This report describes and explains the insurance third-party administrators (TPAs) market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global insurance third-party administrators (TPAs) market reached a value of nearly $342.52 billion in 2024, having grown at a compound annual growth rate (CAGR) of 8.29% since 2019. The market is expected to grow from $342.52 billion in 2024 to $532.24 billion in 2029 at a rate of 9.22%. The market is then expected to grow at a CAGR of 8.77% from 2029 and reach $810.25 billion in 2034.
Growth in the historic period resulted from the increasing disposable income, rising emphasis on fraud detection and increased insurance penetration. Factors that negatively affected growth in the historic period were increased focus on self-insurance.
Going forward, rising healthcare costs, increasing prevalence of chronic diseases, rising construction projects, economic growth and rise of digitalization will drive the growth. Factor that could hinder the growth of the insurance third-party administrators market in the future include economic downturns.
The global insurance third-party administrators market is concentrated, with a large players operating in the market. The top ten competitors in the market made up to 43.7% of the total market in 2023. CVS Health Corporation (Caremark) was the largest competitor with a 9.35% share of the market, followed by Helmsman Management Services LLC (Liberty Mutual Insurance Company) with 7.92%, United HealthCare Services, Inc with 7.26%, Trustmark Health Benefits Inc. (Health Care Service Corporation (HCSC)). with 7.02%, Sedgwick Claims Management Services Inc (Marsh McLennan). with 3.61%, The Cigna Group. with 2.46%, CorVel Corporation with 1.70%, Kaiser Permanente. with 1.62%, Assured Partners Inc. with 1.54% and Charles Taylor Plc with 1.19%.
The insurance third-party administrators (TPAs) market is segmented by type into health plan administrators, third-party claims administration and worker’s compensation third-party claims administration (TPA). The health plan administrators market was the largest segment of the insurance third-party administrators (TPAs) market segmented by type, accounting for 49.70% or $170.24 billion of the total in 2024. Going forward, the health plan administrators segment is expected to be the fastest growing segment in the insurance third-party administrators (TPAs) market segmented by type, at a CAGR of 10.13% during 2024-2029.
The insurance third-party administrators (TPAs) market is segmented by service into claims management, policy management and commission management. The claims management market was the largest segment of the insurance third-party administrators (TPAs) market segmented by service, accounting for 54.63% or $187.12 billion of the total in 2024. Going forward, the claims management segment is expected to be the fastest growing segment in the insurance third-party administrators (TPAs) market segmented by service, at a CAGR of 10.24% during 2024-2029.
The insurance third-party administrators (TPAs) market is segmented by enterprise size into large enterprises and small and medium-sized enterprises. The large enterprises market was the largest segment of the insurance third-party administrators (TPAs) market segmented by enterprise size, accounting for 69.77% or $238.97 billion of the total in 2024. Going forward, the small and medium-sized enterprises segment is expected to be the fastest growing segment in the insurance third-party administrators (TPAs) market segmented by enterprise size, at a CAGR of 12.40% during 2024-2029.
The insurance third-party administrators (TPAs) market is segmented by application into healthcare, construction, real estate and hospitality, transportation and staffing. The healthcare market was the largest segment of the insurance third-party administrators (TPAs) market segmented by application, accounting for 52.52% or $179.89 billion of the total in 2024. Going forward, the healthcare segment is expected to be the fastest growing segment in the insurance third-party administrators (TPAs) market segmented by application, at a CAGR of 9.65% during 2024-2029.
The insurance third-party administrators (TPAs) market is segmented by end-user into life and health insurance and property and casualty insurance. The life and health insurance market was the largest segment of the insurance third-party administrators (TPAs) market segmented by end-user, accounting for 56.71% or $194.23 billion of the total in 2024. Going forward, the life and health insurance segment is expected to be the fastest growing segment in the insurance third-party administrators (TPAs) market segmented by end-user, at a CAGR of 9.74% during 2024-2029.
North America was the largest region in the insurance third-party administrators (TPAs) market, accounting for 44.97% or $154.02 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the insurance third-party administrators (TPAs) market will be Asia Pacific and South America where growth will be at CAGRs of 11.22% and 10.90% respectively. These will be followed by Middle East and Western Europe where the markets are expected to grow at CAGRs of 9.97% and 8.91% respectively.
The top opportunities in the insurance third-party administrators (TPAs) markets segmented by type will arise in the health plan administrators segment, which will gain $105.51 billion of global annual sales by 2029. The top opportunities in the insurance third-party administrators (TPAs) market segmented by service will arise in the claims management segment, which will gain $117.52 billion of global annual sales by 2029. The top opportunities in the insurance third-party administrators (TPAs) markets segmented by enterprise size will arise in the large enterprises segment, which will gain $107.46 billion of global annual sales by 2029. The top opportunities in the insurance third-party administrators (TPAs) markets segmented by application will arise in the healthcare segment, which will gain $105.26 billion of global annual sales by 2029. The top opportunities in the insurance third-party administrators (TPAs) markets segmented by end -user will arise in the life and health insurance segment, which will gain $114.84 billion of global annual sales by 2029. The insurance third-party administrators (TPAs) market size will gain the most in USA at $68.96 billion.
Market-trend-based strategies for the insurance third-party administrators (TPAs) market include developing innovative health insurance administration platforms, focus on developing innovative no-code core insurance platforms, focus on developing innovative solutions such as AI-powered claims management and focus on developing innovative solutions in the billing process.
Player-adopted strategies in the insurance third-party administrators (TPAs) market include focus on enhancing its operational capabilities through new insurance plan launches and initiatives, and focus on enhancing its operational capabilities through strategic partnerships and acquisitions.
To take advantage of the opportunities, the analyst recommends the insurance third-party administrators (TPAs) companies to focus on innovative health insurance administration platforms, focus on no-code core insurance platforms, focus on ai-powered claims management solutions, focus on innovative billing solutions, focus on health plan administrators market, focus on claims management market, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events, focus on small and medium-sized enterprises market, focus on healthcare market and focus on life and health insurance market.
The global insurance third-party administrators (TPAs) market reached a value of nearly $342.52 billion in 2024, having grown at a compound annual growth rate (CAGR) of 8.29% since 2019. The market is expected to grow from $342.52 billion in 2024 to $532.24 billion in 2029 at a rate of 9.22%. The market is then expected to grow at a CAGR of 8.77% from 2029 and reach $810.25 billion in 2034.
Growth in the historic period resulted from the increasing disposable income, rising emphasis on fraud detection and increased insurance penetration. Factors that negatively affected growth in the historic period were increased focus on self-insurance.
Going forward, rising healthcare costs, increasing prevalence of chronic diseases, rising construction projects, economic growth and rise of digitalization will drive the growth. Factor that could hinder the growth of the insurance third-party administrators market in the future include economic downturns.
The global insurance third-party administrators market is concentrated, with a large players operating in the market. The top ten competitors in the market made up to 43.7% of the total market in 2023. CVS Health Corporation (Caremark) was the largest competitor with a 9.35% share of the market, followed by Helmsman Management Services LLC (Liberty Mutual Insurance Company) with 7.92%, United HealthCare Services, Inc with 7.26%, Trustmark Health Benefits Inc. (Health Care Service Corporation (HCSC)). with 7.02%, Sedgwick Claims Management Services Inc (Marsh McLennan). with 3.61%, The Cigna Group. with 2.46%, CorVel Corporation with 1.70%, Kaiser Permanente. with 1.62%, Assured Partners Inc. with 1.54% and Charles Taylor Plc with 1.19%.
The insurance third-party administrators (TPAs) market is segmented by type into health plan administrators, third-party claims administration and worker’s compensation third-party claims administration (TPA). The health plan administrators market was the largest segment of the insurance third-party administrators (TPAs) market segmented by type, accounting for 49.70% or $170.24 billion of the total in 2024. Going forward, the health plan administrators segment is expected to be the fastest growing segment in the insurance third-party administrators (TPAs) market segmented by type, at a CAGR of 10.13% during 2024-2029.
The insurance third-party administrators (TPAs) market is segmented by service into claims management, policy management and commission management. The claims management market was the largest segment of the insurance third-party administrators (TPAs) market segmented by service, accounting for 54.63% or $187.12 billion of the total in 2024. Going forward, the claims management segment is expected to be the fastest growing segment in the insurance third-party administrators (TPAs) market segmented by service, at a CAGR of 10.24% during 2024-2029.
The insurance third-party administrators (TPAs) market is segmented by enterprise size into large enterprises and small and medium-sized enterprises. The large enterprises market was the largest segment of the insurance third-party administrators (TPAs) market segmented by enterprise size, accounting for 69.77% or $238.97 billion of the total in 2024. Going forward, the small and medium-sized enterprises segment is expected to be the fastest growing segment in the insurance third-party administrators (TPAs) market segmented by enterprise size, at a CAGR of 12.40% during 2024-2029.
The insurance third-party administrators (TPAs) market is segmented by application into healthcare, construction, real estate and hospitality, transportation and staffing. The healthcare market was the largest segment of the insurance third-party administrators (TPAs) market segmented by application, accounting for 52.52% or $179.89 billion of the total in 2024. Going forward, the healthcare segment is expected to be the fastest growing segment in the insurance third-party administrators (TPAs) market segmented by application, at a CAGR of 9.65% during 2024-2029.
The insurance third-party administrators (TPAs) market is segmented by end-user into life and health insurance and property and casualty insurance. The life and health insurance market was the largest segment of the insurance third-party administrators (TPAs) market segmented by end-user, accounting for 56.71% or $194.23 billion of the total in 2024. Going forward, the life and health insurance segment is expected to be the fastest growing segment in the insurance third-party administrators (TPAs) market segmented by end-user, at a CAGR of 9.74% during 2024-2029.
North America was the largest region in the insurance third-party administrators (TPAs) market, accounting for 44.97% or $154.02 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the insurance third-party administrators (TPAs) market will be Asia Pacific and South America where growth will be at CAGRs of 11.22% and 10.90% respectively. These will be followed by Middle East and Western Europe where the markets are expected to grow at CAGRs of 9.97% and 8.91% respectively.
The top opportunities in the insurance third-party administrators (TPAs) markets segmented by type will arise in the health plan administrators segment, which will gain $105.51 billion of global annual sales by 2029. The top opportunities in the insurance third-party administrators (TPAs) market segmented by service will arise in the claims management segment, which will gain $117.52 billion of global annual sales by 2029. The top opportunities in the insurance third-party administrators (TPAs) markets segmented by enterprise size will arise in the large enterprises segment, which will gain $107.46 billion of global annual sales by 2029. The top opportunities in the insurance third-party administrators (TPAs) markets segmented by application will arise in the healthcare segment, which will gain $105.26 billion of global annual sales by 2029. The top opportunities in the insurance third-party administrators (TPAs) markets segmented by end -user will arise in the life and health insurance segment, which will gain $114.84 billion of global annual sales by 2029. The insurance third-party administrators (TPAs) market size will gain the most in USA at $68.96 billion.
Market-trend-based strategies for the insurance third-party administrators (TPAs) market include developing innovative health insurance administration platforms, focus on developing innovative no-code core insurance platforms, focus on developing innovative solutions such as AI-powered claims management and focus on developing innovative solutions in the billing process.
Player-adopted strategies in the insurance third-party administrators (TPAs) market include focus on enhancing its operational capabilities through new insurance plan launches and initiatives, and focus on enhancing its operational capabilities through strategic partnerships and acquisitions.
To take advantage of the opportunities, the analyst recommends the insurance third-party administrators (TPAs) companies to focus on innovative health insurance administration platforms, focus on no-code core insurance platforms, focus on ai-powered claims management solutions, focus on innovative billing solutions, focus on health plan administrators market, focus on claims management market, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events, focus on small and medium-sized enterprises market, focus on healthcare market and focus on life and health insurance market.
Major Market Trends
- Advancements in Health Insurance Administration Platforms
- Advancing Claims Processing With No-Code Platforms
- Innovations in AI-Driven Insurance Claims Management
- Advancements in Billing Solutions for Healthcare Providers
Key Mergers and Acquisitions
- Drawbridge Acquires MDM Insurance Services to Strengthen Employee Benefits and Claims Processing
- Gallagher Bassett Services, Inc Acquires Symetri Ltd
- Medi Assist Acquired Paramount Health Services & Insurance
- Bajaj Finserv Acquires Vidal Healthcare Services
- Charles Taylor Bolsters US Presence Through Matrix Companies Acquisition
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Insurance Third-Party Administrators (TPAs) Market - Macro Economic Scenario
9 Global Market Size and Growth
10 Global Insurance Third-Party Administrators (TPAs) Market Segmentation
11 Insurance Third-Party Administrators (TPAs) Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Other Major and Innovative Companies
23 Key Mergers and Acquisitions
24 Opportunities and Strategies
25 Insurance Third-Party Administrators (TPAs) Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Insurance Third-Party Administrators (TPAs) Global Market Opportunities and Strategies to 2034 provides the strategists; marketers and senior management with the critical information they need to assess the global insurance third-party administrators (TPAs) market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for insurance third-party administrators (TPAs)? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The insurance third-party administrators (TPAs) market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider insurance third-party administrators (TPAs) market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by service, by enterprise size, by application and by end-user.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - the report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the insurance third-party administrators (TPAs) market.
- Global Market Size and Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by service, by enterprise size, by application and by end-user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations This section includes recommendations for insurance third-party administrators (TPAs) providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) by Type: Health Plan Administrators; Third-Party Claims Administration; Worker’s Compensation; Third-Party Claims Administration (TPA)2) by Service: Claims Management; Policy Management; Commission Management
3) by Enterprise Size: Large Enterprises; Small and Medium-Sized Enterprises
4) by Application: Healthcare; Construction; Real Estate and Hospitality; Transportation; Staffing
5) by End-User: Life and Health Insurance; Property and Casualty Insurance
Key Companies Mentioned: CVS Health Corporation (Caremark); Helmsman Management Services LLC (Liberty Mutual Insurance Company); United HealthCare Services, Inc; Trustmark Health Benefits Inc. (Health Care Service Corporation (HCSC)); Sedgwick Claims Management Services Inc (Marsh McLennan)
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; insurance third-party administrators (TPAs) indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
Some of the major companies featured in this Insurance Third-Party Administrators (TPAs) market report include:- CVS Health Corporation (Caremark)
- Helmsman Management Services LLC (Liberty Mutual Insurance Company)
- United HealthCare Services, Inc
- Trustmark Health Benefits Inc. (Health Care Service Corporation (HCSC))
- Sedgwick Claims Management Services Inc (Marsh McLennan)
- The Cigna Group
- CorVel Corporation
- Kaiser Permanente
- AssuredPartners Inc.
- Charles Taylor Plc
- Beijing Foreign Enterprise Human Resources Service Co Ltd (FESCO)
- ERGO
- Wilbur
- Paramount Health Services & Insurance TPA Private Limited
- Medi Assist Insurance
- Symetri Ltd
- Exide Life
- HDFC Life Insurance
- Bajaj Allianz General Insurance Company Limited
- Reliance General Insurance Company Limited
- Bharti AXA General Insurance Company Limited
- PICC
- Ping An
- China Pacific Units
- AIA Insurance Group
- China Life Insurance Company Limited
- Claims Corporation Network (CCN) Group
- AFA
- Homecare Insurance Limited
- Heddington Insurance (U.K.) Limited
- Guarantee Protection Insurance Limited
- Gringolet Company Limited
- Aviva PLC
- AIG Life Limited
- Allianz SE
- Simplesurance
- Signal Iduna
- Garanta Asigurări
- PIB Group
- STEIN Besting
- Punkta
- MAXIMA pojišťovna TPA Services
- WARTA Claims Service
- PZU Pomoc S.A.
- Kooperativa pojišťovna TPA Services
- Unilink S.A.
- Allianz-Tiriac TPA Services
- VSK Insurance Group TPA
- Equisoft
- Emma Life Insurance
- Vumi Canada
- SEB Administrative Services
- DeepIntent
- CoverGo
- Elysian
- Patra
- Drawbridge
- MDM Insurance Services
- UnitedHealthcare
- Sutherland
- Select Health
- UCHealth Plan Administrators
- Marpai, Inc
- Charles Taylor
- Matrix Companies
- Aegis Corporation
- Canam Insurance Services
- GMS Insurance
- Green Shield Canada (GSC)
- Grupo Nacional Provincial (GNP)
- MetLife Mexico
- Health Smart
- HMS Group
- Benefit Administration Systems (BAS)
- TPA Solutions
- TriStar Insurance Services
- Sedgwick
- Milliman
- Pinnacle Claims Management
- BenefitMall
- Crawford & Company
- UMR
- HealthScope Benefits
- Maritain Health
- EXL Service
- Alankit
- Arthur J. Gallagher & Co
- Charles Taylor Limited
- Chubb
- Mercado Pago
- CNP Assurances
- CVS Health Corporation
- Liberty Mutual
- WNS Global Services
- UnitedHealth Group Incorporated
- Marsh McLennan
- Walaa Cooperative Insurance Company
- Phoenix Holdings Ltd
- Al Madallah Healthcare management
- Sahamati
- Maccabi Healthcare Services
- Harel Group
- Medgulf Insurance and Reinsurance Company
- AL Rajhi Takaful
- Anadolu Sigorta
- Mapfre Sigorta
- Al Fujairah National Insurance Co
- Sukoon Insurance
- Sapiens International Corporation
- Continental General Insurance Company
- Misr Insurance
- AIG Egypt Insurance Company
- Allianz Egypt
- Metlife
- Leadway Assurance Company Limited
- AXA Mansard Insurance
- Custodian Insurance
- Sovereign Trust Insurance
- Stanbic IBTC Insurance Limited
- Cornerstone Insurance
- OUTsurance Holdings
- Discovery Limited
- Santam Insurance
- Momentum Group
- Hollard Group
- Old Mutual Insure Limited
- MiWay insurance
- SehaTech
- Sanlam Nigeria
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 278 |
| Published | February 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 342.52 Billion |
| Forecasted Market Value ( USD | $ 810.25 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 129 |
