Third-Party Administrators & Insurance Claims Adjusters Now Available
The US Third-Party Administrators and Insurance Claims Adjusters industry plays a critical role in the insurance and funds sectors by allowing businesses to outsource certain functions, such as claims processing and adjusting, policy and fund administration and risk management and actuarial services. According to IBISWorld industry analyst
In the five years to 2012, industry revenue is expected to increase at an average annual rate of 3.1% to
The US Third-Party Administrators and Insurance Claims Adjusters industry has a low level of concentration and a high level of fragmentation. The top three players are expected to account for less than one-fifth of industry revenue in 2012. According to the US Census and IBISWorld estimates, about 55.4% of industry employer enterprises contain fewer than five individuals. Conversely, about 1.7% of industry firms employ more than 250 people. The industry can be separated into three main sectors: claims adjusting, third-party administration of insurance and pension funds and all other insurance-related activities. The risk management and consultancy segment comprises the three largest industry players,
In 2012, industry revenue is expected to increase about 1.1% as individuals and businesses slowly expand insurance coverage in an improving economy. Over the five years to 2017, industry revenue is expected to continue increasing. Pension funds and direct insurers will continue to increase outsourcing activities, which will drive growth. As the economy recovers, insurance policy volumes will rise, particularly within the business sector; generally, an increase in the number of policies leads to a rise in the need for claims adjustment services. Operators will also benefit from an increased demand for risk management services and data analytics because businesses, insurers and individuals use these services to mitigate risks and hedge liabilities.
For more information, visit IBISWorld’s Third-Party Administrators & Insurance Claims Adjusters in the US industry report page.
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IBISWorld industry Report Key Topics
This industry is composed of three segments: claims adjusting; third-party administration of insurance; and pension funds and insurance consulting and advisory services. The first segment includes investigating, appraising and settling insurance claims; the second consists of claims processing and administrative services; and the third focuses on insurance advisory or risk management operations. Insurance brokerage and sales are not included in this report (see IBISWorld report 52421).
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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