Who is Winning in the Thai Online Insurance Market? | Eureka AI Moment

Michael Hawkins

Tuesday October 17 2023

In the past two decades of digital transformation, there was perhaps one category that changed less than many others; Insurance.

With risk assessment at the heart of the industry, perhaps it is no surprise that change has been hard to come by. ?However, things are beginning to change.

From Digital first insurers with low-cost policies to micro insurance providers making sure that you are covered on your next adventure race, change is afoot!

For today’s Eureka AI moment for Thailand, we look at the Online Insurance category and how digital first brands are challenging the traditional giants.

How big is the online Insurance Market in Thailand?

In July 2023 5.2% of Thai smartphone users accessed an Online insurance App or Website. That’s 4x the size of the Online Trading/Crypto market, which given the infrequent usage requirements of the category, is already impressive.

Online Insurance can be split into at least three sectors at present: Life, General and Motor.

Top 10 Online Insurance Apps in Thailand

The leading Online Life Insurance player by a large distance is AIA, taking 23.6% of all category users in July 2023. FWD then heads a large number of local players from Muang Thai to Thai Life and Krungthai-AXA.

Health Insurance is a much closer fight with 5 brands all within 3 percentage points of each other.

Meanwhile in Online Motor insurance, Roojai heads the pack with a very large lead over its rivals. This is an example of the many new and agile “digital first” brands that are making an impact on the consumer market.

But are these trends the same across the country? ?Lets look deeper into the Life insurance category

AIA maintains an impressive lead in every Thai province, with FWD also generally the second player, however that is not the case for the challenger brands.

Share by Province - life Insurance challengers

In Greater Bangkok we generally see that the challenger brands share order mirrors the population.

However in the North we begin to see significant differences. In Khon Kaen for example we see Thai Life being larger than both Muang Thai and Krungthai-AXA. ?Meanwhile in the more rural North East, the brand order is reversed vs Bangkok!

What this means is that there are always regional opportunities for brands to drive growth - you just need to know where to look!

Can we see similar differences in the other sectors? Do different age groups use online Insurance services differently, perhaps?

Share by Age Group - Life & Motor Insurance

If we look at Age groups first, we see that online users of AIA digital assets are generally younger - potentially due to the army of agents using online tools?

However for Motor insurance we see a significant difference in user penetration by age group - with consumers seemingly more engaged with the Roojai App as they get older!

Looking at the blue columns below we can see that while only 11% of the under 25’s use the site, this rises to 19% for the over 65’s using a smartphone!

So What?

In a highly dynamic market such as Online Insurance, it is vital to know where you can capture growth opportunities by location and by consumer segment.

Catching a competitors growth spurt quickly could also help you to stay ahead and deliver the brand growth you need.

How does this look in your category?

Do you know how to grow heavy users in your category? Do you want to know?

The best way to understand how to apply this insight to your own business is to get the FREE Eureka.ai Growth Audit!?

Just click the link below, submit your details and we will get in touch with the Eureka AI Growth Audit

Get a FREE brand growth audit here!

Message me at [email protected] if you are interested in how your competitors are performing in Hong Kong, Singapore, Malaysia, Indonesia or Thailand.

You can also connect with me on linkedin here Michael Hawkins

?