Press release
Thailand Online Insurance market is currently in the growing stage where citizens are getting used to purchasing short insurance plans as they are much cheaper compared to long term plans: Ken Research: Ken Research
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.
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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
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:
https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/uae-online-insurance-industry-outlook-to-2024/335274-93.html
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/indonesia-online-loan-aggregator-industry-outlook/347119-93.html
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