U.S. Insurance Third-party Administrator Market by Service Type, End User, and Enterprise Size: Opportunity Analysis and Industry Forecast, 2021-2030

A third-party administrator is a company that provides operational services such as claims processing and employee benefits management under contract to another company. Insurance companies and self-insured companies often outsource their claims processing to third-party administrator. Furthermore, third-party administrator services are commonly used by health insurance providers & employee management firms to outsource their administrative functions such as claims administration, premium billing, customer enrollment, and other day-to-day operations.

Adoption of third party administrator services by the health insurance companies and need for effective management of claims by insurance companies are some of the factors propelling the market growth. However, concern regarding security and privacy from third parties is a major factor limiting the U.S. insurance third party administrator market analysis. On the contrary, use of technology by TPAs to handle claims and other processes ensures highly efficient insurance services & provides outstanding service and reduces operational cost. Technologies, such as Internet of things (IoT), artificial intelligence, and machine learning, have led to the growth of the industry. For instance, Exela Technologies, Inc., a global business process automation (BPA) leader, expanded the PCH Global platform deployment to accelerate the digital transformation efforts for a major U.S. health insurance company’s TPA division. This expansion of deployment has digitally connected members, providers, and insurance companies for better claim process, payment transparency, and digital appeals. Thus, the demand for insurance third party administration is expected to grow tremendously in the coming years.

The U.S. 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, commissions 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.

The report analyzes the profiles of key players operating in the U.S. insurance third party administrator market forecast 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 outlook.

KEY BENEFITS FOR STAKEHOLDERS

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

KEY MARKET SEGMENTS

By Service Type

• Claims Management
• Policy Management
• Commissions Management
• Others

By End User

• Life & Health Insurance
• Property & Casualty (P&C) Insurance

By Enterprise Size

• Large Enterprises
• Small & Medium-sized Enterprises

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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