Overview

Adjustable rate: Higher downstream demand and increased outsourcing will support revenue growth

IBISWorld’s Third-Party Administrators & Insurance Claims Adjusters market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

REPORT SNAPSHOT

Market Share of Companies
There are no companies with a dominant market share in this industry
Industry Statistics & Market Size
Revenue
$211bn
Annual Growth
12-17
3.8%
Annual Growth
17-22
Profit
Employment
412,323
Business
134,626

Industry Threats & Opportunities

  • Growth in outsourcing and demand for advisory services will drive revenue
  • The number of companies and individuals participating in the industry has rebounded
  • Demand for claims adjusting is typically generated by an increase in the number of policyholders

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    Industry Analysis & Industry Trends

    The Third-Party Administrators and Insurance Claims Adjusters industry plays a critical role in the insurance and retirement markets by enabling businesses to outsource claims processing, administrative services and risk management. Insurance carriers and pension funds, health and welfare funds, workers compensation funds and self-insurance funds have increasingly outsourced these services to cut operating costs and improve profitability. Over the five years to 2017, industry revenue is expected to grow. Revenue has grown robustly since 2012, as falling unemployment and rising disposable income bolstered demand for insurance and retirement plans. Industry revenue is projected to continue growing over the five years to 2022...

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    Industry Report - Industry Investment Chapter

    The Third-Party Administrators and Insurance Claims Adjusters industry undertakes labor-intensive administrative and processing functions on behalf of insurers and insurance funds. It also provides clients with advisory services, for which the primary input is human capital. Most individuals employed in the industry have undergone significant training, in addition to possessing other qualifications.

    Insurance consultants provide a broad spectrum of services requiring expertise in multiple disciplines, such as risk identification, estimation and mitigation; knowledge of insurance lines and client specifics (e.g. operations, industries and fields of business); actuarial analysis; and understanding regulatory and legal environments. Eff..

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    Additional Insights for the Third-Party Administrators & Insurance Claims Adjusters Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Third-Party Administrators & Insurance Claims Adjusters Industry are

  • Access to highly skilled workforce
  • Undertaking technical research and development
  • Ability to vary services to suit different needs
  • IBISWorld analysts also discuss how external factors such as Number of employees and Per capita disposable income in the Third-Party Administrators & Insurance Claims Adjusters industry impact industry performance..

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    Industry Products

    What is the Third-Party Administrators & Insurance Claims Adjusters Industry?

    Operators in this industry investigate, appraise and settle insurance claims; provide third-party administration services of insurance and pension funds; and offer insurance advisory and ratemaking services. This industry does not include companies that primarily provide portfolio management services, sell insurance policies or offer actuarial consulting services.

    Industry Products
    Third-party administration of health and welfare funds
    Third-party administration of workers' compensation funds
    Third-party administration of self-insurance funds
    Claims adjustment services
    Consulting services for insurance
    Other services
    Industry Activities
    Investigating, appraising and settling claims
    Third-party claims processing
    Third-party insurance and pension fund administration
    Insurance actuarial services
    Insurance advisory services
    Insurance exchanges
    Insurance loss prevention services
    Insurance rate-making services
    Insurance reporting services
    Medical cost evaluation services

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Number of employees
  • Per capita disposable income
  • Natural disaster index
  • S&P 500

  • Current Performance
  • Robust demand
  • Growing competition
  • Chart: Revenue Growth

  • Industry Outlook
  • Greater demand
  • Industry landscape
  • Table: Third-Party Administrators & Insurance Claims Adjusters Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Third-Party Administrators & Insurance Claims Adjusters Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Life Insurance & Annuities
  • Health & Medical Insurance
  • Property, Casualty and Direct Insurance
  • Reinsurance Carriers
  • Retirement & Pension Plans
  • Health & Welfare Funds
  • Workers' Compensation & Other Insurance Funds

  • Key Selling Industries
  • Health & Medical Insurance
  • Health & Welfare Funds
  • Life Insurance & Annuities
  • Property, Casualty and Direct Insurance
  • Retirement & Pension Plans
  • Workers' Compensation & Other Insurance Funds

  • Products & Services
  • Third-party administration of health and welfare funds
  • Claims adjustment services
  • Other services
  • Consulting services for insurance
  • Third-party administration of workers' compensation funds
  • Third-party administration of self-insurance funds
  • Chart: Third-Party Administrators & Insurance Claims Adjusters Industry Products and Services Segmentation

  • Demand Determinants
  • The insurance cycle
  • Captive management
  • Third-party administration
  • Claims adjusting

  • Major Markets
  • Insurance funds
  • Life insurers
  • Pension funds
  • Health insurers
  • Property and casualty insurers
  • Other
  • Chart: Major Market Segmentation for the Third-Party Administrators & Insurance Claims Adjusters Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesOther
  • Chart: Cost Structure Benchmarking – Sector vs Third-Party Administrators & Insurance Claims Adjusters

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Third-Party Administrators & Insurance Claims Adjusters Industry

  • Industry Globalization
    Major Companies
    There are no major players in this industry
    Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Third-Party Administrators & Insurance Claims Adjusters Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Third-Party Administrators & Insurance Claims Adjusters Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Prime rate (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Jargon & Glossary
    Claims Adjusting
  • The process of investigating, appraising and settling insurance claims to determine the extent of a company's liability.
  • Hard Market
  • A period of increasing insurance prices as the demand for insurance overshoots supply. The supply of insurance depends on insurers' capital position.
  • Insurance Service Provider
  • A company that offers insurance services including claim adjustment, third-party insurance fund administration, claims processing administration, and actuarial, consultancy and advisory services.
  • Soft Market
  • A period of falling insurance prices as the supply of insurance is greater than demand, which often leads to increased price competition.
  • Uninsured Rate
  • The number of people above the age of 18 who do not have health insurance divided by the total number of people above 18 years of age.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Third-Party Administrators & Insurance Claims Adjusters:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Third-Party Administrators & Insurance Claims Adjusters market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Third-Party Administrators & Insurance Claims Adjusters, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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