Report Overview

Thailand Online Insurance Market - Industry Trends & Forecast Report, 2029

Thailand online insurance market size was estimated at USD 143.61 million in 2022. During the forecast period between 2023 and 2029, the size of Thailand online insurance market is projected to grow at a 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.

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.

Thailand Online Insurance Market

Growth Drivers

Advancing Internet Penetration

In Thailand's Online Insurance Market, insurers employ AI, IoT, and Blockchain to efficiently combat fraud. These tools offer behavioral insights, aiding legitimate claim differentiation. They also curb inflated claims, where past damages inflate new ones. Blockchain thwarts double dipping, preventing duplicate claims. IoT-connected devices promptly notify insurers of motor claims, enhancing responsiveness. This tech-driven shift, responding to rising internet access, reshapes Thailand's insurance landscape.

Restraints

Increasing Security Concerns

In the Thailand online insurance market, escalating security concerns are constraining growth. The intensified shift to digital insurance transactions heightens apprehension about cyber threats and data breaches among consumers and businesses. Fears of compromising personal and financial information impede online insurance engagement. To address this, robust cybersecurity measures, including encryption and multi-factor authentication, are crucial. Adhering to regulations is equally essential. Achieving a harmony between convenience and security is pivotal for restoring confidence and fostering growth in Thailand's online insurance sector.

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

Segmental Coverage

Thailand Online Insurance Market – By Product Type

By product type, the Thailand online insurance market is bifurcated into Life Insurance and Non-Life Insurance segments. The non-life insurance segment is expected to hold a higher market share during the forecast period by product type. It can be attributed to an increased demand for property, health, and automobile coverage. These essential covers address a broad consumer base and commercial entities, aligning with diverse risk protection needs. Moreover, regulatory mandates for certain non-life insurance categories contribute to sustained growth. The sector's adaptability to changing circumstances and focus on risk mitigation amplify its prominence, positioning the non-life insurance segment as a key driver of market expansion. Also, the non-life insurance include health insurance, motor insurance, and property insurance.

Thailand Online Insurance Market – By Income

Based on income, the Thailand online insurance market is split into Less than 40K and More than 40K segments. The less than 40K segment dominates the market by incomes during the forecast period. It is attributed to its larger demographic representation and affordability considerations. This income group constitutes a significant portion of the population, reflecting a substantial customer base. Also, the products and services offered align well with their budget constraints, making them a key target for market offerings. The focus on affordability, coupled with tailored solutions, positions the less than 40K income segment as a driving force in market dominance.

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.

Thailand Online Insurance Market – By Region

Regionally, the Thailand online insurance market is segmented as Bangkok, Songkhla, and Lamphun.

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.

Recent Developments

• In May 2023 - AXA Insurance PCL, a subsidiary of the AXA Group in Thailand, entered into a partnership with CoverGo, a digital health insurance platform. This collaboration will involve CoverGo significantly improving AXA's healthcare offerings by leveraging advanced technology solutions. The objective of this joint effort is to expedite the digital evolution of health insurance in Thailand.

• In March 2023 - Thai Life Insurance announced its intention to integrate ALLFINANZ SPARK, an automated analysis and digital underwriting service developed by Munich Re Automation Solutions. This collaboration was aimed at enhancing the life insurance application procedure and elevating customer satisfaction. The implementation of this innovative solution was expected to occur in the months following the announcement, aligning with the industry's ongoing advancements.

Scope of the Report

By Product Type

• Life Insurance

• Non-Life Insurance

By Income

• Less than 40k

• More than 40k

By Mode of Distribution

• Agents

• Aggregators

• Company Website

By Region

• Bangkok

• Songkhla

• Lamphun

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Thailand Online Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing internet penetration
         2. Growing middle class
      2. Restraints
         1. Lack of awareness
         2. Security concerns
      3. Opportunities
         1. Expansion into new markets
         2. Customization
      4. Challenges
         1. Competition from traditional channels
         2. Cybersecurity risks
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Thailand Online Insurance Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product Type
         1. Life Insurance
         2. Non-Life Insurance
            1. Health Insurance
            2. Motor Insurance
            3. Property insurance
            4. Others
      2. By Income
         1. Less than 40k
         2. More than 40k
      3. By Mode of Distribution
         1. Agents
         2. Aggregators
         3. Company Website
      4. By Region
         1. Bangkok
         2. Songkhla
         3. Lamphun
         4. Others
5. Competitive Landscape
   1. List of Key Players and Their Range
   2. Thailand Online Insurance Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership)
6. Impact of Covid-19 on Thailand Online Insurance Market Industry
7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, SWOT Analysis)
   1. Prudential Life Assurance
   2. Muang Thai Life Assurance
   3. Bangkok Life Assurance
   4. South East Life Insurance
   5. Ocean Life Insurance
   6. FWD Life Insurance
   7. Allianz Ayudhya Assurance
   8. SCB Insurance
   9. Manulife Insurance
   10. Krungthai AXA Life Insurance
   11. Other prominent players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents
   5. Assumption & Limitation

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       Thailand Online Insurance Market Segmentation

Figure 2       Thailand Online Insurance Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Thailand Online Insurance Market Size, By Value (USD Million), 2019–2029

Figure 5       Thailand Online Insurance Market Share, By Product Type, By Value, 2019–2029

Figure 6       Thailand Online Insurance Market Share, By Income, By Value, 2019–2029

Figure 7       Thailand Online Insurance Market Share, By Mode of Distribution, By Value, 2019–2029

Figure 8       Thailand Online Insurance Market Share, By Region, By Value, 2019–2029

Figure 9       Bangkok Online Insurance Market Size, By Value (USD Million), 2019−2029

Figure 10     Bangkok Online Insurance Market Share, By Product Type, By Value, 2019−2029

Figure 11     Bangkok Online Insurance Market Share, By Income, By Value, 2019−2029

Figure 12     Bangkok Online Insurance Market Share, By Mode of Distribution, By Value, 2019−2029

Figure 13  Songkhla Online Insurance Market Size, By Value (USD Million), 2019−2029

Figure 14     Songkhla Online Insurance Market Share, By Product Type, By Value, 2019−2029

Figure 15     Songkhla Online Insurance Market Share, By Income, By Value, 2019−2029

Figure 16     Songkhla Online Insurance Market Share, By Mode of Distribution, By Value, 2019−2029

Figure 17     Lamphun Online Insurance Market Size, By Value (USD Million), 2019−2029

Figure 18     Lamphun Online Insurance Market Share, By Product Type, By Value, 2019−2029

Figure 19     Lamphun Online Insurance Market Share, By Income, By Value, 2019−2029

Figure 20     Lamphun Online Insurance Market Share, By Mode of Distribution, By Value, 2019−2029

Figure 21     Other regions Online Insurance Market Size, By Value (USD Million), 2019−2029

Figure 22     Other regions Online Insurance Market Share, By Product Type, By Value, 2019−2029

Figure 23     Other regions Online Insurance Market Share, By Income, By Value, 2019−2029

Figure 24     Other regions Online Insurance Market Share, By Mode of Distribution, By Value, 2019−2029

List of Tables      

Table 1        Thailand Online Insurance Market Share, By Product Type, By Value, 2019–2029

Table 2        Thailand Online Insurance Market Share, By Income, By Value, 2019–2029

Table 3        Thailand Online Insurance Market Share, By Mode of Distribution, By Value, 2019–2029

Table 4        Thailand Online Insurance Market Share, By Region, By Value, 2019–2029

Table 5        Bangkok Online Insurance Market Size, By Value (USD Million), 2019−2029

Table 6        Bangkok Online Insurance Market Share, By Product Type, By Value, 2019−2029

Table 7        Bangkok Online Insurance Market Share, By Income, By Value, 2019−2029

Table 8     Bangkok Online Insurance Market Share, By Mode of Distribution, By Value, 2019−2029

Table 9  Songkhla Online Insurance Market Size, By Value (USD Million), 2019−2029

Table 10      Songkhla Online Insurance Market Share, By Product Type, By Value, 2019−2029

Table 11      Songkhla Online Insurance Market Share, By Income, By Value, 2019−2029

Table 12      Songkhla Online Insurance Market Share, By Mode of Distribution, By Value, 2019−2029

Table 13     Lamphun Online Insurance Market Size, By Value (USD Million), 2019−2029

Table 14      Lamphun Online Insurance Market Share, By Product Type, By Value, 2019−2029

Table 15      Lamphun Online Insurance Market Share, By Income, By Value, 2019−2029

Table 16      Lamphun Online Insurance Market Share, By Mode of Distribution, By Value, 2019−2029

Table 17     Other regions Online Insurance Market Size, By Value (USD Million), 2019−2029

Table 18      Other regions Online Insurance Market Share, By Product Type, By Value, 2019−2029

Table 19      Other regions Online Insurance Market Share, By Income, By Value, 2019−2029

Table 20      Other regions Online Insurance Market Share, By Mode of Distribution, By Value, 2019−2029

Table 21      Prudential Life Assurance Company Overview

Table 22      Prudential Life Assurance Financial Overview

Table 23      Muang Thai Life Assurance Company Overview

Table 24      Muang Thai Life Assurance Financial Overview

Table 25      Bangkok Life Assurance Company Overview

Table 26      Bangkok Life Assurance Financial Overview

Table 27      South East Life Insurance Company Overview

Table 28      South East Life Insurance Financial Overview

Table 29      Ocean Life Insurance Company Overview

Table 30      Ocean Life Insurance Financial Overview

Table 31      FWD Life Insurance Company Overview

Table 32      FWD Life Insurance Financial Overview

Table 33      Allianz Ayudhya Assurance Company Overview

Table 34      Allianz Ayudhya Assurance Financial Overview

Table 35      SCB Insurance Company Overview

Table 36      SCB Insurance Financial Overview

Table 37      Manulife Insurance Company Overview

Table 38      Manulife Insurance Financial Overview

Table 39      Krungthai AXA Life Insurance  Company Overview

Table 40      Krungthai AXA Life Insurance  Financial Overview