Update complete: Strong downstream demand and new technology will boost revenue

The Insurance Claims Processing Software industry has transformed insurance claims handling, previously a labor-intensive process, over the past decade. Industry operators market their products, which are used to process insurance claims and manage policies, primarily to the Property, Casualty and Direct Insurance industry (IBISWorld report 52412) and the Life Insurance and Annuities industry (52411a). Property and casualty insurers and life insurers seek to differentiate themselves in their competitive environments by using industry products, which are designed to streamline operations, reduce process complexity and costs, manage compliance with new regulations and increase customer satisfaction...purchase to read more.

Industry Statistics & Market Size
Revenue
$10bn
Annual Growth 13-18
4.6%
Forecast Growth 18-23
Profit
Employment
22,475
Businesses
432
Market Share of Companies
There are no companies with a dominant market share in this industry

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
  • Downstream life insurers are projected to continue consolidating
  • Industry Report - Starting a New Business Chapter

    Barriers to entry for the Insurance Claims Processing Software industry are low. Required start-up costs for new industry operators are nonprohibitive as a relatively small number of employees and limited capital expenses are needed to start a business. In addition, few regulations exist to prevent a business from entering the industry.However, companies that wish to compete in this industry on a larger scale must contend with higher barriers. Patents on intellectual property can limit competition, while the industry's largest companies rely on brand recognition, strong networks and connections to downstream insurance industries. For...purchase to read more.

    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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    What's in this report

    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

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    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

  • 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
    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
    There are no major players in this industry. This report includes analysis of other companies.
    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
    Table: Industry Data for the Insurance Claims Processing Software Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Private investment in computers and software (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    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 enables 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.
  • What Our Customers Say

    Why buy this report?

    The Insurance Claims Processing Software industry market report contains strategic analysis of the key drivers influencing the industry. Save hours of time on research and prospecting using IBISWorld’s standardized, up-to-date reports on thousands of industries. Our industry research provides growth and profit forecasts for a five-year outlook period, presented in a clear and user-friendly format.

    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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