More than half of Thai policyholders willing to share more information for personalised insurance coverage: Survey
Income protection policyholders want more detailed coverage.
About 56% of Thai policyholders are inclined to give more personal information if it makes an insurance coverage more personalised, opening an opportunity for insurers.
In Capco's 2023 survey of insurance policyholders in Thailand, it was also revealed that they are willing to provide more personal data if it helps improve claims processes (52%), among other benefits.
The desire for personalised products spans various insurance types, including income protection, health, and life insurance.
An overwhelming 83% of income protection policyholders express a strong desire (53%) or preference (30%) for more personalised policies.
Other preferences to consider by insurers
Beyond the appeal of personalized services, motivations for sharing additional data encompass enhancements to the claims process (52%), improved authentication (47%), and lower premiums (46%).
Most respondents (90%) who've made insurance claims express satisfaction with the process, with 41% considering themselves 'highly satisfied.' Among those with lower satisfaction, slow insurer responses and excessive paperwork are top concerns.
Insurance apps serve a variety of functions beyond policy management, with 90% of app users utilizing them to learn about new products. Other app uses include accessing lifestyle recommendations (83%) and shopping for supplementary products (72%).
App users express interest in additional features, notably access to online health resources (49%) and video consultations with doctors (33%). Tracking safe driving (33%), nutrition (32%), and home security (29%) are also appealing features.
Interest in nutrition tracking features is higher among middle-aged adults (35-54 years) compared to older adults (55-65 years) – 37% versus 24%
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Opportunities
Thailand leads among the five Asia-Pacific markets covered in Capco's global insurance survey in terms of respondents' willingness to share social media information.
This underscores Thailand's position as a digital innovation incubator. However, when choosing insurance, factors such as value for money (52%), affordable premiums (38%), and brand trust (37%) continue to heavily influence purchasing decisions.
The survey targeted policyholders aged 18 to 65 to capture attitudes towards insurance and insurers. It delved into preferred purchasing channels, decision drivers, perceptions of the claims process and insurance apps, and consumers' appetite for personalization and data sharing.
These findings emphasise a valuable opportunity for insurers to leverage data and analytics to customise their offerings to align more precisely with customer preferences and needs.
The survey, which included responses from 1,000 Thai policyholders, highlights various methods through which consumers are open to sharing data.
These include fitness and health tests (46%), smart wearables like watches (44%), social media information (43%), and smart home devices (33%).