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2021
Insurance Third Party Administrator Market

Insurance Third Party Administrator Market by Service Type (Claims Management, Policy Management, Commission Management, and Others), End User (Life & Health Insurance [Diseases Insurance and Medical Insurance] and Property & Casualty (P&C) Insurance), and Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises): Global Opportunity Analysis and Industry Forecast, 2021–2030
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A12542
Pages: 321
Jul 2021 | 6603 Views
Author(s) : Aarti Goswami, Pramod Borasi , Vineet Kumar
Tables: 179
Charts: 59
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The insurance third party administrator market size was valued at $280.69 billion in 2020, and is projected to reach $514.98 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030. 

In wake of COVID-19, shutdowns of businesses have disrupted the process for receiving new hardware & upgraded equipment, which has resulted into lower mining operations during the pandemic situation.

Third party administrator is an organization that processes insurance claims for several insurance coverages such as workers compensation, general liability, and others. It is an organization within the insurance industry, which administers other services such as underwriting and customer service. Third party administrators perform outsourcing of administrating the claims process since the TPAs perform the task, which is usually handled by the insurance company or the company itself. 

Global-Insurance-Third-Party-Administrators-Market

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Rapid adoption of third party administrators in the health insurance industry and rise in need for operational efficiency & transparency in insurance business process are some of the factors propelling the insurance third party administrator market growth. However, security issues and privacy concerns are the major factors limiting the market growth. On the contrary, technological advancements in third party administrator, such as adoption of Internet of things (IoT), artificial intelligence, machine learning, and robotics process automation, have led to the growth of the insurance third party administrator industry.

Furthermore, artificial intelligence technology has claims administration with predictive outcomes, wherein a low-cost claim can be identified automatically through processing & eliminating the need for claim adjustment intervention. Thus, the demand for insurance third party administrator market is expected to grow tremendously in the coming years.

The report focuses on growth prospects, restraints, and trends of the insurance third party administrator market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global market.

Segment review

The insurance third party administrator market share is segmented on the basis of service type, end user, enterprise size, and region. By service type, it is divided into claims management, policy management, commission management, and others. By end user, it is bifurcated into life & health insurance and property & casualty (P&C) insurance. By enterprise size, it is divided into large enterprises and small & medium-sized enterprises. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Insurance Third Party Administrator Market
By End User

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P&C Insurance is projected as one of the most lucrative segments.

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The report analyzes the profiles of key players operating in the insurance third party administrator market such as Charles Taylor, CORVEL, CRAWFORD & COMPANY, ESIS, ExlService Holdings, Inc., GALLAGHER BASSETT SERVICES, INC., Helmsman Management Services LLC, Meritain Health, SEDGWICK, and United HealthCare Services, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the insurance third party administrator market.   

COVID-19 impact analysis

The outbreak of COVID-19 is anticipated to provide growth opportunities for the Insurance third party administrator market expansion during the forecast period, owing to rise in digital transformation trend in insurance and surge in demand for third party administration solutions that are hosted or managed on the cloud. Moreover, during the pandemic, there is a rising number of claims in health insurance. Therefore, to effectively handle such high number of claims, the insurance companies are heavily investing in third party administrator services. Thus, these factors ensure that insurance companies are considering third party administrators for improving cost efficiency and business operations during the pandemic situation.  

Insurance Third Party Administrator Market
By Enterprise Size

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Large Enterprises segment account for the major market share in 2020.

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Top impacting factors

Rapid adoption of third party administrators in the health insurance industry

A third party administrator plays a vital role in processing of health insurance claims. In the practical world of insurance, some of the jobs of a TPA may refer to the responsibility to speed up the claim process as soon as it is intimated by the insured. Their job is to check all the documents submitted in favor of the claim and settle the claim either on cashless or on a reimbursement basis. In addition, other than the claim processing, TPAs also arrange for other services such as ambulance, well-being programs, and others. These factors have contributed in the rapid adoption of third party administrators in the health insurance industry.

Technological advancement in third party administration services  

Increased adoption of advanced technologies, such as IoT, artificial intelligence, machine learning, and robotics process automation, has led toward the growth of the insurance third party administrator industry. In addition, TPAs leverage these technologies to ensure highly efficient processes that provide outstanding service and reduce cost. Furthermore, by consistently investing in and updating its technology, TPAs embrace customer trends and accommodate new technologies at lower cost to update their own administrative platform. Moreover, technological innovation in the insurance industry has been evolving almost rapidly in recent years, and with the introduction of automated underwriting, increased process automation, and higher levels of customer interaction, the future is expected to accelerate the pace of these advancements. Therefore, to remain competitive, digital TPAs provide a technologically advanced ecosystem in a timely and cost-effective manner to help insurers to effectively handle claims. Therefore, these are the major boosting factors for the insurance third party administrator market.

Insurance Third Party Administrator Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific is projected as one of the most significant regions.

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Key benefits for stakeholders 

  • The study provides in-depth analysis of the insurance third party administrator market share along with current & future trends to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, & opportunities and their impact analysis on the insurance third party administrator market size are provided in the report.
  • Porter’s five forces illustrates the potency of buyers and suppliers operating in the insurance third party administrator market growth.
  • An extensive analysis of the key segments of the industry helps to understand the insurance third party administrator market trends.
  • The quantitative analysis of the insurance third party administrator market size from 2021 to 2030 is provided to determine the market potential.

Key market segments

By Service Type

  • Claims Management
  • Policy Management
  • Commission Management
  • Others

By End User

  • Life & Health Insurance
  • Diseases Insurance
  • Medical Insurance
  • Senior Citizens
  • Adult
  • Minors
  • Property & Casualty (P&C) Insurance

By Enterprise Size

  • Large Enterprises 
  • Small & Medium-sized Enterprises 

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • The Netherlands
    • Rest of Europe 
  • Asia-Pacific 
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia-Pacific 
  • LAMEA
    • Latin America 
    • Middle East
    • Africa

Key market players

  • Charles Taylor    
  • CORVEL    
  • CRAWFORD & COMPANY    
  • ESIS    
  • ExlService Holdings, Inc.    
  • GALLAGHER BASSETT SERVICES, INC.    
  • Helmsman Management Services LLC    
  • Meritain Health    
  • SEDGWICK    
  • United HealthCare Services, Inc. 
 

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There is rapid demand for insurance third party administrator (TPA) for handling the claims of worker’s compensation offered by employment firms under employee benefits. In addition, TPAs are used to manage company’s group benefits, particularly health, workers compensation, and dental claims that are typically self-funded. Furthermore, TPAs are used by health insurance companies to handle claims of the policyholders and also provide value added services, including hospitalization of patients, medical facilities such as arrangement of wheelchairs, beds, medicines, and others. In addition, during the COVID-19 pandemic, the services of TPAs have increased tremendously due to the rise in COVID-19 cases. There has been an increased need for hospitalization and unavailability of hospital beds that accelerated the dependency on TPAs for arrangement of beds and medical equipment. Therefore, there is an increase in adoption of third-party administrators by insurance companies for effectively handling the claims & providing other related insurance services during the pandemic.

The insurance third party administrator market is fragmented with the presence of regional vendors such as CRAWFORD & COMPANY, SEDGWICK, and Charles Taylor. North America dominated the insurance third party administrator market, in terms of revenue in 2020, and is expected to retain their dominance during the forecast period. However, Asia-Pacific is anticipated to experience significant growth in the future as insurance TPAs play an important role in terms of enhancing customer relationships and delivering niche & unique insurance third party administrator services in this region.

The report analyzes the profiles of key players operating in the insurance third party administrator market such as Charles Taylor, CORVEL, CRAWFORD & COMPANY, ESIS, ExlService Holdings, Inc., GALLAGHER BASSETT SERVICES, INC., Helmsman Management Services LLC, Meritain Health, SEDGWICK, and United HealthCare Services, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the insurance third party administrator market.

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