Overview

Software upgrade: New business models and predictive analytics will boost industry revenue

IBISWorld’s Insurance Claims Processing Software market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

REPORT SNAPSHOT

Market Share of Companies
There are no companies with a dominant market share in this industry
Industry Statistics & Market Size
Revenue
$8bn
Annual Growth
11-16
0.4%
Annual Growth
16-21
Profit
Employment
18,397
Business
376

Industry Threats & Opportunities

  • Cloud computing, new business models and predictive analytics will support growth for industry operators
  • P&C and life insurers are increasingly turning to industry operators for assistance
  • Higher demand and premiums in downstream industries will boost demand

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    Industry Analysis & Industry Trends

    Over five years to 2016, industry revenue is expected to increase. Claims processing software publishers are affected by the investment capabilities of property and casualty (P&C) and life insurance companies. The performance of P&C insurers is reliant on several factors, including growth in the number of motor vehicle registrations and the homeownership rate. Life insurance margins are affected by per capita disposable income levels, as households with rising wealth protect their assets, as well as the overall state of employment, as an increase in the number of workers stimulates demand for employer-sponsored group insurance. The next five years will bring fresh changes to the industry, including new business models and predictive analytics...

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    Industry Report - Industry Investment Chapter

    The Insurance Claims Processing Software industry is highly labor-intensive, spending $.07 on capital investments for every $1.00 spent on labor. Most software companies require only limited capital goods, such as computers and office space, and very high skilled employees who are able to program software and who are knowledgeable on insurance industries. Software companies rarely encode their software on discs themselves, preferring to outsource that capitally intense activity. The industry spends 33.7% of revenue on employee wages. The largest companies, however, employ many workers and may require greater office space than smaller competitors.

    ..

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    Additional Insights for the Insurance Claims Processing Software Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Insurance Claims Processing Software Industry are

  • Ability to quickly adopt new technology
  • Access to highly skilled workforce
  • Output is sold under contract
  • IBISWorld analysts also discuss how external factors such as Private investment in computers and software and Corporate profit in the Insurance Claims Processing Software industry impact industry performance..

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    Look under the hood?

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    Industry Products

    What is the Insurance Claims Processing Software Industry?

    This industry develops and sells software that is used to process insurance claims and manage policies.

    Industry Products
    Policy administration software
    Claims management software
    Billing management software
    Industry Activities
    Providing insurance policy management software and systems solutions
    Providing insurance claims software and systems solutions
    Providing automated billing solutions

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Private investment in computers and software
  • Corporate profit
  • Demand from insurance carriers and related activities
  • Yield on 10-year Treasury note
  • Per capita disposable income

  • Current Performance
  • Downstream demand
  • Increasing demand
  • Chart: Revenue Growth

  • Industry Outlook
  • Downstream demand
  • Accessible but safe
  • Predictive analysis
  • Table: Insurance Claims Processing Software Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Insurance Claims Processing Software Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Life Insurance & Annuities
  • Property, Casualty and Direct Insurance

  • Key Selling Industries
  • Computer & Packaged Software Wholesaling
  • Computer Manufacturing
  • Copier & Office Equipment Wholesaling
  • Wired Telecommunications Carriers

  • Products & Services
  • Policy administration software
  • Claims management software
  • Billing management software
  • Chart: Insurance Claims Processing Software Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Life and annuity insurance
  • Commercial property and casualty insurance
  • Homeowners and personal auto insurance
  • Workers' compensation insurance
  • Other insurance
  • Chart: Major Market Segmentation for the Insurance Claims Processing Software Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Purchases, research and development
  • Other costs
  • Chart: Cost Structure Benchmarking – Sector vs Insurance Claims Processing Software

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Insurance Claims Processing Software Industry

  • Industry Globalization
    Major Companies
    There are no major players in this industry
    Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Insurance Claims Processing Software Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Insurance Claims Processing Software Industry
    Includes:
  • Industry Revenue (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • Private investment in computers and software (2007-2021)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Cloud Computing
  • A computing model in which storage and computing tasks are handled by networked machines (often servers in a data center owned by the service provider) rather than at the point of consumption.
  • Infrastructure As A Service (Iaas)
  • A model in which an organization outsources the equipment used to support operations, including storage, hardware, servers and networking components.
  • Insurance
  • The transfer of the risk of a loss in exchange for payment.
  • Platform As A Service (Paas)
  • A model that allows the rental of hardware, operating systems, storage and network capacity over the Internet.
  • Software As A Service (Saas)
  • A model of software deployment where a provider licenses an application to customers for use as a service on demand.
  • Underwriting
  • The process where insurers assess the risks to insure and decide how much to charge for those risks.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Insurance Claims Processing Software:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Insurance Claims Processing Software market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Insurance Claims Processing Software, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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