Portland,OR, Aug. 26, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global insurance third-party administrator market generated $280.69 million in 2020, and is projected to reach $514.98 million by 2030, witnessing a CAGR of 6.3% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Surge in adoption of third-party administrators in the health insurance industry, rise in need for operational efficiency and transparency in insurance business process drive the growth of the global insurance third-party administrator market. However, security issues and privacy concerns restrain the market to some extent. On the other hand, technological advancements in third-party administrator services presents new opportunities in the upcoming years.
COVID-19 scenario:
- The outbreak of COVID-19 is anticipated to provide growth opportunities for the insurance third-party administrator market expansion during the forecast period, owing to rise in digital transformation trend in insurance and surge in demand for third-party administration solutions that are hosted or managed on the cloud.
- Moreover, during the pandemic, there is a rising number of claims in health insurance. Therefore, to effectively handle such high number of claims, the insurance companies are heavily investing in third-party administrator services.
The report offers detailed segmentation of the global insurance third-party administrator market based on enterprise size, end user, service type, and region.
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Based on enterprise size, the large enterprise segment held the highest market share in 2020, holding nearly two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the SMEs segment is estimated to register the highest CAGR of 7.4% from 2021 to 2030.
Based on end user, the life and health insurance segment held the largest market share in 2020, holding three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is projected to register the highest CAGR of 6.9% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly three-fifths of the global insurance third party administrator market, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 8.9% during the forecast period.
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Leading players of the global insurance third party administrator market analyzed in the report include harles Taylor, CORVEL, CRAWFORD & COMPANY, ESIS, ExlService Holdings, Inc., GALLAGHER BASSETT SERVICES, INC., Helmsman Management Services LLC, Meritain Health, SEDGWICK, and United HealthCare Services, Inc.
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