Top 5 Market Leaders in the Claims Processing Industry

The claims processing industry has undergone significant evolution, propelled by increasing innovation in operating models and strategies among top companies. This surge in innovation has heightened competition within the claims processing sector. At its core, claims processing entails insurers fulfilling their obligation to receive, investigate, and act on claims filed by insured individuals. Operations within claims processing are meticulously scrutinized to deter fraud and unlawful claims.

In recent times, there has been a notable uptick in the adoption of automation solutions offering end-to-end functionality for insurance claims, effectively reducing the occurrence of errors. Furthermore, advanced technologies such as the Internet of Things (IoT) and wearable technology are making inroads into the claims processing landscape. These technologies enable companies to access real-time insights into potential risks. But it doesn’t end there – with capabilities like predictive analytics, rule-based engines, link analysis, and social network behavior analysis, claims processing companies now wield greater empowerment than ever before. These advancements are particularly sophisticated in terms of fraud detection and enhancing operational efficiency.

Kohlberg Kravis Roberts

Kohlberg Kravis Roberts is a global investment company that manages multiple alternative asset classes, which includes private equity, energy, infrastructure, real estate, credit, and hedge funds. The company is focused on generating attractive investment returns by employing a high-quality workforce and pursuing the highest standards of excellence. It was founded by Henry Kravis, George R. Roberts, and Jerome Kohlberg Jr. in the year 1976, and is headquartered in New York.

Crawford 

The Crawford System of Claims Solutions offers comprehensive, business process outsourcing, integrated claims services, and consulting services worldwide. The company was founded in the year 1941 and is headquartered in the United States. It employs over 9000 employees and is operational in more than 70 countries worldwide.

York Risk Services 

York Risk Services is a global provider of claims and risk management services. The company offers claims management services for categories such as automobile liability, general liability, property, workers’ compensation, product liability, inland, ocean marine, and professional liability insurance. Their customers include public entity clients, such as states, municipalities and counties, school districts, utilities, parks, risk pools and state colleges and universities. York Risk Services was founded in 1962 and is headquartered in New Jersey with additional offices worldwide. 

Gallagher Bassett Services 

It is one of the premier claims processing providers in the world. The company is dedicated to delivering the products and services that equip people, businesses, and organizations to make the most of their futures. It was founded in the year 1962. They currently have a workforce of approximately 10,000 employees.

Aetna 

Founded in 1853 in Hartford, CT, the company is committed to providing employers, individuals, and others with innovative products and services. Aetna, an American healthcare company primarily deals in consumer-directed and traditional healthcare insurance plans and associated services. These include pharmaceutical, dental, medical, long-term care, behavioral health, and disability plans.

The procurement market intelligence reports from SpendEdge offer a comprehensive cost and supply market analysis. This procurement report also offers insights into the major claims processing providers and sheds light on the major cost and volume drivers and procurement best practices to save costs.

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