.1 Italy Claims Processing Software Market by Component
7.6.2 Italy Claims Processing Software Market by Enterprise Size
7.6.3 Italy Claims Processing Software Market by End User
7.7 Rest of Europe Claims Processing Software Market
7.7.1 Rest of Europe Claims Processing Software Market by Component
7.7.2 Rest of Europe Claims Processing Software Market by Enterprise Size
7.7.3 Rest of Europe 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 Europe Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 2 Europe 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 Europe Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 7 Europe Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 8 Europe Software (Without Services) Market by Country, 2018 - 2021, USD Million
TABLE 9 Europe Software (Without Services) Market by Country, 2022 - 2028, USD Million
TABLE 10 Europe Services Market by Country, 2018 - 2021, USD Million
TABLE 11 Europe Services Market by Country, 2022 - 2028, USD Million
TABLE 12 Europe Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 13 Europe Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 14 Europe Large Enterprises Market by Country, 2018 - 2021, USD Million
TABLE 15 Europe Large Enterprises Market by Country, 2022 - 2028, USD Million
TABLE 16 Europe Small & Medium-sized Enterprises Market by Country, 2018 - 2021, USD Million
TABLE 17 Europe Small & Medium-sized Enterprises Market by Country, 2022 - 2028, USD Million
TABLE 18 Europe Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 19 Europe Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 20 Europe Insurance Companies Market by Country, 2018 - 2021, USD Million
TABLE 21 Europe Insurance Companies Market by Country, 2022 - 2028, USD Million
TABLE 22 Europe Insurance Intermediaries Market by Country, 2018 - 2021, USD Million
TABLE 23 Europe Insurance Intermediaries Market by Country, 2022 - 2028, USD Million
TABLE 24 Europe Agents & Brokers Market by Country, 2018 - 2021, USD Million
TABLE 25 Europe Agents & Brokers Market by Country, 2022 - 2028, USD Million
TABLE 26 Europe Others Market by Country, 2018 - 2021, USD Million
TABLE 27 Europe Others Market by Country, 2022 - 2028, USD Million
TABLE 28 Europe Claims Processing Software Market by Country, 2018 - 2021, USD Million
TABLE 29 Europe Claims Processing Software Market by Country, 2022 - 2028, USD Million
TABLE 30 Germany Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 31 Germany Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 32 Germany Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 33 Germany Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 34 Germany Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 35 Germany Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 36 Germany Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 37 Germany Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 38 UK Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 39 UK Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 40 UK Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 41 UK Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 42 UK Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 43 UK Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 44 UK Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 45 UK Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 46 France Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 47 France Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 48 France Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 49 France Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 50 France Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 51 France Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 52 France Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 53 France Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 54 Russia Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 55 Russia Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 56 Russia Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 57 Russia Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 58 Russia Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 59 Russia Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 60 Russia Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 61 Russia Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 62 Spain Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 63 Spain Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 64 Spain Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 65 Spain Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 66 Spain Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 67 Spain Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 68 Spain Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 69 Spain Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 70 Italy Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 71 Italy Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 72 Italy Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 73 Italy Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 74 Italy Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 75 Italy Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 76 Italy Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 77 Italy Claims Processing Software Market by End User, 2022 - 2028, USD Million
TABLE 78 Rest of Europe Claims Processing Software Market, 2018 - 2021, USD Million
TABLE 79 Rest of Europe Claims Processing Software Market, 2022 - 2028, USD Million
TABLE 80 Rest of Europe Claims Processing Software Market by Component, 2018 - 2021, USD Million
TABLE 81 Rest of Europe Claims Processing Software Market by Component, 2022 - 2028, USD Million
TABLE 82 Rest of Europe Claims Processing Software Market by Enterprise Size, 2018 - 2021, USD Million
TABLE 83 Rest of Europe Claims Processing Software Market by Enterprise Size, 2022 - 2028, USD Million
TABLE 84 Rest of Europe Claims Processing Software Market by End User, 2018 - 2021, USD Million
TABLE 85 Rest of Europe 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