About Insurance Third-Party Administration
A Third-Party Administrator (TPA) is an organization that processes insurance claims or manages aspects of employee benefit plans for a separate entity. TPAs usually work with insurance companies and policyholders and carry out claims processing, policy administration, and customer service. TPAs operate principally within the health insurance sector, overseeing claims administration, collection of premiums, enrollment, and assorted administrative tasks1. TPAs can either be separate entities or be full-fledged units of insurance companies. In health insurance, they play such an important role in the settlement of claims that they act as a bridge between the insured and the insurer; most importantly, after hospitalization. They handle the claim from start to finish, gather and examine claim documents, verify that the underlying policy exists, evaluate the claim, and make payments. The Insurance Regulatory and Development Authority in India views TPAs as a key component in assuring high-level and consistent quality services while working through big volumes of health insurance claims. Assigning some of the functions to TPAs enables insurance providers to access focused excellence and resources to the advantage of greater efficiency and better customer satisfaction. Other employee benefits plan that TPAs are involved in include the processing of retirement plans, flexible spending accounts, and so on, which makes it cost-effective for companies.
Attributes | Details |
---|
Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
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.
United Healthcare Services, Inc. (USA), ESIS (USA), Meritain Health, Inc. (USA), ExlService Holdings, Inc. (USA), Gallagher Bassett Services LLC (USA), Sedgwick (USA), CorVel (USA), Helmsman Management Services, LLC (USA), Crawford & Company (USA) and Charles Taylor (United Kingdom) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Insurance Third-Party Administration market by and Region.
On the basis of geography, the market of Insurance Third-Party Administration 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 Enterprise Size, the sub-segment i.e. Large Enterprises will boost the Insurance Third-Party Administration market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service Type, the sub-segment i.e. Claims Management will boost the Insurance Third-Party Administration market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Life and Health Insurance Type {Life Insurance, Health Insurance, Health Insurance Type, Disease Insurance will boost the Insurance Third-Party Administration market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
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 a 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 the purpose to understand the companies positioning regarding the 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 a 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, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.