Insurance Third Party Administrators Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to insurance third party administrators market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Insurance Third Party Administrators Market News

  • In December 2024, Insignia Financial made its strategic move to outsource administration services of its Master Trust business to SS&C Technologies. The action will transfer more than 1,000 Insignia employees to SS&C, allowing for improved customer service and operating efficiency. The partnership is likely to propel SS&C's presence in the Australian market by delivering cutting-edge administration technology and fulfilling the growing demand for outsourcing solutions in the financial services industry.
  • In May 2024, Sedgwick Claims Management Services launched a new AI-powered care guidance app to improve efficiency in claims handling and early clinical interventions. The app is to assist in the identification of claims that would be improved by proactive care, ultimately enhancing recovery outcomes for injured workers. This move is part of Sedgwick's initiative to integrate artificial intelligence into operations for better delivery and outcomes.
  • CorVel Corporation released CogencyIQ in 2024, its own system utilizing predictive analytics and artificial intelligence to deliver actionable information for claims and risk management. The CogencyIQ integrates with CorVel's CareMC Edge platform and supports claims professionals in reducing complex data to enhanced decision-making. The launch evidences CorVel's commitment to innovation and enhanced data-driven outcomes in insurance management.
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Global Insurance Third Party Administrators Market size was valued at USD 356.09 Billion in 2023 and is poised to grow from USD 390.28 Billion in 2024 to USD 812.56 Billion by 2032, growing at a CAGR of 9.6% during the forecast period (2025-2032).

The third-party administrator (TPA) insurance market has a mix of global giants and specialized regional players. Industry leaders such as CVS Health Corporation (Caremark), Helmsman Management Services, and United HealthCare Services are utilizing technology to become more competitive. Some recent moves include the incorporation of AI, robotic process automation, and predictive analytics to enhance policy administration and claims processing. State-supported digital infrastructure such as the UK's NHS Digital initiative and Australia's My Health Record program are promoting more data-driven culture among TPA services. Companies such as Charles Taylor's strategic buys also reflect a diversification and geographic expansion trend in the sector. 'Gallagher Bassett Services LLC', 'Sedgwick', 'ESIS Inc', 'CorVel Corporation', 'Crawford & Company', 'Helmsman Management Services, LLC', 'Charles Taylor', 'UMR', 'Healthscope Benefits', 'Trustmark Health Benefits Inc', 'Anthem Inc (Elevance Health)', 'CVS Health Company', 'Cigna Corporation', 'Humana Inc', 'DXC Technology Company', 'The Hartford Financial Services Group, Inc', 'United Healthcare Services Inc.', 'ExlService Holdings, Inc.', 'Meritain Health, Inc.', 'Kaiser Permanente'

The global Insurance Third-Party Administrators (TPA) market is expanding rapidly, fueled by rising healthcare costs and increasing insurance adoption. Countries like the U.S. and Taiwan demonstrate high insurance penetration, reflecting complex systems that require efficient administrative support. Government initiatives to enhance healthcare and insurance access further underscore the growing need for TPAs to manage rising claims volumes and streamline policy administration across increasingly sophisticated healthcare ecosystems.

Why North America is a Top Leader in Insurance Third Party Administrators?

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Global Insurance Third Party Administrators Market
Insurance Third Party Administrators Market

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