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The Rise of Insurance Third Party Administrator Market: A $544.67 Billion Industry Dominated by Tech Giants – Sedgwick, Crawford and Company and CorVel Corp | The Insight Partners
The global insurance third party administrator market is set for explosive growth, with projections indicating a surge to $544.67 billion by 2031. This remarkable expansion, driven by the increase in preference for administrators in health insurance and growing complexity of insurance claims.
NEW YORK, Oct. 30, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, “Insurance Third Party Administrator Market Size and Forecast (2021 – 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Insurance Type (Healthcare, Retirement Plans, Commercial General Liability Insurers, and Other Insurance Types), End User (Large Enterprises and SMEs), and Geography”. For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/insurance-third-party-administrator-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the insurance third party administrator market comprises a vast array of type and end user which are expected to register strength during the coming years.
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Market Overview and Growth Trajectory:
Insurance Third Party Administrator Market Growth: According to an exhaustive report by The Insight Partners, the Insurance Third Party Administrator Market is experiencing significant growth, driven by digital third-party administrators. The market, valued at $256.02 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.9% during 2023–2031.
The global insurance third party administrator market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. The increasing need for administrators in health insurance and the surging complexity of insurance claims fuel the growth of the insurance Third Party administrator market. Further, the proliferation of the insurance industry creates opportunities for market growth. Digital Third-Party administrators are emerging as a significant trend in the market. On the other hand, data privacy concerns and security concerns limit the growth of the insurance Third Party administrator market.
Digital Third-Party Administrators: 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.
Increase in Preference for Administrators in Health Insurance: Third Party administrators serve as mediators between insurance companies and policyholders. They oversee specific services, such as processing claims, providing customer support, and managing payment transactions on behalf of health insurance companies. These service providers play a pivotal role in handling different facets of health insurance. They maintain policyholders’ important records in a dedicated database and provide smooth back-end assistance. Third Party administrators also ensure the correct processing of policyholders’ claims. They guarantee that the hospitals they manage meet the standards of network membership, allowing for hassle-free claim settlement. Various value-added services provided by several Third-Party administrators include specialized consultations, ambulance services, medical supplies, wellness programs, lifestyle management, 24-hour toll-free helplines, and health facilities. Due to these benefits, various renowned insurers opt for Third Party administrators. For example, insurers such as Oriental Insurance, New India Assurance, National Insurance, and United India are using Vidal Health Insurance TPA, Health Insurance TPA of India Ltd, Focus Health Services TPA Pvt. Ltd, Family Health Plan Insurance TPA Limited, and others. Thus, a broad application of Third Party administrators in healthcare insurance drives the growth of the market.
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Growing Complexity of Insurance Claims: 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.
Geographical Insights: In 2023, North America led the market with a substantial revenue share. Asia Pacific is the second-largest contributor to the global insurance third party administrator market, followed by Europe.
Insurance Third Party Administrator Market Segmentation, Applications, Geographical Insights:
- Based on insurance type, the 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 share of the insurance Third Party administrator market in 2023.
- Based on end user, the insurance third party administrator market is segmented into large enterprises and small and mid-sized enterprises. The large enterprises segment held the largest share of the insurance Third Party administrator market in 2023.
- The insurance third party administrator market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The Insurance Third Party Administrator Market is characterized by the presence of several major players, including:
- Sedgwick
- Crawford and Company
- CorVel Corp.
- United Healthcare Services LLC
- Helmsman Management Services, LLC
- Charles Tayler
- ExlService Holdings, Inc.
- Gallagher Bassett Services LLC
- Meritain Health, Inc.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Insurance Third Party Administrator Market Recent Developments and Innovations:
- “Sedgwick has announced several new updates to its artificial intelligence-powered (AI) technology program. Building on a half-century of claims handling excellence and a robust data science program. The technology goal is to expedite the claims process by predicting, addressing, and automating steps in the claim lifecycle, thereby enhancing consumer experiences and streamlining claim resolutions.”
- “Crawford & Company’s Third-Party administration business in the United Kingdom, Crawford TPA, has teamed with British insurtech Automated Insurance Solutions (AIS) to support speedier motor claims processing in the country. Crawford TPA will use AIS’s automated motor claims liability assessment tool, BAIL, as part of its growing digital claims management ecosystem.”
- “CorVel Corporation, a national provider of risk management solutions, has launched CogencyIQ. Leveraging artificial intelligence and predictive analytics, CorVel can provide 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 amounts of data and navigate complex claims.”
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Insurance Third Party Administrator Market Drivers, Challenges, Future Outlook and Opportunities:
In terms of revenue, North America dominated the insurance third-party administrator market share, followed by APAC and Europe. The insurance third-party administrator market in North America is subsegmented into the US, Canada, and Mexico. The US is anticipated to hold the largest market share in the region in 2031. In the US, there are three main insurance sectors: property/casualty (P/C), i.e., mainly auto, home, and commercial insurance; life/annuity, mainly life insurance and annuity products; and private health insurance. Such a vast industry generates the demand for third-party administrator services in the country. The third-party administrators in the country are engaged in various strategies to reach more customers. For example, in January 2024, Rokstone, a specialty insurance and reinsurance managing general agency and a part of the Aventum Group, launched a new third-party administrator service based in Kentucky. Rokstone’s new Verus TPA manages Rokstone’s agricultural claims in the US.
As countries grow and people gain more discretionary income, they are more likely to be able to afford and recognize the value of insurance products such as life, health, and property insurance plans. This is especially true for a burgeoning middle class striving for financial stability. People are becoming increasingly conscious of the possibility of financial loss due to unforeseen circumstances such as illness, accidents, or natural catastrophes. As a result, individuals, businesses, and other entities seek insurance policies to safeguard themselves from the repercussions, which fuels the demand for insurance solutions that can assist in managing these risks. According to the Federal Insurance Office (FIO), the US had 667 licensed L&H insurers, 2,656 P&C insurers, and 1,355 health in 2022. According to the India Brand Equity Foundation (IBEF), the insurance industry is one of the premium segments seeing significant expansion in India. This upward trend in the insurance sector can be ascribed to rising revenues and increased awareness of the profession. India has the sixth-largest life insurance market among emerging economies, growing at a pace of 32–34% per year. In recent years, the industry has experienced vigorous competition among rival businesses. Moreover, the insurance sector faces numerous constraints, including highly dynamic regulatory complications, which present organizations with considerable threats to financial and operational stability. Thus, the ongoing proliferation of the insurance industry is creating opportunities for the growth of the insurance third-party administrator market.
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Conclusion:
A Third Party administrator is an entity that handles administrative and operational tasks associated with an insurance plan. Administrative duties frequently include processing claims, enrolling consumers, and collecting premiums, adhering to federal rules. Third Party administrators do not create the policies of health insurance plans, but they help guarantee their implementation. A single Third-Party administrator may work with multiple insurers. While Third Party administrators are typically linked with health insurance, they are employed in a wide range of other segments of the insurance industry. Commercial liability insurers and retirement plan administrators frequently hire Third Party administrators to serve as claims adjusters or customer service representatives. Third Party administrator companies can be major multinational corporations, while individuals having Third Party administrator certification can also work as independent contractors.
The insurance claim process can be complex and time consuming. In such cases, a Third Party administrator can help policyholders claim benefits. The administrators guide policyholders throughout the claim procedure and file claims on their behalf. Once a claim is filed, the Third-Party administrator will investigate and verify it. Further, their services can be tailored to a wide range of needs. Moreover, insurers can customize their agreements made with Third Party administrators based on their specific needs. Other noteworthy offerings of administrator services include health benefits reporting and analytics, adjudicating claims, customer service for plan members, healthcare provider network access, detailed healthcare expense reporting, and collaborations with brokers and health insurance consultants.
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With projected growth to $544.67 billion by 2031, the Insurance Third Party Administrator Market represents a significant opportunity for insurance carriers, Third Party administrators (TPA), regulatory bodies, and end users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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ALUMINIUM CHINA 2025: Celebrating 20 Years of Collective Achievements and Embracing a New Chapter
SHANGHAI, Nov. 4, 2024 /PRNewswire/ — The 20th ALUMINIUM CHINA will take place from July 9-11, 2025, at the Shanghai New International Expo Centre (SNIEC). Organized by RX China, the event will feature over 600 diverse exhibitors showcasing the entire aluminium industry chain. With the theme “Aspirational•Limitless•Unique: 20 Years of Excellence,” the exhibition will span over 60,000㎡ and expects more than 30,000 global professionals. Exciting activities throughout the year will foster international exchange, business cooperation, and celebrate innovation and development in the aluminium sector.
A Year Full of Engagements and Innovations
To mark its twentieth anniversary, ALUMINIUM CHINA will launch various activities aimed at fostering industry connections and showcasing achievements.
- Exclusive Visits to Top Enterprises
Leading up to next year’s exhibition, the “Visits to Leading Aluminium Enterprises” initiative will offer site visits to prominent companies in the aluminium processing sector. Through tailored one-on-one discussions, this initiative will spotlight the noteworthy accomplishments of these leading enterprises in advancing the aluminium industry. Their invaluable experiences and inspiring growth stories will be shared alongside the exhibition.
- Dazzling Array of Events
Building on the success of multiple “Exploring Application Industries” events over the past year, which garnered widespread acclaim, the focus remains sharp in 2025, as 2025 marks the 20th anniversary of the exhibition. Efforts will intensify in exploring key application markets such as automotive, packaging, home appliances, 3C electronics, solar photovoltaics, and energy storage. Notable representatives and experts will participate, creating a diverse platform for industry exchange and learning, featuring thematic reports, supply-demand matching, product displays, roundtable discussions, and closed-door meetings.
- Recognizing Industry Achievements
In the flourishing landscape of the aluminium processing industry over the last two decades, numerous innovative technologies and superior products have emerged, fostering high-quality sectoral growth. To set industry standards and promote healthy development, ALUMINIUM CHINA is proud to introduce the “ALU FUTURE Awards.” This prestigious accolade aims to honor exceptional contributions from enterprises and individuals in the aluminium sector, spanning categories such as the Application Innovation Award, Craftsmanship Award, and Honorary Award for Quality Partners.
- Enhancing Global Connection Initiatives
Capitalizing on years of amassed international resources, ALUMINIUM CHINA is poised to strengthen initiatives aimed at connecting with overseas markets. By empowering enterprises to reach global markets, a series of activities including overseas market research, trade matchmaking and high-level meetings will be orchestrated in foreign countries and regions. Furthermore, collaborations with international industry associations will be strengthened, spotlighting guest country of honor activities and other international features at the grand 20th-anniversary exhibition.
- Bridging Industry, Academia, and Research
ALUMINIUM CHINA have meticulously outlined a series of industry-academia-research activities. The specially curated “Innovation Achievements Showcase” will illuminate aluminium material research outcomes from universities and research institutions, showcasing high-performance aluminium alloys and environmentally friendly aluminium-based composites. Attendees will have a unique opportunity to interact closely with cutting-edge technology and witness the allure of innovation. Furthermore, the grand “Empowering Industries of the Future: Aluminium Innovation and Development Symposium” is scheduled, inviting distinguished scholars and industry experts from globally renowned universities to engage in profound dialogues on breakthroughs in aluminium materials research and emerging trends.
Two Decades of Continuous Growth
Since its inception in 2005, ALUMINIUM CHINA quickly emerged as a cornerstone for industry professionals worldwide. During its early years (2005-2009), the exhibition expanded across various segments of the aluminium processing chain, steadily increasing exhibitors and attendees, surpassing 10,000 visitors. Strategic collaborations with domestic and international associations bolstered its reputation as a premier platform for communication.
From 2010-2014, ALUMINIUM CHINA solidified its role in connecting China’s aluminium sector with the global market. Attendance continued to grow as the exhibition welcomed professionals from over 60 countries, facilitating crucial discussions on market trends and technological innovations.
The subsequent five years saw continued growth, with approximately 400 exhibitors attracting over 24,000 visitors by 2019. ALUMINIUM CHINA emphasized “Technological Innovation for the Future,” showcasing cutting-edge applications of aluminium in sectors such as automotive lightweighting, packaging and consumer electronics through specialized exhibits. Notable collaborations, including featuring “India as the Guest Country of Honor” and “Thailand as the Guest Country of Honor,” opened new avenues for international exchange, enabling domestic companies to engage on a global scale.
Despite unprecedented global challenges during 2020-2024, ALUMINIUM CHINA introduced innovative solutions like online livestreaming and year-round business matchmaking. These adaptations ensured that over 600 exhibitors could connect with 29,000+ professionals from over 100 countries by 2024. The commitment to promoting sustainability was evident through initiatives supporting green practices within the industry.
The celebration of its 20th anniversary marks a momentous milestone for both the event and the enduring growth of the industry. For further insights into ALUMINIUM CHINA, please visit their official website at https://www.aluminiumchina.com/en-gb.html or Facebook page @Aluminium China.
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ARRAY Innovation Celebrates Landmark Success at Gateway Gulf with Three Major Partnership Deals
MANAMA, Bahrain, Nov. 3, 2024 /PRNewswire/ — ARRAY Innovation, the Bahrain-based leader in AI, enterprise software, and cloud solutions, proudly celebrated a milestone at Gateway Gulf 2024. During the event, organized by the Bahrain Economic Development Board (EDB) in the Kingdom of Bahrain, ARRAY signed strategic agreements with Bahraini organizations: Aluminium Bahrain B.S.C. (Alba), National Bank of Bahrain (NBB), and the Labour Fund (Tamkeen), highlighting ARRAY’s commitment to digital transformation.
ARRAY Chairman, Mr. Khalid Taqi, commented, “Our collaborations with Alba, NBB, and Tamkeen underscore ARRAY’s dedication to Bahrain’s digital transformation journey. We are committed to delivering technology solutions that support local enterprises in sustainable growth and operational excellence.”
“ARRAY’s mission is to develop advanced enterprise software and AI solutions that create high-value jobs for Bahrainis. Our latest agreements with leading Bahraini organizations reflect our vision to positively impact the Bahraini enterprises and communities,” said Alaa Saeed, ARRAY Founder & CEO.
ARRAY’s partnership with Alba focused on AI, data analytics, and automation solutions, driving operational excellence and cost reduction. “Our strategic collaboration with ARRAY marks a significant step towards positioning Alba as a technology-driven industry leader. This partnership will not only advance our Industry 4.0 journey, driving operational excellence, but also aligns with Bahrain Economic Vision 2030 by investing in local talent,” said Alba’s Chairman of the Board, Mr. Khalid Al Rumaihi.
ARRAY’s partnership with the National Bank of Bahrain (NBB) aims to enhance NBB’s technology infrastructure with advanced Natural Language Processing (NLP) and Generative AI. The collaboration will deliver actionable insights, optimize operations, and improve customer experience. “By integrating the latest in artificial intelligence, we are positioned to drive our digital transformation forward, delivering solutions that enrich our customers’ banking experience. Our partnership with ARRAY Innovation underscores our focus on modern technology to reinforce Bahrain’s leadership in financial ingenuity,” said NBB Group CEO Mr. Usman Ahmed.
In its agreement with Tamkeen, ARRAY will develop an AI-powered job-matching solution boosting Bahrain’s economic growth through strategic private sector alignment. Her Excellency Ms. Maha Abdulhameed Mofeez, Chief Executive of Tamkeen, highlighted, “By enhancing both internal and external operations through this partnership, we aim to maximize the impact of our initiatives and increase opportunities for Bahraini talent within the private sector.”
These landmark agreements underscore ARRAY’s role as a trusted partner in Bahrain’s digital transformation, empowering organizations to drive efficiency and growth aligned with Bahrain’s Economic Vision 2030.
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FII8 Day Three Ends with $70 Billion in Deals Announced
RIYADH, Saudi Arabia, Nov. 2, 2024 /PRNewswire/ — The Future Investment Initiative (FII) Institute wrapped up Day 3 of its 8th annual gathering in Riyadh, with an “Investment Day” under the theme of “Infinite Horizons: Investing Today, Shaping Tomorrow.” Leaders, investors, and innovators explored avenues to drive impactful investment in emerging markets, venture capital, and sustainable growth strategies, setting the stage for the future of global finance and economic development.
Richard Attias, CEO of the FII Institute, commented on the day’s events: “Today’s discussions underscored the power of targeted investments to transcend traditional boundaries, creating opportunities in markets that promise to shape the next economic era. Our collective focus on deploying capital with long-term vision and sustainability will guide us as we navigate an ever-changing landscape.”
Standout Moments from FII8 Day 3:
1. Opening Remarks by H.E. Faisal F. Alibrahim
H.E. Faisal F. Alibrahim, Minister of Economy & Planning for the Kingdom of Saudi Arabia opening remarks set the tone for the day, emphasizing the role of investment in Saudi Arabia’s economic transformation under Vision 2030, highlighting non-oil growth as pivotal for future diversification.
2. Panel on Alternative Asset Growth in Emerging Markets
Key insights were shared during a session featuring H.E. Mohammed El-Kuwaiz, Chairman, Capital Market Authority (CMA); Rishi Kapoor, Vice Chairman & CIO, Investcorp; Chip Kaye, Chairman, Warburg Pincus LLC which focused on new frontiers in alternative asset growth. This panel explored trends driving investments in emerging economies, spotlighting regions set to lead the next growth phase.
3. Capital Allocators Roundtable
A high-level discussion gathered influential leaders to discuss 2024’s projected impact for alternative assets and the diversification trends shaping institutional portfolios. The roundtable featured a diverse array of experts, including institutional investors, and thought leaders, all sharing insights on how alternative investments are becoming crucial in navigating economic uncertainties.
4. Venture Capital Hotspots: Catalysts for Disruption
In this session, the panel explored the evolving landscape of innovation funding, with a particular emphasis on developments in burgeoning markets like Saudi Arabia.
5. Health Humanity Initiative
In a global effort to secure a healthier future for all, FII Institute launched the Healthy Humanity Initiative inviting over 100 corporations, 10 health insurance companies insurers and governments from the Global South and North to join the movement to impact lives by providing free preventive health checkups for citizens every two years, waive up to 50% in health bills and ensure tax-free benefits. So far, this initiative has garnered support from Saudi Health in All Policies (HIAP), Claure Group, Moderna, Merck GCC, Ausmed Global, Qi Ming Venture Partners, Burjeel Holdings, SCAI, CURA, Genrait and Cleveland Clinic.
6. Health Longevity Compass
The FII Institute presented findings from the Healthy Longevity Compass, which surveyed 22,600 respondents across 21 countries in partnership with The McKinsey Health Institute. The study revealed that 70% of individuals aspire to adopt healthier living habits, yet 43% in developing countries are dissatisfied with access to nutritious food. Read the Full Report Here.
7. Investment Day
FII8 Investment Day launched a dynamic new chapter for the entrepreneurial ecosystem, transforming bold visions into actionable solutions that drive progress. At the inaugural global program hosted by FII Institute, five start-up companies showcased their cutting-edge tech solutions tackling world’s most pressing global challenges in artificial intelligence and robotics, sustainability, health and education. Among the innovators were: Oxccu, Sakuu, Beyond-Aero, Archireef and Bytelearn.
In the finale, Sakuu emerged as the winner and was crowned FII8 Innovator 2024. Each participating company received 2025 FII Institute complimentary membership and access to the FII Venture Program – powered by General Atlantic and Lakestar. This comprehensive support system is designed to accelerate their growth, offering unparalleled opportunities for market expansion, knowledge sharing and global visibility. Additionally, the innovative start-ups are eligible for a market expansion package providing over $10 million in financing grants and startup support. They may also benefit from soft landing program through NTDP (Saudi Arabia) and Hong Kong Science and Technology Park.
8. Closing Remarks by H.H. Prince Faisal bin Farhan Al Saud, KSA Minister of Foreign Affairs. H.H. Prince Faisal emphasized the importance of global citizenship in addressing today’s pressing issues. He highlighted that collaboration across nations is vital for tackling conflicts, climate change, health crises, and economic disparities.
9. Announcements: During the four days of the FII8 conference, over 30 plus announcements worth 70 billion dollars were made that focused on promoting sustainable development and innovative solutions for humanity. Additionally, strategic partnerships were established highlighting collaboration across various sectors, including technology, quality of life, and innovation.
As FII8 wrapped up, the narrative of a united front for positive change was clear. The collective voices of leaders and innovators echoed the sentiment that the future is not just a vision; it’s a movement we are all part of Day 3 at FII8 demonstrated the Institute’s commitment to connecting capital with impactful initiatives, further strengthening the global investment landscape. The FII Institute continues its mission of fostering sustainable and forward-looking investments that empower change across diverse geographies.
For media inquiries, please contact: [email protected]
About FII Institute
The Future Investment Initiative (FII) Institute is a global non-profit foundation driven by data with an investment arm and one agenda: Impact on Humanity. Global and inclusive, we foster great minds from around the world and turn ideas into real-world solutions in four critical areas: Artificial Intelligence (AI) & Robotics, Education, Healthcare and Sustainability.
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