Yahoo Finance 
Global Insurance Third Party Administrators Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
Third-party administrators (TPAs) provide claims administrative services to businesses. Many serve mid-sized or large companies that have opted to self-insure a portion of their liability, commercial property, or workers’ compensation risks.
New York, June 01, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Insurance Third Party Administrators Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06249295/?utm_source=GNW
They may also administer claims on behalf of businesses that have self-funded their health, dental, or other benefit plans. TPAs range in size from very small to very large companies.
Some TPAs are building the requisite capabilities in talent, technologies, and data to address the changing needs of the insurance industry, but most TPAs lag behind. The y-o-y revenue growth slowed down for most of the TPAs in the US. Given the pandemic conditions, this fall may continue in the current year as well.
While there are multiple growth drivers for the TPA industry, such as expansion in the scope of services and carrier outsourcing, there are a number of impending challenges as well that restrict the growth opportunities. Most of the digital-led use cases that TPAs have implemented thus far are low on the sophistication scale when compared to the use cases implemented by insurance IT or Business Process Outsourcing providers.
Key Market Trends
Third Party Administrator Market Size in United States is Growing
The market size of the Third-Party Administrators & Insurance Claims Adjusters industry in the US has grown 5.1% per year on average between 2015 and 2019. The primary negative factor affecting this industry in the US is high competition, while the primary positive factor is low revenue volatility. Between 2015 and 2019, as disposable income levels increase, consumers are able to buy cars, homes, and other assets that need insurance. Additionally, higher per capita disposable income enables individuals and households to expand coverage because they can afford higher premiums for health, life, property, and casualty insurance.
Market Trends of Health Insurance TPAs in GCC region
Third-party administrators are prominent players in the health care industry and have the expertise and capability to administer all or a portion of the claims process. In GCC, mandatory health insurance law was applied. By 2017, mandatory health insurance got fully applicable in Dubai and Abu Dhabi. Large number of small insurers in GCC are increasingly opting for TPA support. Smaller insurance companies have a traditional way of carrying out operations and have and TPAs fill in the gap by providing the support required to digitize, as per DHA norms. About 98% of health insurers in the region outsource to TPAs. Among the 23 TPAs in Dubai, seven companies control the majority of the business, by about 90%.
Competitive Landscape
The report includes an overview of insurance third party administrators operating across the globe. We wish to present detailed profiling of companies that covers the services offered, digital adoption levels, regulations governing them, their headquarters, financial performance metrics, general pros and cons of each player in the market. Currently, some of the major players dominating the market are listed below.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06249295/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
