What is Benefits Administration Service?
The benefits administration service is offered by the administration department of the companies or an organization to its employees. Services related to health, disability, life insurances, etc are included, it is simply the process of assembling and managing the employee benefits in the company. The services can be provided on-premise or on a cloud basis, there are certain benefits programs in the company which is followed.
The market study is broken down, by Application (Large Size Enterprises and Small-medium Size Enterprises) and major geographies with country level break-up.
Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
PlanSource (United States), Ascensus, LLC. (United States), Lumity, Inc. (United States), Sequoia Consulting Group (United States), Insperity, Inc., (United States), WageWorks, Inc. (United States), Benefit Administration Services, LLC (United States), Marsh & McLennan Companies (United States), WEX Inc. (United States), Sun Life Assurance Company (Canada) and Aon plc (United Kingdom) are some of the key players that are part of study coverage.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Benefits Administration Service market by Type, Application and Region.
On the basis of geography, the market of Benefits Administration Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment, the sub-segment i.e. On-premise will boost the Benefits Administration Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Performance Standards Definition will boost the Benefits Administration Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 26th June 2019, Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare entered into an agreement to acquire HR Simplified, a third-party administration (TPA) firm that services consumer-directed health (CDH) plans and provides COBRA administration.
On 17th September 2019, PlanSource, a leading provider of cloud-based benefits administration technology, announced the launch of Polaris, the company’s latest software release. Available immediately to PlanSource customers and partners, Polaris offers a range of enhancements, new services, and updates to the PlanSource platform. Chief among these is an integrated text messaging service built into the PlanSource communications center, which opens new avenues for benefits communication.
Market Trend
- Emerging Advancements in Benefits Administration Service in the Form of Automation
Market Drivers
- The Demand for Maximum Efficiency and Productivity in the Business Operation
- Need for Good Employee Experience and Other Administration Services
Opportunities
- Growing Spending of Organisations on Employees and Administrative Operations
Restraints
- Skilled Professionals are Required for the Benefits Administration Service
Challenges
- Stringent Regulatory Guidelines Associated with Benefits Administration Service
Key Target Audience
Benefits Administration Service Provides, Benefits Administration Service Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.