Thailand Online Insurance Market Outlook to 2027F
Driven by changing consumer needs and preferences with availability of supplies and reliability of delivery of the products
Region:Asia
Author(s):Anne Silvia & Kirti Saraswat
Product Code:KR1201
October 2022
84
About the Report
The report titled “Thailand Online Insurance Market Outlook to 2027F- Driven by changing consumer needs and preferences with availability of supplies and reliability of delivery of the products” provides a comprehensive analysis of the Online Insurance market in Thailand. The report covers overview and genesis of the Insurance Industry in Thailand, market size, Business Model, market segmentations viz.by Product Type, by Non- Life Insurance, by Region, by Income and by Mode of Distribution; trends and developments, issues and challenges and comparative landscape including market shares of major companies, competition scenario, cross comparison and financial parameters of major players in the industry. The report concludes with future market projections of each product segmentation and Analyst recommendations in the Online Insurance Market in Thailand.
Thailand Online Insurance Market Overview
The Online Insurance market in Thailand has grown at an increasing growth rate supported by the increase in continuous growth of aging population in the country along with growing internet penetration and rising use of e-platforms. Thailand consumers have been evolving dynamically in their quest for convenience, health, and value with the pandemic that forced everyone to issue insurance with rising awareness on financial planning further accelerated these trends along with the changing needs and preferences of consumers. Implementation of Insurance Development Plan 4.0 policy of digitally transforming the country is a major growth driver of the market.
Online Insurance Market Size and Segmentations
The Thailand Online Insurance Market has grown with COVID-19 being the largest driver for the growth in Thailand’s Online Insurance market as it compelled people to issue insurance online which has spurred Health Insurance in the country as people were inclined toward family health security and uncertain circumstances.
The Thailand Online Insurance Market Segmentations:
By Product Type: In Product type, Non-Life Insurance dominate the market as people in Thailand prefer Non- life insurance over life insurance as non-life insurance takes care of the compensation to be paid to the third party in any case of damage to the property or life.
By Non- Life Insurance: The Health Insurance segment conquers the market with highest contribution Thailand is one of the fastest-ageing countries in the world where 60+ old spend more on health and purchase insurance as the country provides wide coverage for various health issues for different age groups.
By Region: Bangkok overpowers the Online Insurance Market Segmentation by Region as Bangkok has high urban population of 52.3% and high working population of 65.8% who have taken insurance via online websites owing to the awareness and online convenience in urban areas.
By Income: People with income level less than 40k dominate the market as they tend to buy online insurance as it is cheaper online, where the premium is less, and the policy can be used for the daily requirement such as vehicle and travel.
By Mode of Distribution: The online insurance market by mode of distribution is dominated by Agents because Thais believe that Agents understand the features and benefits of different insurance plans & help them choose the right policy.
Comparative Landscape in Thailand Online Insurance Market
The Online Insurance Market in Thailand is extremely consolidated with one market leader, Prudential Life Assurance contributing majority of the total market share in the industry in 2021. Companies are competing against each other to acquire and retain clients focusing on providing customer-oriented services, expand geographical presence and advanced customer interface. Key competitive parameters include sectors/ product portfolio, associations/ subsidiaries/ partners, no of policy holders, target for tele-sales representatives, key performance indicators, and operational analysis of insurance departments.
Thailand Online Insurance Market Outlook and Projections:
Online Insurance in Thailand is expected to increase with a robust CAGR owing to a shift to targeted life and non-life insurance management in the country. Factors like rising aging population, increase in mobile commerce, rising health spending by consumers, convenient insurance issuance with minimal paper work along with government and private initiatives in future will drive the market in future.
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
Products
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
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
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
Table of Contents
1. Executive Summary
1.1 How is Online Insurance Industry Positioned in Thailand?
2. Country Overview of Thailand
2.1 Thailand Country Profile (Overview, Major Cities, GDP and Inflation Rate, Percentage of GDP Composition by Sector, Trade Scenario,)
2.2 Thailand Population Analysis (Population by Gender, by Age Group, by Religion, by Religion, Demographics of Thailand)
3. Overview of Insurance Industry in Thailand
3.1 Office of Insurance Commission (OIC) Thailand
3.2 Organizational Structure of the OIC
3.3 Thailand Universal Health- Care Coverage Scheme
3.4 Income and Expenditure of Insurance in Thailand
3.5 Thailand Life and Non- Life Insurance Products
3.6 Thailand Insurance Market Channel and Top Insurers
3.7 Mergers and Acquisitions in Thailand Insurance Market
3.8 Thailand Insurance Development Plan Vol. 4 (2021 – 2025)
4. Online Insurance Market in Thailand
4.1 Ecosystem of Thailand Online Insurance Market
4.2 Business Cycle of Thailand Online Insurance Market
4.3 Timeline of Major Players in Thailand Online Insurance Market
4.4 Business Model of Thailand Online Insurance Market
4.5 End to End Process of Thailand Online Insurance Market
4.6 Thailand Online Insurance Market Size, 2016-2021
5. Market Segmentation of Online Insurance Market in Thailand, 2021
5.1 Thailand Online Insurance Market Segmentation by Product Type (Life and Non-Life Insurance), 2021
5.2 Thailand Online Insurance Market Segmentation by Non- Life Insurance (Health Insurance, Motor Insurance, Property Insurance, others), 2021
5.3 Thailand Online Insurance Market Segmentation by Region (Bangkok, Songkhla, Lamphun, others), 2021
5.4 Thailand Online Insurance Market Segmentation by Income (Less than 40k, Greater than 40k), 2021
5.5 Thailand Online Insurance Market Segmentation by Mode of Distribution (Agents, Aggregators, Company Website), 2021
6. Industrial Analysis of Online Insurance Market in Thailand
6.1 SWOT Analysis of Thailand Online Insurance Market
6.2 Technology Trends Transforming the Thailand Online Insurance Market
6.3 Government Regulations of Thailand Online Insurance Market
6.4 Thailand Regulatory Sandbox
6.5 Challenges of Thailand Online Insurance Market
7. Customer Analysis of Online Insurance Market in Thailand, 2021
7.1 Insurance Ownership and Preferences in Thailand
7.2 Key Takeaways of Insurance Ownership and Preferences in Thailand
8. Competitive Analysis of Online Insurance Market in Thailand, 2021
8.1 Market Share of Major Players in Thailand Online Insurance Market ((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)
8.2 Cross Comparison of Major Players in Thailand Online Insurance Market ((Establishment Year, Sectors/ Product Portfolio, No. of Employees, Target for Telesales Representatives, Policy Holders, No of Agents, No of Branches, Associations/ Subsidiaries/ Partners, Business Strategies, Operational Analysis of Motor Insurance Department, KPI, Recent Developments)
8.3 Cross Comparison of Major Aggregators in Thailand Online Insurance Market ((Logo, Establishment Year, Number of Employees, Number of Telesales Representatives, Average monthly salary for the telesales Representatives, Strength, Partner Insurance Providers, Monthly Leads generated, Total Premium Collected, Market Share basis on Revenue and Premium Collected, Organizational Structure, Weakness, Tech Stack, Business Model, Amount Raised in Funding, Details of Investors, Certifications, Products, Additional Information)
9. Future Outlook and Projections of Online Insurance Market in Thailand, 2021-2026F
9.1 Thailand Online Insurance Market Segmentation by Product Type (Life and Non-Life Insurance), 2026F
9.2 Thailand Online Insurance Market Segmentation by Non- Life Insurance (Health Insurance, Motor Insurance, Property Insurance, others), 2026F
9.3 Thailand Online Insurance Market Segmentation by Region (Bangkok, Songkhla, Lamphun, others), 2026F
9.4 Thailand Online Insurance Market Segmentation by Income (Less than 40k, Greater than 40k), 2026F
9.5 Thailand Online Insurance Market Segmentation by Mode of Distribution (Agents, Aggregators, Company Website), 2026F
10. Impact of COVID-19 on Online Insurance Market in Thailand
10.1 Impact of Covid-19 on Online Insurance Market in Thailand
10.2 COVID-19 Insurance for Foreigners in Thailand
11. Analyst Recommendations for Online Insurance Market in Thailand
11.1 Key STEEP Drivers and Factors to have Impact on Thailand e-Insurance
11.2 STEEP Drivers: The Range of Possible Scenarios
11.3 Online Insurance Sales Insights
11.4 Strengthening Financial Stability and Risk Management of Insurance Business in Thailand
11.5 Online Transactions and Security Measures for e-Insurance Transactions in Thailand
12. Research Methodology
12.1 Market Definitions and Assumptions
12.2 Abbreviations
12.3 Market Sizing Approach
12.4 Consolidated Research Approach
12.5 Sample Size Inclusion
12.6 Limitations and Future Conclusions
Disclaimer
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