PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1351318
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1351318
Thailand Online Insurance Market, By Product Type ; By Income ; By Mode of Distribution ; By Region, Trend Analysis, Competitive Landscape & Forecast, 2019-2029
Thailand Online Insurance Market Size Booming to Touch USD 577.7 Million by 2029.
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.
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.
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.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. Thailand Online Insurance Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Increasing internet penetration
- 3.2.1.2. Growing middle class
- 3.2.2. Restraints
- 3.2.2.1. Lack of awareness
- 3.2.2.2. Security concerns
- 3.2.3. Opportunities
- 3.2.3.1. Expansion into new markets
- 3.2.3.2. Customization
- 3.2.4. Challenges
- 3.2.4.1. Competition from traditional channels
- 3.2.4.2. Cybersecurity risks
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. Thailand Online Insurance Market Overview
- 4.1. Market Size & Forecast, 2019-2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Product Type
- 4.2.1.1. Life Insurance
- 4.2.1.2. Non-Life Insurance
- 4.2.1.2.1. Health Insurance
- 4.2.1.2.2. Motor Insurance
- 4.2.1.2.3. Property insurance
- 4.2.1.2.4. Others
- 4.2.2. By Income
- 4.2.2.1. Less than 40k
- 4.2.2.2. More than 40k
- 4.2.3. By Mode of Distribution
- 4.2.3.1. Agents
- 4.2.3.2. Aggregators
- 4.2.3.3. Company Website
- 4.2.4. By Region
- 4.2.4.1. Bangkok
- 4.2.4.2. Songkhla
- 4.2.4.3. Lamphun
- 4.2.4.4. Others
- 4.2.1. By Product Type
5. Competitive Landscape
- 5.1. List of Key Players and Their Range
- 5.2. Thailand Online Insurance Company Market Share Analysis, 2022
- 5.3. Competitive Benchmarking, By Operating Parameters
- 5.4. 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)
- 7.1. Prudential Life Assurance
- 7.2. Muang Thai Life Assurance
- 7.3. Bangkok Life Assurance
- 7.4. South East Life Insurance
- 7.5. Ocean Life Insurance
- 7.6. FWD Life Insurance
- 7.7. Allianz Ayudhya Assurance
- 7.8. SCB Insurance
- 7.9. Manulife Insurance
- 7.10. Krungthai AXA Life Insurance
- 7.11. Other prominent players
8. Key Strategic Recommendations
9. Research Methodology
- 9.1. Qualitative Research
- 9.1.1. Primary & Secondary Research
- 9.2. Quantitative Research
- 9.3. Market Breakdown & Data Triangulation
- 9.3.1. Secondary Research
- 9.3.2. Primary Research
- 9.4. Breakdown of Primary Research Respondents
- 9.5. 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
