IXT has partnered with Standard Insights on an insurance consumer survey for Thailand. The research offers latest insights on the perception, ownership and preferences of Thai consumers in the insurance industry.
Despite the economic contraction due to COVID-19, Thailand’s insurance market still managed to grow. The pandemic saw a surge in demand for health insurance that is driven by an increased awareness of the importance of health protection. According to the study, over 70% of the respondents prefer the customer experience of online channels for purchasing insurance product, and close to half of the respondents have already purchased their insurance products online. While majority of the respondents are satisfied with their insurers, they are looking for hooks such as better services and lower premium to keep them loyal.
“This signals a growing demand for digitalization in Thailand’s insurance industry,” stated Alex Leung, Co-Founder of IXT. “The expectation for more personalized insurance products and services will drive digital transformation and pressure insurers to raise operational efficiency, diversify online distribution, as well as strengthen product development and pricing capabilities.”
Other key findings from the research include:
- Health insurance is the most owned insurance product in Thailand (60%) followed by Motor Insurance (46%) and Home Insurance (29%).
- Policy coverage and the price are considered to be the most important factors when comparing insurer offerings.
- 48% of the respondents indicated that they are most influenced by friends, family, and colleagues before purchasing an insurance product.
- More than half of the respondents would consider changing their insurer to one that offers a customizable insurance package (65%) and better protection of data collected (56.0%).
- Almost a third of the respondents would share their personal data for a discount or lower premium.
For more details, the online report can be accessed here on Standard Insights website.