Insurance claims handling, previously a labor-intensive process, has been transformed over the past decade by the
Claims processing software publishers are affected by the investment capabilities of 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. Moreover, 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 yield on the 10-year Treasury note affects both these drivers since a majority of insurance investment income is related to fixed-income securities, severely impacted by interest rate movements. With all these conditions showing signs of recovery and benefiting downstream customers, revenue for claims processing software publishers is expected to grow 1.2% in 2014.
The next five years will bring fresh changes to the young industry, including new business models and predictive analytics. "Software publishers are expected to continue rapidly shifting toward cloud computing, a technology that will expand software capabilities on platforms previously limited by hardware," says Kahn. Furthermore, companies will strive to make data more accessible and are expected to invest heavily in new security measures. The shift will likely accelerate the adoption of new business models, such as software as a service. The race to find an analytical tool that predicts the likelihood of individual claims to cause financial loss to insurance companies will stimulate industry growth; industry revenue is expected to grow in five years to 2019.
For more information, visit
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Recognized as the nation's most trusted independent source of industry and market research,
Read the full story at http://www.prweb.com/releases/2014/05/prweb11882796.htm
|Copyright:||(c) 2014 PRWEB.COM Newswire|