Press release
U.S. Insurance Third-party Administrator Market Outlook: $243.26 Billion by 2030
According to the report published by Allied Market Research, the U.S. Insurance Third Party Administrator market generated $156.08 million in 2020, and is projected to reach $243.26 million by 2030, witnessing a CAGR of 4.6% 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.Claim Your Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/14904
Third-party administrator acts as an intermediary between the insurance company and policyholder to ensure cashless claims, and reimbursement claims are settled effectively. Increase in health insurance customers has accelerated the quantity of work and led to decrease in the quality of services. Therefore, third-party administrators are established to assist insurers to arrange for cashless treatments for customers demanding seamless claim settlements. In addition, third-party administrators scrutinize hospital bills and documents for their accuracy and help in the processing of the claim.
Surge in adoption of third-party administration services in the health insurance industry and rise in need for operational efficiency & transparency in insurance business process drive the growth of the U.S. Insurance Third Party Administrator market. However, security issues and privacy concerns restrain the market to some extent. On the other hand, advancements in third-party administrator services presents new opportunities in the upcoming years.
Based on enterprise type, the large enterprises 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. Moreover, the SMEs segment is estimated to register the highest CAGR of 5.6% from 2021 to 2030.
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Based on end user, the life & health insurance segment held the highest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 5.0% from 2021 to 2030.
Based on service type, the claims management segment held the highest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the policy management segment is estimated to register the highest CAGR of 7.5% from 2021 to 2030.
Leading players of the U.S. Insurance Third Party Administrator market analyzed in the research include Charles 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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Key benefits for stakeholders
The study provides in-depth analysis of the U.S. insurance third-party administrator market share along with 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 illustrates the potency of buyers and suppliers operating in the U.S. insurance third-party administrator market growth.
An extensive analysis of the key segments of the industry helps to understand the U.S. insurance third-party administrator market trends.
The quantitative analysis of the U.S. insurance third-party administrator market size from 2021 to 2030 is provided to determine the market potential.
U.S. Insurance Third-party Administrator Market Report Highlights
By ENTERPRISE SIZE
Large enterprises
Small- & medium-sized enterprises (SMEs)
By END USER
Life & health insurance
P&C insurance
By SERVICE TYPE
Claims management
Policy management
Commission management
Others
Key findings of the study
By service type, the claims management segment led the U.S. insurance third-party administrator market size in terms of revenue in 2020.
Based on end users, the life & health insurance segment accounted for the highest share in 2020.
Depending on enterprise size, the large enterprises segment generated the highest revenue in 2020.
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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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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