THAILAND INSURANCE SURVEY 2023

POLICYHOLDER ENTHUSIASM FOR DATA-SHARING AND PERSONALIZATION creates opportunity TO LEVERAGE DATA AND ANALYTICS ACROSS THE INSURANCE LIFE CYCLE 

Our Thailand survey found that eight out of ten policyholders would prefer life, health and income protection products to be more personalized. Nine out of ten (93%) will consider sharing additional personal data with insurers, primarily motivated by benefits such as more personalized services (56%) and an enhanced claims process (52%). Meanwhile, policyholders say they are using insurance apps for a wide range of tasks including recommendations on lifestyle changes (83% of app users) and learning about new products (90%).
 
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THAILAND INSURANCE SURVEY 2023

  • Capco
  • Published: 28 August 2023


“Thailand’s insurance industry is growing and the amount of data that insurers are collecting is set to grow even faster. Our survey highlights that many insurance policyholders are happy to share personal data from social media and other sources in exchange for improved products and services. Those enhanced datasets, when combined with market-leading data management and artificial intelligence tools, will allow Thailand’s insurers to gain valuable new insights into customer needs, behaviors and risk profiles. Policyholders’ willingness to share additional personal data is a clear opportunity for insurers, but it does require providers to ensure robust data management and governance if they are to preserve customers’ trust. That said, those insurers that rise to this task will be well positioned to make informed and increasingly tailored recommendations to customers while also speeding up their product innovation and strengthening their strategic decision making.” 


Nikkie (Yotsavadee) Hongchumpae, Managing Principal, Thailand 

 
 

 

OTHER REPORTS


1.

HONG KONG & GREATER BAY AREA


2.

SINGAPORE


3.

MALAYSIA


4.

UNITED KINGDOM


5.

SWITZERLAND


6.

GERMANY

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7.

BELGIUM


8.

POLAND


9.

ITALY


10.

UNITED STATES


11.

CANADA


12.

BRAZIL

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