THAILAND INSURANCE RESEARCH 2023

Capco’s Thailand 2023 Insurance Survey spotlights customer willingness to share data to secure improved offers and services

Nine out of ten (93%) policyholders will share additional personal data with insurers in return for a range of benefits, including more personalized services

Value-for-money, affordable premiums and trust in brand remain the most important decision drivers when purchasing insurance 

BANGKOK, August 28, 2023 – The majority of consumers polled in Capco’s 2023 survey of insurance policyholders in Thailand will consider sharing additional personal data with insurers in order to secure more personalized services (56%), enhance the claims process (52%) and other benefits. These and other findings in the survey highlight a clear opportunity for insurers to leverage data and analytics to tailor products and services to more precisely meet customers’ needs and expectations.

Many of the 1,000 Thailand policyholders polled in the survey would consider one or more methods to share that data, including fitness and health tests (46%), smart watches and other wireless wearables (44%), social media information (43%), and smart devices in the home (33%). 

The number of respondents willing to share social media information is the highest out of the five Asia-Pacific markets covered in the Capco’s 2023 global insurance survey, underlining Thailand’s role as an incubator for digital innovation. However, when purchasing insurance, our Thailand policyholders continue to base their decisions on long-established factors, notably value for money (52%), affordable premiums (38%) and trust in brand (37%).

Capco’s Thailand survey polled a representative sample of policyholders between the ages of 18 and 65 years to capture consumer attitudes to insurance and insurers, including preferred purchasing channels, decision drivers, their views on the claims process and insurance apps, and their appetite for personalization and sharing personal data. 

The associated report highlights key innovation trends and offers recommended paths forward for insurers looking to capitalize upon the opportunities – including differentiated customer experiences, more tailored products and enhanced cross-selling – that flow from the positive attitudes towards data sharing captured by Capco’s consumer research.

Lance Levy, CEO of Capco, said: “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.”

Nikkie (Yotsavadee) Hongchumpae, Managing Principal at Capco Thailand, said: “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.”

Other key findings in Capco’s Thailand report include:

Respondents have a strong preference for more personalized products across a range of insurance types, including income protection, health and life. 

• Over three-quarters (83%) of those holding income protection policies say they either strongly want (53%) or would prefer (30%) their policies to be more personalized.

Policyholders have a range of motivations for sharing additional personal data. 

• In addition to the 56% of respondents seeking more personalized services, 52% are motivated by enhancements to the claims process, 47% by an enhanced authentication process, and 46% by cheaper premiums.

The vast majority (90%) of respondents who had made an insurance claim are satisfied with the process, with 41% saying they are ‘highly satisfied’.

• Among those who identify as less than satisfied, the top issues are a slow response by the insurer and having to deal with too much paperwork.

Policyholders are using insurance apps for a range of tasks beyond managing their policy, with 90% using their app to learn about new products.

• Other reasons for using an app include accessing recommendations on lifestyle changes (83% of app users) and shopping for complementary products (72%). 

The addition of other app features is of interest to these users, notably access to online health information resources (49%) and video consultations with a doctor (33%).

• Safe driving tracking and advice (33%), nutrition tracking and analysis (32%), and home security monitoring (29%) are also of interest.
• Middle-aged adults (35-54 years old) are more likely to be interested in nutrition tracking features than are older adults (55-65 years) – 37% versus 24%.

Capco’s 2023 Thailand insurance survey can be downloaded below. A number of other national market reports are also available and more will be published in the coming weeks. Capco’s latest global insurance survey was conducted during February and March 2023 and collected responses from 13,750 policyholders aged 18 to 65 years across Thailand, Singapore, Hong Kong, Greater Bay Area (ex Hong Kong), Malaysia, the UK, Switzerland, Germany, Belgium, Poland, Italy, the US, Canada, and Brazil.

Media contact:

Janet Lin, Cognito 
capco@cognitomedia.com

About Capco

Capco, a Wipro company, is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. With a growing client portfolio comprising of over 100 global organizations, Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco’s cutting-edge ingenuity is brought to life through its award-winning Be Yourself At Work culture and diverse talent. To learn more, visit www.capco.com or follow us on LinkedIn, Instagram, Facebook, and YouTube.