OneDegree Global has partnered with The Method on an insurance consumer insights survey for Thailand. The research offers latest insights on the insurance perception, ownership and preferences of the Thai consumers.
Despite economic contraction due to COVID-19, Thailand’s insurance market still managed to grow, with a surge in demand for health insurance that is driven by an increased awareness of the value of health protection. According to the study, over 70% of the respondents prefer online channels for purchasing insurance product, and with close to half of the respondents have already purchased 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 OneDegree Global. “The expectation for more personalized 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 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 purchasing insurance.
- 48% of the respondents indicated that they are most influenced by friends, family, and colleagues before purchasing an insurance policy.
- More than half of the respondents would consider changing their insurer to one that offers a customizable insurance package (65%) and better personal data protection (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 The Method Research website.