The study aims to understand the perception, ownership, and preferences of the Thai population toward the insurance industry.
In June 2021, Standard Insights surveyed over 500 respondents on the Insurance Industry in Thailand. Standard Insights was assisted by the InsureTech company OneDegree in the survey design of the research.
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Despite a COVID-19-driven economic contraction in 2020 in Thailand, the country’s insurance market still managed to expand, driven by strong growth in the health segment, according to a new AM Best report.
Health insurance, which has grown steadily in recent years, posted a 44% expansion in 2020, with the spike in demand underpinned by increasing health awareness in light of the pandemic. Motor insurance, which is the largest line of business and accounts, grew by 1.4%.
Government-imposed COVID-19 containment measures have catalyzed digitalization and innovation in Thailand’s insurance industry, as companies jostle for a share in the kingdom’s highly competitive and developing insurance market.
The digital transformation of the insurance segment can help to raise operational efficiency, diversify distribution, as well as strengthen product development and pricing capabilities.
Health insurance is the most owned product in Thailand (60%), followed by Vehicle Insurance (46%), and Home Insurance (29%).
More than half of the respondents (57%) have COVID-19 coverage through their insurance. It highlights the importance given to this coverage in Thailand.
63% of the respondents do not own an insurance application on their phone, and 53% never contracted an insurance policy online.
Policy coverage and the price are considered to be the most important when buying insurance. It highlights the importance of the product and its financial aspect.
When it comes to purchasing an insurance policy, 48% are influenced by friends, family, and coworkers, while 20% are influenced by insurance agents.
A majority of respondents would be willing to accept or at least consider changing their insurance carrier for one that provides better data protection or a customizable offer.
Almost a third of the respondents would share their data for a discount or lower premium. It shows an openness to disclose data in exchange for a financial counterpart.
When the respondents were asked about insurance companies they know and consider the best, AIA came first for a majority.
OneDegree Global is an insurtech company with a presence in Singapore, Taipei, and Hong Kong.
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Consumers are increasingly more open to buying insurance. Continue reading to learn more about the insurance industry’s potential in Thailand.
