In a business where specialization and differentiation are essential for growth, the program administration market is showing steady year-over-year growth, according to the Target Markets Program Administrators Assn. (TMPAA)'s 2012 “State of Program Business Study.”
The study pegged the 2011 program administration market at $24.7 billion in premiums, a 9 percent increase from $22.6 billion in 2010.
The TMPAA defines “program business” as insurance products targeted to a particular niche market or class, generally representing a group of similar risks placed with one carrier. Administration is done through on a wholesale or retail basis by agent/broker program specialists with an expertise in a given market, working with the carrier to provide underwriting selection, binding, issuing, billing, marketing, premium collections, data gathering, claims management/loss control and possibly risk sharing.
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