Europe Insurance Third-Party Administrator Market Forecast to 2031 - Regional Analysis - by Insurance Type (Healthcare, Retirement Plans, Commercial General Liability Insurers, and Other Insurance Types) and End User (Large Enterprises and SMEs)

Description

List of Tables

The Europe insurance third-party administrator market was valued at US$ 52,306.69 million in 2023 and is expected to reach US$ 99,407.74 million by 2031; it is estimated to record a CAGR of 8.4% from 2023 to 2031.

Growing Complexity of Insurance Claims Drives Europe Insurance Third-Party Administrator Market

Claims management in insurance refers to the systematic process of handling and settling insurance claims filed by policyholders. This crucial job in the insurance industry involves handling everything from the initial claim filing to the ultimate payout or denial. Insurance claim settlement is required to ensure that policyholders receive the compensations and other benefits they are entitled to. There are multiple types of insurance policies available with their specific coverage limits, deductibles, and exclusions; therefore, business owners may struggle to negotiate insurance claims. Moreover, a large number of individuals suffer delays, arguments, and denial in the claim process. The claims process can be difficult since it requires extensive documentation, communication with insurance adjusters, and adherence to specific dates. A thorough documentation of the claim includes gathering evidence, witness statements, and any other pertinent details. Investigators may also be hired to evaluate complex claims involving big losses or alleged fraud. Claim commencement, appraisal, adjustment, and final settlement are typical stages in the claim process. Each level is critical, necessitating precise documentation and discussions with insurance companies.

The insurance industry is highly regulated, and need to comply with multiple state and federal rules can be difficult. Third-party administrators play a vital role in settling insurance claims. They play a crucial role in administering insurance policies and claims on behalf of policyholders. The primary responsibility of any third-party administrator is to help policyholders during the claim settlement process between the policyholder and the insurer. This process begins when policyholders report their claims to the insurance company. It entails obtaining critical data such as the insurance number, incident details, and contact information. Various third-party administrators are offering claim management with integrated solutions to simplify claim management. In December 2021, CorVel Corporation launched CogencyIQ. Leveraging artificial intelligence and predictive analytics, its products offer actionable insights and solutions for risk managers and claims professionals. CogencyIQ works seamlessly with CorVel's integrated claims management technology, CareMC Edge, to provide a comprehensive solution for customers with the tools needed to analyze large data volumes and navigate complex claims. Thus, the burgeoning complexity of insurance claims creates a need for third-party administrators, which is driving the growth of the market.

Europe Insurance Third-Party Administrator Market Overview

Germany, France, the UK, Italy, Russia, and the Rest of Europe are among the key contributors to the growth of the Europe insurance third-party administrator market. Global macroeconomic uncertainties and cost pressure on insurance carriers across the UK and the European Union have led to unfavorable economic conditions in Europe. Therefore, insurers focus on cutting down discretionary spending to save costs. However, they are inclined toward embracing digital transformation and outsourcing practices to gain long-term benefits. According to Everest Group Life and Annuities (L&A) Insurance BPS and PEAK Matrix Assessment 2023, insurance companies opting to outsource their tasks create huge opportunities for the insurance third-party administrators operating in Europe. Moreover, insurance carriers are widely adopting end-to-end solutions to cater to changing customer preferences and satisfaction.

Europe Insurance Third-Party Administrator Market Revenue and Forecast to 2031 (US$ Million)

Europe Insurance Third-Party Administrator Market Segmentation

The Europe insurance third-party administrator market is segmented based on insurance type, end users, and country.

Based on insurance type, the Europe 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 Europe 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 Europe insurance third-party administrator market is segmented into the UK, Germany, France, Italy, Russia, and the Rest of Europe. The UK dominated the Europe insurance third-party administrator market share in 2023.

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

Product Code: BMIRE00031553

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. Europe Insurance Third-Party Administrator Market Landscape

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

5. Europe 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 - Europe Market Analysis

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

7. Europe 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. Europe 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. Europe Insurance Third-Party Administrator Market - Country Analysis

9.1 Europe
- 9.1.1 Europe Insurance Third-Party Administrator Market Overview
- 9.1.2 Europe: Insurance Third-Party Administrator Market - Revenue and Forecast Analysis - by Country
  - 9.1.2.1 Europe: Insurance Third-Party Administrator Market - Revenue and Forecast Analysis - by Country
  - 9.1.2.2 United Kingdom: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.2.2.1 United Kingdom: Insurance Third-Party Administrator Market Breakdown, by Insurance Type
    - 9.1.2.2.2 United Kingdom: Insurance Third-Party Administrator Market Breakdown, by End Users
  - 9.1.2.3 Germany: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.2.3.1 Germany: Insurance Third-Party Administrator Market Breakdown, by Insurance Type
    - 9.1.2.3.2 Germany: Insurance Third-Party Administrator Market Breakdown, by End Users
  - 9.1.2.4 France: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.2.4.1 France: Insurance Third-Party Administrator Market Breakdown, by Insurance Type
    - 9.1.2.4.2 France: Insurance Third-Party Administrator Market Breakdown, by End Users
  - 9.1.2.5 Italy: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.2.5.1 Italy: Insurance Third-Party Administrator Market Breakdown, by Insurance Type
    - 9.1.2.5.2 Italy: Insurance Third-Party Administrator Market Breakdown, by End Users
  - 9.1.2.6 Russia: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.2.6.1 Russia: Insurance Third-Party Administrator Market Breakdown, by Insurance Type
    - 9.1.2.6.2 Russia: Insurance Third-Party Administrator Market Breakdown, by End Users
  - 9.1.2.7 Rest of Europe: Insurance Third-Party Administrator Market - Revenue and Forecast to 2031 (US$ Million)
    - 9.1.2.7.1 Rest of Europe: Insurance Third-Party Administrator Market Breakdown, by Insurance Type
    - 9.1.2.7.2 Rest of Europe: 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 Sedgwick
- 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 Crawford and Company
- 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 Charles Taylor Limited
- 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 ExlService Holdings, Inc.
- 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 Arthur J Gallagher & Co
- 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
12.6 Meritain Health
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
12.7 Chubb Ltd
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments

13. Appendix

13.1 Word Index
13.2 About The Insight Partners