Thailand News
The pandemic
(2019-20) led to a sharp incline of a double digit growth rate as it brought
realization among Thais to buy new policies or port to insurers who offer
better coverage and claim settlement.
Thailand
Online Insurance Market Overview
Impact of
Digital: With increasing internet
penetration rate and wide awareness of e-commerce, online platforms are making
sure of smooth, intuitive, and time-saving customer experience which is
achieved by incorporating fast and efficient ways of purchasing insurance
online via verification of insurance company’s credibility by checking their
incurred claim ratio, customer reviews; instant insurance issuance; minimal
paperwork and lower insurance premium and more.
COVID- 19: The Pandemic is the major driver of the growth in
Thailand’s Online Insurance Market which has spurred Health Insurance in the
country as people were inclined toward family health security especially in
emergencies and uncertain circumstances. It led to a sharp incline of a double
digit growth rate as it brought realization among Thais to buy new policies or
port to insurers who offer better coverage and claim settlement.
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Government
Initiatives: The
digital revolution in the country is driving the overall market growth with
policies like “Insurance Development Plan 4.0” in establishing a stable and
sustainable insurance system that facilitates a healthy competition in the
digital economy through the adoption of new innovations and technologies where
the public, the private and the people will have an easy access to the
insurance as a risk management tool for the citizens’ well-being. Compulsory
Motor Insurance by the government agencies have also increased the insurance
growth in the country.
Challenges
in the Market: The market
is challenged integrating new technology into existing systems, lack of speed
to deliver new services into the market, high it run time cost before migrating
to digitally enhanced systems, lack of it expertise, analyzing a large volume
of customer data, cyber threats and more. However, these challenges can be
managed with providing efficient customer-oriented service and leverage
technology to forecast and optimize outputs. To embrace full digital
transformation, insurance companies must overcome different barriers to
modernize their operations from integrating new technology to tackling with
cyber threats.
Analysts at Ken Research in their
latest publication “Thailand
Online Insurance Market Outlook to 2026F- Driven by digital disruption and
rising awareness for financial planning along with sound government policies”
by Ken Research observed that with the online insurance industry being at the
nascent stage, the marketplace offers wide opportunities at affordable premiums
as multiple players enter the market. The market is expected to grow @5.7% CAGR
(2021-2026F) owing to the increase in smart phone penetration rate and
increased consumer spending on different life and non-life insurance due to
growing penetration of internet and smart phones and increasing safety measures
for emergencies are driving the market in Thailand.
Key Segments
Covered in the report
Thailand
Online Insurance Market
- By Product Type
- Life Insurance
- Non-Life Insurance
- By Non-Life Insurance
- Health Insurance
- Motor Insurance
- Property insurance
- Others
- By Region
- Bangkok
- Songkhla
- Lamphun
- Others
- By Income
- Less than 40k
- More than 40k
- By Mode of Distribution
- Agents
- Aggregators
- Company Website
Key Target
Audience
- Insurance Industry
- Online Insurance Companies
- Policy Consultants
- Life and Non-Life Insurers
- Government Agencies
- Private Insurance Agents
- Insurance Brokers
- Market Research and Consulting Firms
Time Period
Captured in the Report:
- Historical Period: 2016-2021
- Base year: 2021
- Forecast Period: 2022F-2026F
Number
of Online Insurance Companies in Thailand
Companies
Covered:
- Prudential Life Assurance
- Muang Thai Life Assurance
- Bangkok Life Assurance
- South East Life Insurance
- Ocean Life Insurance
- FWD Life Insurance
- Allianz Ayudhya Assurance
- SCB Insurance
- Manulife Insurance
- Krungthai AXA Life Insurance
Key Topics
Covered in the Report
·
Executive Summary of Thailand Online Insurance Market
·
Thailand Country Overview
·
Thailand Insurance Sector Overview
·
Thailand Online Insurance Market Genesis and Overview
·
Major Challenges in Thailand Online Insurance Market
·
Comprehensive Analysis on Thailand Online Insurance Market (Market Size,
2016-2026F; Market Shares; Future Trends)
·
Industrial Analysis of Thailand Online Insurance Market
·
Government and Private Initiatives for Thailand Online Insurance Market
·
Technologies Shaping Thailand Online Insurance Market
·
Competitive Landscape in Thailand Online Insurance Market
·
Analyst Recommendations
Related Reports:
Contact Us:-
Ken
Research
Ankur
Gupta, Head Marketing & Communications
+91-9015378249
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