Insurance Third Party Administrator Market to Reach $514.98 Billion, Globally, By 2030 at 6.3% CAGR: Allied Market Research
Increase in adoption of third party administrators in the health insurance industry drive the growth of the global insurance third party administrator market.
PORTLAND, Ore., Dec. 21, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "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". According to the report, the global insurance third party administrator industry generated $280.69 billion in 2020, and is expected to reach $514.98 billion by 2030, witnessing a CAGR of 6.3% from 2021 to 2030.
Drivers, Restraints and Opportunities
Increase in adoption of third party administrators in the health insurance industry and need for operational efficiency & transparency in insurance business processes drive the growth of the global insurance third party administrator (TPA) market. However, security issues and privacy concerns hinder the market growth. On the other hand, technological advancements in third party administrator services create new opportunities in the coming years.
Download Sample Report (Get Full Insights in PDF - 321 Pages) @ https://www.alliedmarketresearch.com/request-sample/12907
COVID-19 Scenario:
- The Covid-19 pandemic led to surge in trend of digital transformation in the insurance industry and demand for third party administration solutions that are hosted or managed on the cloud.
- In addition, the number of claims in health insurance increased during the pandemic. Therefore, the insurance companies invested heavily in third party administrator services to effectively handle sudden rise in number of claims. This showed the increase in third-party administrators for improving cost efficiency and business operations during the pandemic by insurance companies.
The large enterprises segment to maintain its leadership status during the forecast period
Based on enterprise size, the large enterprises segment contributed to the highest share in 2020, accounting for nearly two-thirds of the global insurance third party administrator market, and is expected to maintain its leadership status during the forecast period. This is due to constant risks regarding changing government regulations that impact the business operations and cause financial loss to the company. TPA protects enterprises from uncertainties and ensures smooth business operations.
However, the small & medium-sized enterprises (SMEs) segment is expected to manifest the largest CAGR of 7.4% from 2021 to 2030, owing to SMEs opting for self-insurance of a portion of their liability, commercial property, or workers compensation risks. In addition, TPAs administer claims on behalf of businesses that are self-funded their health, dental, or other benefit plans.
Interested to Procure the Data? Inquire here @ https://www.alliedmarketresearch.com/purchase-enquiry/12907
The claims management segment to continue its lead position throughout the forecast period
Based on service type, the claims management segment accounted for the largest share in 2020, contributing to nearly three-fourths of the global insurance third party administrator market, and is estimated to continue its lead position throughout the forecast period. This is pertaining to their help in making claim processes more efficient by identifying several complications in claims and assisting in taking command of claims & controlling defense and administrative costs. However, the policy management segment is projected to portray the fastest CAGR of 9.3% from 2021 to 2030, owing to management of an entire catalogue of policies that are offered and issued to the policyholders.
North America to maintain its dominant share in terms of revenue by 2030
Based on region, North America accounted for the highest market share in 2020, contributing to nearly three-fifths of the global insurance third party administrator market, and is projected to maintain its dominant share in terms of revenue by 2030. This is attributed to increased adoption of health insurance policies and favorable health insurance landscape in the U.S. However, Asia-Pacific is expected to manifest the highest CAGR of 8.9% during the forecast period, due to continuous increase in healthcare costs and steady income of people.
Enquire For Customization with Detailed Analysis of COVID-19 Impact in Report @ https://www.alliedmarketresearch.com/request-for-customization/12907?reqfor=covid
Leading 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.
Access AVENUE - A Subscription-Based Library (Premium On-Demand, Subscription-Based Pricing Model) @ https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request For 14 Days Free Trial of Before Buying:
https://www.alliedmarketresearch.com/avenue/trial/starter
Similar Reports:
U.S. Insurance Third-party Administrator Market to Reach $243.26 Billion By 2030
Auto Insurance Market Estimated to Attain $1.06 Trillion By 2027
Commercial Auto Insurance Market to Grow $307.10 Billion By 2030
Motor Vehicle Liability Insurance Market to Reach $667.75 Billion By 2030
Commercial Insurance Market Expected to Reach $1.61 Trillion By 2030
Insurtech Market Projected to Reach $158.99 Billion By 2030
Specialty Insurance Market Expected to Garner $178.52 Billion By 2030
Marine Insurance Market Projected to Hit $33.90 Billion By 2028
Pre-Book Now with 10% Discount:
Two Wheeler Insurance Market: Global Opportunity Analysis and Industry Forecast 2021-2030
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
1-800-792-5285, 1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn and Twitter
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
Share this article