DUBLIN, September 27, 2021--(BUSINESS WIRE)--The "Insurance Third Party Administrator Market by Service Type, End User and Enterprise Size: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
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 administrators 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 insurance third party administrator market. 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 insurance third party administrator market 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, commission 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. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The study provides in-depth analysis of the insurance third party administrator market along with the current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the 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 insurance third party administrator market from 2021 to 2030 is provided to determine the market potential.
Surge in adoption of third party administrators in the health insurance industry
Rise in need for operational efficiency & transparency in insurance business process
Security issues and privacy concerns
Technological advancement in third party administrator services
CRAWFORD & COMPANY
ExlService Holdings, Inc.
GALLAGHER BASSETT SERVICES, INC.
Helmsman Management Services LLC
United HealthCare Services, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/1dw4fv
View source version on businesswire.com: https://www.businesswire.com/news/home/20210927005562/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900