Middle East & Africa Insurance Third-Party Administrator Market Forecast to 2031 - Regional Analysis

Description

List of Tables

The Middle East & Africa insurance third-party administrator market was valued at US$ 10,318.11 million in 2023 and is expected to reach US$ 18,147.88 million by 2031; it is estimated to record a CAGR of 7.3% from 2023 to 2031.

Digital Third-Party Administrators Bolster Middle East & Africa Insurance Third-Party Administrator Market

Digital third-party administrators are transforming the insurance third-party administrator business by harnessing the capabilities of AI and machine learning, which can allow the scanning of massive volumes of data to detect fraudulent claims and predict future hazards. The advanced data management capabilities lower costs for insurers and allow them to make more educated underwriting and risk management decisions. Digital third-party administrators provide self-service portals for policyholders to file claims, track their progress, and access policy papers. This promotes transparency and convenience, resulting in a more positive consumer experience. In October 2023, LIDP partnered with Sutherland, a global digital-first business process as a service (BPaaS) provider, to introduce innovative, comprehensive solutions. Digital tools and AI drive middle-office and back-office digitization customer experience (CX) and provide more precise insights into insurance carrier businesses. Their unique approach empowers carriers to fast-track life insurance and annuity product launches, enhance distribution, and improve customer experience. In September 2021, Xceedance (an insurance consultancy firm) introduced a new digital claims third-party administrator with enhanced and intelligent automation. The new solution offers full-service claims operation services to global insurers with the goal of closing claims faster and providing more visibility into claim handling and status. The new third-party administrator takes advantage of Xceedance's broad range of insurance, technical, and operational capabilities. Thus, the digital third-party administrator is setting a new trend in the insurance third-party administrator market.

Middle East & Africa Insurance Third-Party Administrator Market Overview

The insurance companies in the country partner with top-class TPAs to deliver high-quality, consistent services and process related to voluminous health insurance claims. In September 2022, Dubai National Insurance (DNI), one of the leading insurance companies in the UAE, tied up with Al Madallah Healthcare Management, one of the fastest-growing TPA in the country, offering innovative medical claims management services. Through the agreement, Al Madallah administers DNI health insurance plans as a TPA, and the partnership reinforces both entities' commitment to providing superior customer service. Thus, focusing on serving the extensive customer base more effectively, the insurance companies approach TPAs, which fosters the UAE insurance third-party administrator market growth.

Middle East & Africa Insurance Third-Party Administrator Market Revenue and Forecast to 2031 (US$ Million)

Middle East & Africa Insurance Third-Party Administrator Market Segmentation

The Middle East & Africa insurance third-party administrator market is segmented based on insurance type, end users, and country. Based on insurance type, the Middle East & Africa insurance third-party administrator market is segmented into healthcare, retirement plans, commercial general liability insurers, and other insurance types. The healthcare segment held the largest market share in 2023.

In terms of end users, the Middle East & Africa insurance third-party administrator market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger market share in 2023.

Based on country, the Middle East & Africa insurance third-party administrator market is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. The UAE dominated the Middle East & Africa insurance third-party administrator market share in 2023.

Crawford and Company; Charles Taylor Limited; ExlService Holdings, Inc; Arthur J Gallagher & Co; and Chubb Ltd are some of the leading players operating in the Middle East & Africa insurance third-party administrator market.

Product Code: BMIRE00031555

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:

4. Middle East & Africa Insurance Third-Party Administrator Market Landscape

4.1 Overview
4.2 Ecosystem Analysis
- 4.2.1 List of Vendors in the Value Chain

5. Middle East & Africa Insurance Third-Party Administrator Market - Key Market Dynamics

5.1 Insurance Third-Party Administrator Market - Key Market Dynamics
5.2 Market Drivers
- 5.2.1 Increase in Preference for Administrators in Health Insurance
- 5.2.2 Growing Complexity of Insurance Claims
5.3 Market Restraints
- 5.3.1 Data Privacy and Security Concerns
5.4 Market Opportunities
- 5.4.1 Proliferation of Insurance Industry
5.5 Market Trends
- 5.5.1 Digital Third-Party Administrators
5.6 Impact of Drivers and Restraints:

6. Insurance Third-Party Administrator Market - Middle East & Africa Market Analysis

6.1 Insurance Third-Party Administrator Market Revenue (US$ Million), 2021-2031
6.2 Insurance Third-Party Administrator Market Forecast Analysis

7. Middle East & Africa Insurance Third-Party Administrator Market Analysis - by Insurance Type

7.1 Healthcare
- 7.1.1 Overview
- 7.1.2 Healthcare: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Retirement Plans
- 7.2.1 Overview
- 7.2.2 Retirement Plans: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
7.3 Commercial General Liability Insurers
- 7.3.1 Overview
- 7.3.2 Commercial General Liability Insurers: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
7.4 Other Insurance Types
- 7.4.1 Overview
- 7.4.2 Other Insurance Types: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)

8. Middle East & Africa Insurance Third-Party Administrator Market Analysis - by End Users

8.1 Large Enterprises
- 8.1.1 Overview
- 8.1.2 Large Enterprises: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
8.2 SMEs
- 8.2.1 Overview
- 8.2.2 SMEs: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)

9. Middle East & Africa Insurance Third-Party Administrator Market - Country Analysis

9.1 Middle East & Africa
- 9.1.1 Middle East & Africa Insurance Third-Party Administrator Market Overview
- 9.1.2 Middle East & Africa: Insurance Third-Party Administrator Market - Revenue and Forecast Analysis - by Country
  - 9.1.2.1 Middle East & Africa: Insurance Third-Party Administrator Market - Revenue and Forecast Analysis - by Country
  - 9.1.2.2 United Arab Emirates: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.2.2.1 United Arab Emirates: Insurance Third-Party Administrator Market Breakdown, by Insurance Type
    - 9.1.2.2.2 United Arab Emirates: Insurance Third-Party Administrator Market Breakdown, by End Users
  - 9.1.2.3 Saudi Arabia: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.2.3.1 Saudi Arabia: Insurance Third-Party Administrator Market Breakdown, by Insurance Type
    - 9.1.2.3.2 Saudi Arabia: Insurance Third-Party Administrator Market Breakdown, by End Users
  - 9.1.2.4 South Africa: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.2.4.1 South Africa: Insurance Third-Party Administrator Market Breakdown, by Insurance Type
    - 9.1.2.4.2 South Africa: Insurance Third-Party Administrator Market Breakdown, by End Users
  - 9.1.2.5 Rest of Middle East & Africa: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.2.5.1 Rest of Middle East & Africa: Insurance Third-Party Administrator Market Breakdown, by Insurance Type
    - 9.1.2.5.2 Rest of Middle East & Africa: Insurance Third-Party Administrator Market Breakdown, by End Users

10. Competitive Landscape

10.1 Company Positioning & Concentration
10.2 Heat Map Analysis by Key Players

11. Industry Landscape

11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 Product Development

12. Company Profiles

12.1 Crawford and Company
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 Charles Taylor Limited
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
12.3 ExlService Holdings, Inc.
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
12.4 Arthur J Gallagher & Co
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
12.5 Chubb Ltd
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments

13. Appendix

13.1 Word Index
13.2 About The Insight Partners