Global procurement intelligence advisory firm, SpendEdge, has announced the release of their Claims Processing Services Market Procurement Research Report.' The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the financial services industry. This report breaks down the data and analysis behind the procurement of claims processing services and acts as an all-inclusive guide for making smart purchasing decisions.
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Global Claims Processing Services Procurement Market Intelligence Report (Graphic: Business Wire)
"The growth of the global claims processing services market can be attributed to the technological innovations in the industry that focus on increasing customer satisfaction by reducing the TAT and using fair claims settlement practices," says SpendEdge procurement analyst Bhuvaneshwari Udayakumar. "Reduction of claims fraud and claims leakage is the major expectation of buyers in the claims processing services industry," added Bhuvaneshwari.
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Key Report Features
Supply Market Insights | Negotiation Strategies | |
Procurement Best Practices | Category Risk Analysis | |
Cost Saving Opportunities | Key Supplier Analysis | |
Pricing Models | Supplier Capability Matrix |
Report Insights
- The demand for claims processing services mainly comprises corporates that demand employee benefits related claims and insurance service providers with high claims volume. In APAC, the growth of insurance market coupled with an increase in claims volume, especially in the auto and healthcare sectors has positively influenced the regional demand.
- The buyers should engage with suppliers that have appropriate claims management and reporting systems. The buyers should evaluate the basic capabilities of claims systems used by suppliers such as the ability to reduce the use of paper-based documentation, visibility into claim life cycle, and periodic reporting of claims' progress to buyers.
- One of the key challenges faced by the buyers includes losses due to high claims leakage. Claims leakage refers to the loss of dollars due to the difference between the actual amount paid for claims settlement and the amount that should have been paid based on industry's best practices. An inadequate claims handling process can result in higher claims leakage.
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Claims Processing Services Market Pricing Trends
Percentage-based pricing is the widely-adopted pricing models in the claims processing services industry. However fixed-fee pricing model also finds comparable adoption as it helps to reduce management complexities in evaluating the ROI from outsourcing the services. The percentage-based pricing model is a transparent pricing model as the percentages are directly dependent on the complexity of the claims and claim volume. It also provides cost-saving opportunities to buyers upon reduction in claim volume.
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About SpendEdge
SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence that helps sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.
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Contacts:
SpendEdge
Shilpa Balakrishnan
US: +1 (844) 746-0600
hello@spendedge.com