Thailand Online Insurance Market

Thailand Online Insurance Market Size Booming to Touch USD 577.7 Million by 2029

Published | 15 September 2023

Thailand online insurance market is flourishing because of the deepening internet penetration and growing middle class.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Thailand Online Insurance Market size at USD 143.61 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Thailand online insurance market size to grow at a robust CAGR of 22% reaching a value of USD 577.69 million by 2029. Major growth drivers for the Thailand online insurance market include rising Thailand's aging population, coupled with increasing internet penetration and the growing utilization of electronic platforms. The dynamic evolution of Thailand's consumers, spurred by the pandemic's impact on convenience, health, and value-seeking behaviors, has prompted a surge in insurance adoption. Heightened awareness of financial planning has further catalyzed these trends, aligned with evolving consumer needs and preferences. The pivotal growth catalyst is the execution of the Insurance Development Plan 4.0 policy, which strategically advances digital transformation across the nation, underpinning the market's substantial progress. However, lack of awareness and security concerns are anticipated to restrain the overall market growth during the period in analysis.

Thailand Online Insurance Market – Overview

Thailand online insurance market refers to the digital ecosystem within Thailand's insurance industry, facilitating the buying, selling, and management of insurance products and services through online platforms. This encompasses various insurance types, including but not limited to life, health, motor, and travel insurance. Customers can conveniently research, compare, purchase, and manage insurance policies, eliminating the need for traditional in-person interactions. The market leverages technology to enhance accessibility, streamline processes, and offer tailored insurance solutions to a broad spectrum of consumers. Thailand online insurance market reflects the evolving trend of digitalization in the insurance sector, providing greater convenience and flexibility to both customers and insurers.

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Impact of COVID-19 on Thailand Online Insurance Market

COVID-19 pandemic had a positive impact on the Thailand online insurance market. The pandemic compelled individuals to turn to online platforms for insurance issuance, particularly driving the demand for Health Insurance. The focus on family health security and unpredictable circumstances motivated this trend. The crisis highlighted the value of digital channels, fueling the growth of health insurance offerings. The necessity for remote transactions prompted people to embrace online platforms for insurance purchases, ultimately propelling the market's enlargement. This scenario affirms the pivotal role of digital solutions in reshaping the insurance landscape in Thailand.

Thailand Online Insurance Market – By Mode of Distribution

Based on mode of distribution, the Thailand online insurance market is divided into Agents, Aggregators, and Company Website segments. The agents segment held the highest market share by mode of distribution due to its personalized approach, extensive reach, and established customer relationships. Agents offer tailored advice, building trust and understanding customers' needs. This human touch resonates well, particularly for complex insurance products. Their widespread presence facilitates easy access, serving diverse customer demographics. This, combined with effective communication and assistance throughout the insurance journey, positions the agents segment as the primary mode of distribution for its effectiveness in meeting customer preferences and building lasting connections.

Competitive Landscape

Major players operating in the Thailand online insurance market include 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, and Krungthai AXA Life Insurance. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Thailand Online Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Thailand Online Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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