The term "Thailand Online Insurance Market" describes the online marketplace that supports the purchase, sale, and administration of insurance goods and services in Thailand. This includes a range of insurance products, such as health, life, auto, and travel insurance, among others. Insurance policies can be easily researched, compared, bought, and managed by customers, doing away with the necessity for conventional face-to-face interactions. The insurance industry uses technology to improve accessibility, expedite procedures, and provide customized insurance plans to a wide range of customers. The increasing trend of digitalization in the insurance industry is reflected in the online insurance market in Thailand, which offers more flexibility and convenience to insurers as well as clients.
According to SPER market research, ‘Thailand Online Insurance Market Size- By Product Type, By Income, By Mode of Distribution- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Thailand Insurance Market is predicted to reach USD 1.27 billion by 2033 with a CAGR of 22.23%.
As short-term insurance plans are far less expensive than long-term ones, individuals of Thailand are becoming accustomed to buying them, and the country's online insurance sector is currently expanding. Insurance companies use blockchain, IoT, and AI in Thailand's online insurance market to effectively fight fraud. These techniques help distinguish between credible claims by providing behavioural insights. Inflated claims are also curbed, whereby previous damages amplify subsequent ones. Blockchain prevents duplicate claims by thwarting double dipping. IoT-enabled devices improve responsiveness by quickly informing insurers of auto claims. Thailand's insurance market is changing as a result of this technological change in response to increased internet access and all these are contributing in continuous market growth of online insurance in Thailand.
Furthermore, Thai customers' knowledge of online insurance is growing as they become more conscious of its advantages, which include price, transparency, and ease of use. And The Office of Insurance Commission's (OIC) digital insurance platform is one of the many initiatives the Thai government has launched to encourage the growth of the online insurance sector.
The market faces difficulties incorporating new technology into legacy systems, launching new services slowly, requiring a significant amount of time to operate before moving to digitally improved systems, a lack of experience, analysing vast amounts of client data, cyberattacks, and other issues. Growing security worries in Thailand's internet insurance business are impeding growth. Consumers and organizations are becoming more concerned about cyber dangers and data breaches as a result of the increased transition to digital insurance transactions. Online insurance interaction is hampered by worries about money and personal information being compromised.
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The COVID-19 pandemic has improved the internet insurance industry in Thailand. The pandemic forced people to use internet resources to obtain insurance, which in particular increased demand for health insurance. This trend was spurred by the emphasis on family health security and unforeseen occurrences. The crisis made clear the importance of internet platforms, which fueled the expansion of health insurance markets. People's adoption of online platforms for insurance purchases was spurred by the need for remote transactions, which in turn drove the market's expansion. This hypothetical situation demonstrates the critical impact that digital solutions have had in changing Thailand's insurance market.
Geographically, the Thai Online Insurance Market is segmented as Bangkok, Songkhla & Lamphun. Bangkok Life Assurance, Muang Thai Life Assurance, and Prudential Life Assurance are some of the major companies in these region involved in the online insurance business in Thailand.
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Thailand Online Insurance Market Research Report
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The report titled “Thailand Online Classified Market Outlook to 2023- By Horizontal and Vertical Classified, By Source of Revenue (Listings and Media Advertising), By Verticals (Automobile, Properties, Jobs and Others), By Channel (B2B and B2C & C2C)” covers the market overview, business models, vendor selection process, trends, and developments, issues and challenges, SWOT analysis, and Competitive Landscape.
The report concludes with future market projection and analyst recommendations highlighting the major opportunities and cautions.Market Overview and SizeThailand Online Classifieds market is at the nascent stage.
Thailand Online Classified Market in terms of domestic revenue has increased at a positive CAGR during the period 2013-2018.
In order to stay in the competition, the horizontal companies have transformed themselves into a house of vertical websites; the first horizontal website in Thailand to implement this was Kaidee.By Source of RevenuePremium Listings are the most common form of revenue generation in the listing segment.
The seller is offered value added services such as premium at the top of the search listing, more space, no word limit, top placement on the list.By CategoryThe Automobile online classifieds generate the maximum revenue mainly from used car listings followed by property classifieds which are dominated by condominium styled residential listings, followed by job classifieds having jobs pertaining to technologies such as AI, IoT, and others which take up the majority of the listings.
The other segment includes categories like electronics, jewelry, and others.By Type of channelThe B2C and C2C channeled classified websites dominate the Thailand classified industry but as over 95% of the enterprises in Thailand are SME’s, the B2B channel type classifieds will grow significantly as it will become a primary channel of expansion for these companies.By RegionBangkok has the highest number of the working population and is home to 25% of the SME’s in Thailand which makes it the major revenue yielding city in Thailand.
