Thailand Online Insurance Market Introduction and Overview
According to SPER Market Research, the Thailand Online Insurance Market is estimated to reach USD 1.27 billion by 2033 with a CAGR of 22.23%.
The report includes an in-depth analysis of the Thailand Online Insurance Market, including market size and trends, product mix, distribution channels, and supplier analysis. Thailand Online Insurance Market refers to Thailand's insurance industry's digital ecosystem that facilitates the buying, selling, and management of insurance products and services via online platforms. This includes a variety of insurance types, such as life, health, auto, and travel insurance. Customers may easily research, compare, buy, and manage insurance products online, removing the need for traditional in-person contacts. The market uses technology to improve accessibility, expedite operations, and provide customised insurance solutions to a wide range of consumers.
- In May 2023, AXA Insurance PCL, an AXA Group subsidiary in Thailand, announced a partnership with CoverGo, a digital health insurance platform. CoverGo will greatly improve AXA's healthcare products through the use of modern technology solutions as part of this agreement. The goal of this collaborative endeavor is to hasten the digital transformation of health insurance in Thailand.
- Thai Life Insurance announced its intention to incorporate ALLFINANZ SPARK, a Munich Re Automation Solutions-developed automated analysis and digital underwriting tool, in March 2023. This collaboration intended to improve the life insurance application process and increase client satisfaction. This novel approach was intended to be implemented in the months after the announcement, in line with the industry's ongoing improvements.
Market Opportunities and Challenges
Internet penetration is increasing: Insurers use AI, IoT, and Blockchain in Thailand's online insurance market to effectively combat fraud. These methods provide behavioral insights that help distinguish between credible claims. They also stop exaggerated claims in which new damages are increased by old ones. Blockchain prevents duplicate claims and prevents double dipping. The timely notification of motor claims by IoT-connected equipment improves responsiveness. This technological change, in response to increased internet access, alters the insurance environment in Thailand.
Growing Concerns about Security: Growing security worries are limiting expansion in the internet insurance business in Thailand. Consumer and company anxiety about cyber dangers and data breaches is increased by the increased migration to digital insurance transactions. Online insurance interaction is hampered by concerns about the security of personal and financial data. Strong cybersecurity measures, such as multi-factor authentication and encryption, are essential to address this. Respecting laws and rules is also crucial. For the online insurance market in Thailand to flourish and inspire confidence, ease and security must coexist in harmony.
Market Competitive Landscape
Prudential Life Assurance, Muang Thai Life Assurance, south East Life Insurance, Ocean Life Insurance, Bangkok Life Assurance, S, FWD Life Insurance, Allianz Ayudhya Assurance, SCB Insurance, Manulife Insurance, and Krungthai AXA Life Insurance are significant players in the Thai online insurance market. These companies use a range of strategies to increase their market domination, including partnerships, joint ventures, license agreements, mergers and acquisitions, and the introduction of new products.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Product Type, By Income, By Mode of Distribution
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| Regions covered | Bangkok, Songkhla, Lampun
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| Companies Covered | Muang Thai Life Assurance, Bangkok Life Assurance, South East Life Insurance, Prudential Life Assurance, Ocean Life Insurance, FWD Life Insurance, Allianz Ayudhya Assurance, SCB Insurance, Krungthai AXA Life Insurance, Manulife Insurance.
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COVID-19 Impact on Thailand Online Insurance Market
The COVID-19 pandemic had a favourable effect on the internet insurance industry in Thailand. The epidemic forced people to use online platforms for insurance issuance, raising demand for health insurance in particular. The motivation for this tendency was the emphasis on securing family health and unforeseen occurrences. The crisis made internet channels more valuable, which sped up the expansion of health insurance options. People adopted online platforms for buying insurance since they needed to conduct remote transactions, which ultimately fueled the market's expansion. This instance demonstrates how crucial a role digital solutions have played in Thailand's insurance landscape transformation.
Key Target Audience
- Individual Consumers
- Businesses
- Travelers
- Investors
- Specialized Industries
- Real Estate Industry
- Technology and Cybersecurity Sector
Our in-depth analysis of the Thailand Online Insurance Market includes the following segments:
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By Product Type:
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Life Insurance
Non-Life Insurance
Others
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By Income:
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Less than 40k
More than 40k
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By Mode of Distribution:
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Agents
Aggregators
Company Website
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Key Topics Covered in the Report
- Thailand Online Insurance Market Size (FY’2023-FY’2033)
- Overview of Thailand Online Insurance Market
- Segmentation of Thailand Online Insurance Market By Product Type (Life Insurance, Non-Life Insurance, Others)
- Segmentation of Thailand Online Insurance Market By Income (Less than 40k, More than 40k)
- Segmentation of Thailand Online Insurance Market By Mode of Distribution (Agents, Aggregators, Company Website)
- Statistical Snap of Thailand Online Insurance Market
- Expansion Analysis of Thailand Online Insurance Market
- Problems and Obstacles in Thailand Online Insurance Market
- Competitive Landscape in the Thailand Online Insurance Market
- Impact of COVID-19 and Demonetization on Thailand Online Insurance Market
- Details on Current Investment in Thailand Online Insurance Market
- Competitive Analysis of Thailand Online Insurance Market
- Prominent Players in the Thailand Online Insurance Market
- SWOT Analysis of Thailand Online Insurance Market
- Thailand Online Insurance Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Thailand Online Insurance Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Thailand Online Insurance Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Thailand Online Insurance Market
7. Thailand Online Insurance Market, By Product Type (USD Million)
7.1. Thailand Online Insurance Market Value Share and Forecast, By Product Type, 2023-2033
7.2. Life Insurance
7.3. Non-Life Insurance
7.4. Others
8. Thailand Online Insurance Market, By Income (USD Million)
8.1. Thailand Online Insurance Market Value Share and Forecast, By Income, 2023-2033
8.2. Less than 40k
8.3. More than 40k
9. Thailand Online Insurance Market , By Mode of Distribution (USD Million)
9.1. Thailand Online Insurance Market Value Share and Forecast, By Mode of Distribution, 2023-2033
9.2. Agents
9.3. Aggregators
9.4. Company Website
10. Thailand Online Insurance Market Forecast, 2019-2033 (USD Million)
10.1. Thailand Online Insurance Market Size and Market Share
11. Thailand Online Insurance Market, By Product Type, 2019-2033 (USD Million)
11.1. Thailand Online Insurance Market Size and Market Share By Product Type (2019-2026)
11.2. Thailand Online Insurance Market Size and Market Share By Product Type (2027-2033)
12. Thailand Online Insurance Market, By Income, 2019-2033 (USD Million)
12.1. Thailand Online Insurance Market Size and Market Share By Income (2019-2026)
12.2. Thailand Online Insurance Market Size and Market Share By Income (2027-2033)
13. Thailand Online Insurance Market, By Mode of Distribution, 2019-2033 (USD Million)
13.1. Thailand Online Insurance Market Size and Market Share By Mode of Distribution (2019-2026)
13.2. Thailand Online Insurance Market Size and Market Share By Mode of Distribution (2027-2033)
14. Thailand Online Insurance Market, By Region, 2019-2033 (USD Million)
14.1. Thailand Online Insurance Market Size and Market Share By Region (2019-2026)
14.2. Thailand Online Insurance Market Size and Market Share By Region (2027-2033)
14.3. Bangkok
14.4. Songkhla
14.5. Lampun
15. Company Profile
15.1. Allianz Ayudhya Assurance
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Bangkok Life Assurance
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. FWD Life Insurance
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Krungthai AXA Life Insurance
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. Manulife Insurance
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Muang Thai Life Assurance
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.7. Ocean Life Insurance
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Prudential Life Assurance
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. SCB Insurance
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
