SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Claims Processing Services Market - Procurement Intelligence Report.
The number of cyber claims is taking an upward surge owing to the recent surge in cyber-attack incidents. Such incidents are the negative impacts of the rapid adoption of new enterprise applications by organizations. However, this is working in favor of suppliers in the claims processing services market. A majority of suppliers are leveraging robust technological tools such as big data analytics, fraud detection technology, among others to enhance the effectiveness of the review, investigation, adjustment, and remittance or denial of claims. This is propelling their demand among buyers which will accelerate the spend momentum of this claims processing services at a CAGR of over 6% between 2019-2024.
The automobile and the healthcare sectors in the US insurance market are witnessing an exponential increase in the number of claims volume. In response to this surge in demand, claims processing services suppliers are adopting the robust technological tools to fortify their skills in terms of litigation management, fraud detection, and utilization of subrogation opportunities. This will drive more investments in the claims processing services market in this region. Buyers in APAC are experiencing a pressing requirement for cyber insurance owing to the sudden surge in cyber-attacks that accounts for about 35% of the globally reported incidents. This will drive the demand growth in the claims processing services market in this region.
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