Thailand Insurance TPA Market

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Thailand Insurance TPA Market by Type (Health Insurance, Disease Insurance, Medical Insurance, Senior Citizens, Adults, Minors, Property and Casualty Insurance, Workers' Compensation Insurance, Disability Insurance, Travel Insurance, and Others) by Services (Claims Management and Risk Control Management) and by End-User (Healthcare, Construction, Real Estate and Hospitality, Transportation, Staffing, and Other End-User) – Opportunity Analysis and Industry Forecast, 2024 – 2030

Industry: BFSI | Publish Date: 24-Oct-2024 | No of Pages: 88 | No. of Tables: 58 | No. of Figures: 39 | Format: PDF | Report Code : BF2733

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Thailand Insurance TPA Market Overview

Thailand Insurance TPA Market size was valued at USD 1.54 billion in 2023, and is predicted to reach USD 2.61 billion by 2030, at a CAGR of 6.8% from 2024 to 2030.

The insurance third-party administrator (TPA) market focuses on the provision of administrative services for insurance companies, including claims processing, customer support, and policy management. TPAs act as intermediaries between insurers and policyholders, handling a range of tasks such as processing claims, managing customer inquiries, and ensuring compliance with regulatory requirements.

The primary advantage of the insurance TPA is to streamline insurance operations, reduce operational costs, and enhance service efficiency for insurance companies. By outsourcing administrative functions to specialized TPAs, insurers focus on their core business activities while benefiting from the expertise and technology that TPAs offer.

As the insurance industry continues to evolve, driven by increasing customer expectations and regulatory changes, the insurance TPA market plays a crucial role in optimizing operational performance and improving overall customer experience.

Surge in Electric Vehicle Adoption Drives Growth in Thailand's Insurance TPA Market

The insurance TPA market in Thailand is experiencing significant growth due to the increasing adoption of EVs. This results in a rise in motor insurance policies. According to the report of the Office of Industrial Economics, the number of electric motors reported was 228,716 units in March 2023, indicating an increase from the previous number of 187,354 units in February 2023. In addition, various government initiatives enable electric vehicle purchases by providing subsidies and reducing taxes. 

For instance, in April 2022, Thailand’s cabinet announced a series of incentives to boost the local electric vehicle (EV) market. The Thai government announced to provide subsidies ranging around USD 1900–4000, depending on the type and model of the vehicle. The Thai government is also reducing the excise tax from 8% to 2% for EVs. These factors raise the number of vehicles in the country, increasing the motor insurance policies to enable coverage of any loss incurred by the vehicle owners due to unpredictable circumstances, such as accidents or theft.

 

Government Measures to Enhance Healthcare Accessibility Accelerates the Insurance TPA Market Growth

The Thai government's introduction of the Universal Healthcare Coverage (UC) scheme significantly impacted the country's insurance industry by expanding healthcare accessibility to all Thai citizens. This scheme provides basic health coverage, ensuring that citizens access essential medical services without financial strain. As a result, insurance Third-Party Administrators (TPAs) gained an opportunity to play a critical role in managing the growing volume of claims and streamlining administrative processes for both healthcare providers and insurers. 

By efficiently handling claims processing, cost management, and service coordination, TPAs contribute to the overall improvement in the healthcare system’s efficiency. This creates new business opportunities for TPAs, enhancing the integration of health services with insurance products, fostering growth in the insurance sector, and improving healthcare delivery across the country.

 

Lack of Standardization in Regulatory Frameworks Restrains the Market Growth in the Nation

The lack of consistent regulations and guidelines creates significant operational inefficiencies and compliance challenges for Third Party Administrators (TPAs), hampering their ability to offer seamless and reliable services. This regulatory inconsistency makes it difficult for TPAs to standardize their operations and meet client expectations effectively. As a result, potential clients deterred by the uncertainty and unpredictability, which limits the Thailand insurance TPA market expansion and growth opportunities for TPAs.

The Advancements in Technologies Creates Future Growth Opportunities in the Market

Insurance companies reach more individuals and guarantee data-backed underwriting by utilizing technology. Technological advancements such as wearable technologies, blockchain, and artificial intelligence (AI) are further expected to boost the Thailand insurance TPA market growth.

Wearable technologies such as fitness bands and other gadgets provide insurers access to real-time health information on policyholders. This enables policyholders to track and monitor a person's physical and health-related activities. The provision of customized insurance products is aided by wearable technology.

 

Competitive Landscape

The promising key players operating in Thailand insurance TPA industry includes Crawford & Co., Mercer (Marsh & McLennan Companies), AP Companies, Global Health Management, Willis Towers Watson, Henner, and others.

Thailand Insurance TPA Market Key Segments

By Type

  • Health Insurance

  • Disease Insurance

  • Medical Insurance

  • Senior Citizens

  • Adults

  • Minors

  • Property and Casualty Insurance

  • Workers' Compensation Insurance

  • Disability Insurance

  • Travel Insurance

  • Others

By Services

  • Claims Management

  • Risk Control Management

By End-User

  • Healthcare

  • Construction

  • Real Estate and Hospitality

  • Transportation

  • Staffing

  • Other End-User

Key Players

  • Crawford & Co.

  • Mercer (Marsh & McLennan Companies)

  • AP Companies

  • Global Health Management

  • Willis Towers Watson

  • Henner

  • Others 

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size Value in 2023

USD 1.54 Billion

Revenue Forecast in 2030

USD 2.61 Billion

Value Growth Rate

CAGR of 6.8% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

  • Surge in electric vehicle adoption drives growth in Thailand’s insurance TPA market
  • Government measures to enhance healthcare accessibility accelerates the insurance TPA market growth

Companies Profiled

10

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

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Frequently Asked Questions

As per Next Move Strategy Consulting (NMSC), Thailand insurance TPA market was valued at USD 1.54 billion in 2023.

The key players in Thailand insurance TPA market include Crawford & Co., Mercer (Marsh & McLennan Companies), AP Companies, Global Health Management, Willis Towers Watson, and others.

Lack of standardization in regulatory frameworks restrains the market growth in the nation.

The advancements in technologies creates future growth opportunities in the market.

As per NMSC, Thailand insurance TPA market is expected to grow at a CAGR of 6.8% to reach USD 2.61 billion by 2030.

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