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| A14535 | Pages: 102 | Nov 2021 | 701 Views | | |
| Author(s) : Aarti Goswami, Pramod Borasi , Vineet Kumar | Tables: 32 | Charts: 21 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the U.s. Insurance Third-party Administrator Market
Request Now !The U.S. insurance third-party administrator market was valued at $156,081.04 million in 2020, and is projected to reach $243.26 Billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
Third-party administrator is an organization that processes insurance claims for several insurance coverages such as workers compensation and general liability. 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, as third-party administrators perform the task, which is handled by the insurance company or the company itself.
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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 market growth. However, security issues and privacy concerns are the major factors limiting the U.S. insurance third-party administrator market. 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 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 is expected to grow considerably in coming years.
The report focuses on growth prospects, restraints, and trends of the U.S. 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 U.S. insurance third-party administrator market.
The U.S. insurance third-party administrator market industry is segmented into service type, end user, and enterprise size. By service type, the market is divided into claims management, policy management, commissions management, and others. On the basis of end user, it is bifurcated into life & health insurance and property & casualty (P&C) insurance. Depending on enterprise size, it is bifurcated into large enterprises and small & medium-sized enterprises.
The report analyzes the profiles of key players operating in the U.S. 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 U.S. insurance third-party administrator market.
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The outbreak of COVID-19 is anticipated to provide growth opportunities for the insurance third-party administrator market during the forecast period. This is attributed to rise in digital transformation trend in insurance and surge in demand for third-party administrator solutions that are hosted or managed on the cloud. Moreover, during the pandemic, the number of claims in health insurance increased in the U.S. Therefore, to effectively handle such high number of claims, 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.
Third-party administrator outsourcing plays a vital role in the health insurance industry, as it helps health insurance companies to increase their efficiency by processing claims and settling payments. In addition, third-party administrators provide various features to end users, which include 24/7 support; responding to customer queries over multiple channels such as social media, chat, and email; and capitalizing on sales opportunities beyond geographical locations.
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However, due to COVID-19, increase has been witnessed in the number of health insurance customers, which led to surge in the burden of work and decrease in the quality of claim processing & settlement services, thereby driving the growth of the market. In addition, third-party administration services are increasingly adopted by health insurance companies, as they offer various value-added services along with processing of the claim and scrutinizing the hospital bills such as ambulance, helpline facilities for knowledge sharing, and providing a long list of network hospitals. This subsequently fuels the growth of the U.S. insurance third-party administrator market.
Traditional third-party administrator services have been deployed since several decades; however, increased adoption of advanced technologies, such as Internet of Things (IoT), artificial intelligence, machine learning, and robotics process automation have led to the growth of the U.S. third-party administrator industry. The latest developments in technology have enabled the emergence of eTPAs. For instance, SCM Insurance Services, a leading provider of insurance and risk management services in the U.S., announced the continued expansion and enhancement of its third-party administrator offering under international programs group (IPG). IPG is a U.S. leading provider of third-party administrator solutions, and by bringing together two premier U.S. third-party administrator solutions, affirmative risk management (ARM) and claims management Inc. (CMI), IPG becomes the prominent provider of third-party administrator services in the country with superior technology through iAdjust, and a comprehensive suite of third-party administrator solutions. Therefore, increase in number of strategic developments in the U.S. is anticipated to provide remunerative opportunities for the expansion of the market during the forecast period.
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Key benefits for stakeholders
Key Market Segments
CHAPTER 1:INTRODUCTION
1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology
1.4.1.Secondary research
1.4.2.Primary research
1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.Key findings
2.1.1.Top impacting factors
2.1.2.Top investment pockets
2.2.CXO perspective
CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key forces shaping U.S. insurance third-party administrator market
3.3.Industry evolution/industry roadmap
3.4.Market dynamics
3.4.1.Drivers
3.4.1.1.Surge in adoption of third-party administration services in the health insurance industry
3.4.1.2.Rise in need for operational efficiency & transparency in insurance business process
3.4.2.Restraint
3.4.2.1.Security issues and privacy concerns
3.4.3.Opportunity
3.4.3.1.Advancements in third-party administrator services
3.5.COVID-19 impact analysis on U.S. insurance third-party administrator market
3.5.1.Impact on U.S. insurance third-party administrator market size
3.5.2.Change in consumer trends, preferences, and budget impact due to COVID-19
3.5.3.Framework for market challenges faced by insurance third-party administrator providers
3.5.4.Economic impact on U.S. insurance third-party administrator providers
3.5.5.Key player strategies to tackle negative impact on the industry
3.5.6.Opportunity analysis for insurance third-party administrator
CHAPTER 4:U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET, BY ENTERPRISE SIZE
4.1.Overview
4.2.Large enterprises
4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast
4.3.Small- & medium-sized enterprises (SMEs)
4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast
CHAPTER 5:U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET, BY END USER
5.1.Overview
5.2.Life & health insurance
5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast
5.3.P&C insurance
5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast
CHAPTER 6:U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET, BY SERVICE TYPE
6.1.Overview
6.2.Claims management
6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast
6.3.Policy management
6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast
6.4.Commission management
6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast
6.5.Others
6.5.1.Key market trends, growth factors, and opportunities
6.5.2.Market size and forecast
CHAPTER 7:COMPETITIVE LANDSCAPE
7.1.Introduction
7.1.1.Market player positioning, 2020
7.1.2.Top winning strategies
CHAPTER 8:COMPANY PROFILES
8.1.CHARLES TAYLOR
8.1.1.Company overview
8.1.2.Company snapshot
8.1.3.Product portfolio
8.1.4.Key strategic moves and developments
8.2.CORVEL
8.2.1.Company overview
8.2.2.Company snapshot
8.2.3.Product portfolio
8.2.4.Business performance
8.2.5.Key strategic moves and developments
8.3.CRAWFORD & COMPANY
8.3.1.Company overview
8.3.2.Company snapshot
8.3.3.Product portfolio
8.3.4.Key strategic moves and developments
8.4.ESIS
8.4.1.Company overview
8.4.2.Company snapshot
8.4.3.Product portfolio
8.4.4.Key strategic moves and developments
8.5.EXLSERVICE HOLDINGS, INC.
8.5.1.Company overview
8.5.2.Company snapshot
8.5.3.Operating business segments
8.5.4.Product portfolio
8.5.5.Business performance
8.5.6.Key strategic moves and developments
8.6.GALLAGHER BASSETT SERVICES, INC.
8.6.1.Company overview
8.6.2.Company snapshot
8.6.3.Product portfolio
8.6.4.Key strategic moves and developments
8.7.HELMSMAN MANAGEMENT SERVICES LLC
8.7.1.Company overview
8.7.2.Company snapshot
8.7.3.Product portfolio
8.7.4.Key strategic moves and developments
8.8.MERITAIN HEALTH
8.8.1.Company overview
8.8.2.Company snapshot
8.8.3.Product portfolio
8.9.SEDGWICK
8.9.1.Company overview
8.9.2.Company snapshot
8.9.3.Product portfolio
8.10.UNITED HEALTHCARE SERVICES, INC.
8.10.1.Company overview
8.10.2.Company snapshot
8.10.3.Product portfolio
8.10.4.Business performance
LIST OF TABLES
TABLE 01.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET REVENUE, BY ENTERPRISE SIZE, 2020-2030 ($MILLION)
TABLE 02.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET REVENUE FOR LARGE ENTERPRISES, 2020–2030 ($MILLION)
TABLE 03.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET REVENUE FOR SMALL- & MEDIUM-SIZED ENTERPRISES (SMES), 2020–2030 ($MILLION)
TABLE 04.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET REVENUE, BY END USER, 2020-2030 ($MILLION)
TABLE 05.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET REVENUE FOR LIFE & HEALTH INSURANCE, 2020–2030 ($MILLION)
TABLE 06.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET REVENUE FOR PROPERTY & CASUALTY (P&C) INSURANCE, 2020–2030 ($MILLION)
TABLE 07.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET, BY SERVICE TYPE, 2020-2030 ($MILLION)
TABLE 08.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET REVENUE FOR CLAIMS MANAGEMENT, 2020–2030 ($MILLION)
TABLE 09.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET REVENUE FOR POLICY MANAGEMENT, 2020–2030 ($MILLION)
TABLE 10.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET REVENUE FOR COMMISSION MANAGEMENT, 2020–2030 ($MILLION)
TABLE 11.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET REVENUE FOR OTHERS, 2020–2030 ($MILLION)
TABLE 12.CHARLES TAYLOR: COMPANY SNAPSHOT
TABLE 13.CHARLES TAYLOR: PRODUCT PORTFOLIO
TABLE 14.CORVEL: COMPANY SNAPSHOT
TABLE 15.CORVEL: PRODUCT PORTFOLIO
TABLE 16.CRAWFORD & COMPANY: COMPANY SNAPSHOT
TABLE 17.CRAWFORD & COMPANY: PRODUCT PORTFOLIO
TABLE 18.ESIS: COMPANY SNAPSHOT
TABLE 19.ESIS: PRODUCT PORTFOLIO
TABLE 20.EXLSERVICE HOLDINGS, INC.: COMPANY SNAPSHOT
TABLE 21.EXLSERVICE HOLDINGS, INC.: OPERATING SEGMENTS
TABLE 22.EXLSERVICE HOLDINGS, INC.: PRODUCT PORTFOLIO
TABLE 23.GALLAGHER BASSETT SERVICES, INC.: COMPANY SNAPSHOT
TABLE 24.GALLAGHER BASSETT SERVICES, INC.: PRODUCT PORTFOLIO
TABLE 25.HELMSMAN MANAGEMENT SERVICES LLC: COMPANY SNAPSHOT
TABLE 26.HELMSMAN MANAGEMENT SERVICES LLC: PRODUCT PORTFOLIO
TABLE 27.MERITAIN HEALTH: COMPANY SNAPSHOT
TABLE 28.MERITAIN HEALTH: PRODUCT PORTFOLIO
TABLE 29.SEDGWICK: COMPANY SNAPSHOT
TABLE 30.SEDGWICK: PRODUCT PORTFOLIO
TABLE 31.UNITED HEALTHCARE SERVICES, INC.: COMPANY SNAPSHOT
TABLE 32.UNITED HEALTHCARE SERVICES, INC.: PRODUCT PORTFOLIO
LIST OF FIGURES
FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET, 2020–2030
FIGURE 03.TOP IMPACTING FACTORS
FIGURE 04.TOP INVESTMENT POCKETS
FIGURE 05.MODERATE-TO-HIGH BARGAINING POWER OF SUPPLIERS
FIGURE 06.MODERATE BARGAINING POWER OF BUYER
FIGURE 07.LOW-TO-MODERATE THREAT OF SUBSTITUTES
FIGURE 08.HIGH THREAT OF NEW ENTRANTS
FIGURE 09.MODERATE COMPETITIVE RIVALRY
FIGURE 10.MARKET EVOLUTION/INDUSTRY ROADMAP
FIGURE 11.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET, BY ENTERPRISE SIZE, 2020-2030
FIGURE 12.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET, BY END USER, 2020-2030
FIGURE 13.U.S. INSURANCE THIRD-PARTY ADMINISTRATOR MARKET, BY SERVICE TYPE, 2020-2030
FIGURE 14.MARKET PLAYER POSITIONING, 2020
FIGURE 15.TOP WINNING STRATEGIES, BY YEAR, 2019–2021
FIGURE 16.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2019–2021
FIGURE 17.TOP WINNING STRATEGIES, BY COMPANY, 2019–2021
FIGURE 18.CORVEL: NET SALES, 2018–2020 ($MILLION)
FIGURE 19.EXLSERVICE HOLDINGS, INC.: REVENUE, 2018–2020 ($MILLION)
FIGURE 20.EXLSERVICE HOLDINGS, INC.: REVENUE SHARE, BY SEGMENT, 2020 (%)
FIGURE 21.UNITED HEALTHCARE SERVICES, INC.: NET REVENUE, 2018–2020 ($MILLION)
The demand for insurance third-party administrators has been witnessed to increase rapidly to handle the claims of worker’s compensation offered by employment firms under employee benefits in the country. In addition, third-party administrators are used to manage company’s group benefits, particularly health, workers compensation, and dental claims that are self-funded.
Furthermore, third-party administrators are used by health insurance companies to handle claims of the policyholders and provide value-added services, including hospitalization of patients, medical facilities such as arrangement of wheelchairs, beds, and medicines.
The CXOs further added that during the COVID-19 pandemic, third-party administrator services increased significantly. This was attributed to increased need for hospitalization and unavailability of hospital beds that accelerated the dependency on third-party administrators for arrangement of beds and medical equipment. Therefore, increase in adoption of third-party administrators by insurance companies for effectively handling the claims & providing other related insurance services during the pandemic notably contributed toward the market growth.
A. The U.S. Insurance Third-party Administrator Market is estimated to grow at a CAGR of 4.6% from 2021 to 2030.
A. The U.S. Insurance Third-party Administrator Market is projected to reach $243.26 Billion by 2030.
A. To get the latest version of sample report
A. Surge in adoption for ruggedized computers for various industrial purposes, and increasing investments for development of smart cities etc. boost the U.S. Insurance Third-party Administrator market growth.
A. The key players profiled in the report include General Dynamics Corporation, Crystal Group, QualcoCharles Taylor, CORVEL, CRAWFORD & COMPANY, ESIS, ExlService Holdings, Inc and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The U.S. Insurance Third-party Administrator Market is segmented on the basis of service type, end user, and enterprise size.
A. The key growth strategies of U.S. Insurance Third-party Administrator market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
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