Claiming a Stake in the Future of Insurance
Wisedocs' 2023 whitepaper, Claiming a Stake in the Future of Insurance: What Happens Next, analyzes and reviews the growth in the insurtech industry and how AI and ML will impact the claims space.
What's next for the claims industry
The insurance, claims, and medical evaluation sectors make up the non-life insurance industry, a market valued at $844B in 2022. Third-party administrators and insurance claims adjusters are a $274B market in the US alone, and workers’ compensation is predicted to reach $55B by the year 2028. The smaller field of medical claims processing—which includes only the bodies that act as intermediaries between insurance companies, lawyers, and healthcare professionals (including independent medical evaluators)—is a $5B industry by itself, growing at a rate of 4% per year.
In an industry that has always demanded resilience from its players, the future is here—and there’s no looking back.
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