Benefits Administration Service Market Definition
The benefits administration service is offered by the administration department of the companies or an organization to its employees. Services related to health, disability, life insurances, etc are included, it is simply the process of assembling and managing the employee benefits in the company. The services can be provided on-premise or on a cloud basis, there are certain benefits programs in the company which is followed.
The market study is broken down, by Application (Large Size Enterprises and Small-medium Size Enterprises) and major geographies with country level splits.
PlanSource (United States), Ascensus, LLC. (United States), Lumity, Inc. (United States), Sequoia Consulting Group (United States), Insperity, Inc., (United States), WageWorks, Inc. (United States), Benefit Administration Services, LLC (United States), Marsh & McLennan Companies (United States), WEX Inc. (United States), Sun Life Assurance Company (Canada) and Aon plc (United Kingdom) are some of the key players that are part of study coverage.
AdvanceMarketAnalytics has segmented the market of Global Benefits Administration Service market by Type, Application and Region.
On the basis of geography, the market of Benefits Administration Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment, the sub-segment i.e. On-premise will boost the Benefits Administration Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Performance Standards Definition will boost the Benefits Administration Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 26th June 2019, Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare entered into an agreement to acquire HR Simplified, a third-party administration (TPA) firm that services consumer-directed health (CDH) plans and provides COBRA administration.
On 17th September 2019, PlanSource, a leading provider of cloud-based benefits administration technology, announced the launch of Polaris, the company’s latest software release. Available immediately to PlanSource customers and partners, Polaris offers a range of enhancements, new services, and updates to the PlanSource platform. Chief among these is an integrated text messaging service built into the PlanSource communications center, which opens new avenues for benefits communication.
- Emerging Advancements in Benefits Administration Service in the Form of Automation
- The Demand for Maximum Efficiency and Productivity in the Business Operation
- Need for Good Employee Experience and Other Administration Services
- Growing Spending of Organisations on Employees and Administrative Operations
- Skilled Professionals are Required for the Benefits Administration Service
- Stringent Regulatory Guidelines Associated with Benefits Administration Service
Key Target AudienceBenefits Administration Service Provides, Benefits Administration Service Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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