Thai Setakij partners Thai Ticket Major for embedded ticket insurance

The collaboration offers consumers added security when buying tickets online.

Thai Setakij Insurance has teamed up with Thai Ticket Major to offer embedded ticket protection insurance, providing customers with refunds if they are unable to attend events.

According to Ben Assanasen, Managing Director for Non-Motor Business at Thai Setakij Insurance PLC, this embedded ticket insurance enhances customer convenience and financial security. “When you go to different concerts or different events, and in case you couldn't make it for an unexpected reason, we would be able to refund you the price of the ticket," he said.  

Embedded insurance is emerging as a significant growth area in Thailand and across Asia, particularly as online transactions increase. However, Assanasen noted that its success hinges on strong partnerships and IT integration.

“There really has to be strong coordination between the partners as well the insurance companies to form an IT integration and data sharing perspective,” he said.  

He added that a key factor in adoption is ensuring that embedded insurance aligns with customer buying habits, citing travel insurance as an example, and how it is commonly offered alongside airline ticket purchases. "Very similar for concert tickets as well. So it had to be really something that's integrated, seamless, easy for the customer to buy,” he added.  

As more purchases shift online, Assanasen sees embedded insurance as likely to expand beyond event tickets to other sectors, including travel and motor insurance. “There’s opportunities to provide protection and insurance for them very seamlessly, very easily. And I think that's where it's going to grow particularly significantly," Assanasen noted.