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2023 U.S. Industry Statistics & Market Forecast - Third Party Administration of Insurance & Pension Funds
Market Size & Industry Statistics
The total U.S. industry market size for Third Party Administration of Insurance & Pension Funds:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2017 2018 2019 2020 2021 2022 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year / six-year demand forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|
| Market Forecast ($ millions) | ||||||
| Projected Industry Growth Rate (%) | ||||||
Industry Insights
The Third Party Administration (TPA) of Insurance and Pension Funds industry is a critical component of the broader insurance and investment sector. This industry is facing numerous key trends that are shaping how TPAs are operating and the services they offer to clients.One major trend affecting the TPA industry is digitalization. Digitalization has transformed the way business is done, and the insurance and investment industry is no exception. TPAs are increasingly implementing new technologies to streamline their processes, reduce costs, and enhance customer experience. From intelligent automation to big data analytics, digitalization is changing the way TPAs operate.
Another trend affecting the TPA industry is the rising demand for customized solutions. Customers have unique needs, and the one-size-fits-all approach is becoming obsolete. Clients are now looking for customized solutions that cater to their specific needs. This trend is driving TPAs to tailor their services to meet the unique demands of their clients.
The third trend is regulatory compliance. The TPA industry operates under various regulations from government agencies and industry bodies. TPAs must adhere to these laws and regulations to avoid penalties and reputational damage. As the regulatory environment changes, TPAs must adapt to ensure compliance.
Finally, the TPA industry is experiencing consolidation. As the industry matures, TPAs are consolidating to achieve economies of scale, expand their service offering, and enhance their competitiveness.
In summary, the TPA industry is evolving, and TPAs must embrace these trends to stay relevant and meet the unique needs of their clients.
Product & Services Breakdown
Research products and services in the Third Party Administration of Insurance & Pension Funds industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Insurance Brokerage And Agency Services - Commissions |
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Health And Medical |
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Claims Adjustment Services |
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Insurance Support Services - Third Party Administration |
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Third Party Administration And Management Of Pension Funds/Plans - Fees |
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Third Party Administration And Management Of Health And/Or Welfare Funds/Plans - Fees |
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Third Party Administration And Management Of Workers Compensation Self-Insurance - Fees |
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Third Party Administration And Management Of Other Self-Insurance - Fees |
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Other Fees Associated With Third Party Administration |
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Other Services |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) | |
|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Third Party Administration of Insurance & Pension Funds company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Third Party Administration of Insurance & Pension Funds industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Third Party Administration of Insurance & Pension Funds measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 11% | Order at top of page |
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| Chief Executives | 0% | |||
| General and Operations Managers | 5% | |||
| Business and Financial Operations Occupations | 32% | |||
| Business Operations Specialists | 26% | |||
| Claims Adjusters, Appraisers, Examiners, and Investigators | 16% | |||
| Claims Adjusters, Examiners, and Investigators | 16% | |||
| Financial Specialists | 6% | |||
| Computer and Mathematical Occupations | 9% | |||
| Computer Occupations | 7% | |||
| Sales and Related Occupations | 5% | |||
| Sales Representatives, Services | 5% | |||
| Office and Administrative Support Occupations | 36% | |||
| Information and Record Clerks | 13% | |||
| Customer Service Representatives | 12% | |||
| Customer Service Representatives | 12% | |||
| Other Office and Administrative Support Workers | 12% | |||
| Insurance Claims and Policy Processing Clerks | 9% | |||
| Insurance Claims and Policy Processing Clerks | 9% | |||
Third Party Administration of Insurance & Pension Funds Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Third Party Administration of Insurance & Pension Funds industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Third Party Administration of Insurance & Pension Funds industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Third Party Administration of Insurance & Pension Funds industry. |
Source:
Government Contracts
In 2022, the federal government spent a total of $2,275,645,148 on Third Party Administration of Insurance & Pension Funds. It has awarded 271 contracts to 50 companies, with an average value of $45,512,903 per company.| Most Recent Contracts | Date | Total Award Amount |
|---|---|---|
| EMPLOYEE BENEFIT ADVISORS, INC. 5000 Austell Powder Springs Rd Ste 110 Austell, GA | Jun 29, 2023 | $1,194 |
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