Industry: BFSI | Publish Date: 24-Oct-2024 | No of Pages: 88 | No. of Tables: 58 | No. of Figures: 39 | Format: PDF | Report Code : BF2733
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.
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.
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.
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.
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.
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.
Health Insurance
Disease Insurance
Medical Insurance
Senior Citizens
Adults
Minors
Property and Casualty Insurance
Workers' Compensation Insurance
Disability Insurance
Travel Insurance
Others
Claims Management
Risk Control Management
Healthcare
Construction
Real Estate and Hospitality
Transportation
Staffing
Other End-User
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 |
|
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. |