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.
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.
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 TypeLife InsuranceNon-Life InsuranceBy Non-Life InsuranceHealth InsuranceMotor InsuranceProperty insuranceOthersBy RegionBangkokSongkhlaLamphunOthersBy IncomeLess than 40kMore than 40kBy Mode of DistributionAgentsAggregatorsCompany WebsiteRequest for Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2MDA1
Key Target Audience
Insurance IndustryOnline Insurance CompaniesPolicy ConsultantsLife and Non-Life InsurersGovernment AgenciesPrivate Insurance AgentsInsurance BrokersMarket Research and Consulting FirmsTime Period Captured in the Report:
Historical Period: 2016-2021Base year: 2021Forecast Period: 2022F-2026FCompanies Covered:
Prudential Life AssuranceMuang Thai Life AssuranceBangkok Life AssuranceSouth East Life InsuranceOcean Life InsuranceFWD Life InsuranceAllianz Ayudhya AssuranceSCB InsuranceManulife InsuranceKrungthai AXA Life InsuranceKey Topics Covered in the Report
Executive Summary of Thailand Online Insurance MarketThailand Country OverviewThailand Insurance Sector OverviewThailand Online Insurance Market Genesis and OverviewMajor Challenges in Thailand Online Insurance MarketComprehensive Analysis on Thailand Online Insurance Market (Market Size, 2016-2026F; Market Shares; Future Trends)Industrial Analysis of Thailand Online Insurance MarketGovernment and Private Initiatives for Thailand Online Insurance MarketTechnologies Shaping Thailand Online Insurance MarketCompetitive Landscape in Thailand Online Insurance MarketAnalyst RecommendationsRelated Reports:
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
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