Artificial Intelligence
Insurance Third Party Administration Market Size is projected to reach USD 737 billion in 2030, growing at a CAGR of 7.11%: Straits Research
New York, United States, July 19, 2022 (GLOBE NEWSWIRE) — The global Insurance third party administration market was valued at USD 400.27 billion in 2021, according to the latest report of Straits Research. It is expected to grow at a CAGR of 7.11% during the forecast period. A third-party administration (TPA) is a business that provides administrative services for health plans, such as billing, plan design, claims to process, etc. Third-party administrators are in massive demand in multiple businesses, and the variety of tasks they perform is expanding. They play several roles in health insurance, commercial liability insurance, and other investment operations. Some firms in the market are branching into new areas such as forensic accounting, worker’s compensation audits, and emergency response planning.
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Key Highlight:
- The global Insurance third party administrations market was valued at USD 400.27 billion in 2021 and is expected to grow at a CAGR of 7.11% during the forecast period.
- Based on type, the health insurance segment acquires the largest share and is expected to grow at a CAGR of 7.42% during the forecast period.
Burgeoning Technology and Higher Healthcare Cost to Propel the Market for Third-Party Administrators
The TPAs industry has adopted several technologies to stay updated with the market trends. The increased adoption of advanced technologies such as IoT, artificial intelligence, machine learning, and robotics process automation has resulted in the expansion of the Insurance third party administration industry. Furthermore, TPAs use these technologies to ensure efficient processes that provide excellent service while lowering costs. For instance, Corvel Corporation has launched CogencyIQ, artificial intelligence and predictive analytics tool designed to address complex claims.
Furthermore, TPAs embrace customer trends and accommodate new technologies at a lower cost to update their administrative platform by consistently investing in and updating their technology. Technological innovation in the insurance industry has been evolving rapidly in recent years. With the introduction of automated underwriting, increased process automation, and higher levels of customer interaction, the pace of these advancements is expected to accelerate in the future. To remain competitive, digital TPAs provide a technologically advanced ecosystem in a timely and cost-effective manner to assist insurers in handling claims effectively. As a result, these are the primary driving forces in the Insurance third party administration market.
In addition, the higher amount of healthcare cost is expected to drive the demand for third-party administrators. The cost of healthcare industry has boomed in the last few years and is expected to grow significantly due to increasing chronic diseases. TPAs have proven to be a valuable asset to self-insuring programs by mitigating costs without sacrificing quality healthcare for employees. Thus, TPAs have gained the attention of investors. In recent years, major health insurers United, Anthem, and Centene, have also made significant TPA acquisitions.
Report Scope
| Report Metric | Details |
| Market Size | USD 737.03 Billion by 2030 |
| CAGR | 7.11% (2020-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2020-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Insurance Type, By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Sedgwick Claims Management Services Inc | UMR Inc. | Crawford and Company | Maritain Health | Gallagher Bassett Services Inc | Helmsman Management Services LLC | ESIS Inc | Healthscope Benefits | CorVel Corporation |
| Key Market Opportunities | Rising Adoption of TPAs in the Health Insurance Industry |
| Key Market Drivers | Rising Importance of Technology in Third-Party Administrators: |
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Impact of COVID-19:
The COVID-19 outbreak is expected to create profitable opportunities in the Insurance third party administration market. The adoption of digital technology in insurance and rising demand for third-party administrator solutions hosted or managed in the cloud are expected to drive demand. Furthermore, there was an increase in health insurance claims during the pandemic.
The demand for insurance has increased as people recognize the seriousness of health issues. Therefore, insurance companies are heavily investing in third-party administrator services to effectively handle such a large number of claims. As a result of these factors, insurers are considering hiring third-party administrators to improve cost efficiency and business operations during a pandemic. The market is expected to grow as more people become aware of third-party administrators.
List of Key Players
- Sedgwick Claims Management Services Inc
- UMR Inc
- Crawford and Company
- Maritain Health
- Gallagher Bassett Services Inc
- Helmsman Management Services LLC
- ESIS Inc
- Healthscope Benefits
- CorVel Corporation
Global Insurance Third Party Administrator Market: Segmentation
By Insurance Type
- Health Insurance
- Retirement Plans
- Commercial General Liability Insurance
- Other Insurance (Motor Insurance, etc.)
By Regions
- North America
- Europe
- Latin America
- Asia-Pacific
- The Middle East and Africa
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TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Insurance Third Party Administration Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Insurance Type Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Health Insurance
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Retirement Plans
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Commercial General Liability Insurance
5.4.1 Market Size & Forecast (Value & Volume)
5.5 Other Insurance (Motor Insurance, etc.)
5.5.1 Market Size & Forecast (Value & Volume)
6 Regional Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 North America
6.2.1 Economic Overview
6.2.2 Market Scenario
6.2.3 U.S.
6.2.4 Canada
6.2.5 Mexico
6.3 Central and South America and the Caribbean
6.3.1 Economic Overview
6.3.2 Market Scenario
6.3.3 Brazil
6.3.4 Argentina
6.3.5 Colombia
6.3.6 Rest of Central and South America and the Caribbean
6.4 Europe
6.4.1 Economic Overview
6.4.2 Market Scenario
6.4.3 Germany
6.4.4 France
6.4.5 The U.K.
6.4.6 Italy
6.4.7 The Rest Of Europe
6.5 Asia-Pacific (APAC)
6.5.1 Economic Overview
6.5.2 Market Scenario
6.5.3 China
6.5.4 Japan
6.5.5 India
6.5.6 Australia
6.5.7 South Korea
6.5.8 Rest Of APAC
6.6 Middle East
6.6.1 Economic Overview
6.6.2 Market Scenario
6.6.3 South Arabia
6.6.4 The UAE
6.6.5 Qatar
6.6.6 Oman
6.6.7 Turkey
6.6.8 The Rest Of Middle East
6.7 Africa
6.7.1 Economic Overview
6.7.2 Market Scenario
6.7.3 Nigeria
6.7.4 South Africa
6.7.5 The Rest Of Africa
7 Competitive Landscape — Manufacturers & Suppliers
7.1 Competition Dashboard
7.2 Industry Structure
7.3 Sedgwick Claims Management Services Inc
7.3.1 Business Overview
7.3.2 Financial Performance
7.3.3 Recent Developments
7.3.4 Portfolio
7.4 UMR Inc.
7.5 Crawford and Company
7.6 Maritain Health
7.7 Gallagher Bassett Services Inc
7.8 Helmsman Management Services LLC
7.9 ESIS Inc
7.10 Healthscope Benefits
7.11 CorVel Corporation
8 Conclusion & Recommendation
9 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/insurance-third-party-administration-market/toc
Market News
- On 6th April 2022, Sedgwick’s made its comprehensive managed care services available as an independent offering. The company’s independent managed care solutions give the client the power to choose just one or several from their entire suite of services.
- On 8th March 2022, Sedgwick acquired the business of UK Assitnace247 Ltd, a leading provider of home emergency repair fulfillment services in the UK.
- On 7th October 2021, Crawford and Company released the SaaS of Asservio, a leading-edge automated and digitalized platform that optimizes efficiency management and claims processing.
- On 7th December 2021, CorVel corporation launched CogencyIQ. CogencyIQ works seamlessly with CorVel’s integrated claims management technology, Care Edge, to provide a comprehensive solution for customers.
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