Industry Analysis & Industry Trends
The industry acts as an outsourced claims adjusting and processing service for insurers. The industry also provides services to policyholders in the form of independent third-party validation, or the contesting of evaluations made by assessors employed by the insurers underwriting the policy. Therefore, demand for the industry's services is closely aligned with the level of outsourcing insurers opt to undertake, insurance coverage and the occurrence of insured risks that give rise to the need for assessing damage caused and the level of payouts.
Revenue is expected to increase at a compound annual rate of 3.3% over the five years through 2016-17... purchase to read more
Industry Report - Starting a New Business Chapter
The industry has medium barriers to entry. Capital intensity is low and, despite the presence of some large firms, scale is not essential as evidenced by the existence of many very small businesses in the industry. This is primarily because the industry is highly dependent on skilled labour.
However, gaining a foothold in the industry is the difficult part. Gaining qualifications and licences where necessary, winning initial business, and the need to establish a reputation for quality service all present barriers.
Growth beyond a small firm can also be difficult. The major players benefit from economies of scale when processing claims, and have the size to invest in technology that can automate some processes.
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