Connect with us

Technology

Thailand Online Insurance Market Takes Off: $5.7 Billion Boom by 2026 Fueled by Tech Savvy & Convenience: Ken Research

Published

on

GURUGRAM, India, Feb. 19, 2024 /PRNewswire/ — Buckle up, Thailand! The online insurance market is experiencing a surge, driven by the country’s tech-savvy population and a growing demand for convenient and affordable insurance solutions. Ken Research’s “Thailand Online Insurance Market” report predicts a significant 5.7% CAGR, reaching a staggering $5.7 billion by 2026. This press release unpacks the key drivers, challenges, and exciting prospects shaping this dynamic landscape. 

Market Overview: Insuring Convenience, Empowering Consumers 

Beyond simply offering online access to policies, the surge in online insurance plays a crucial role in increasing insurance penetration rates, providing consumers with greater choice and transparency, and driving financial inclusion. In 2021, the market reached a size of $2.7 billion, and it’s poised for continued growth, fueled by: 

Tech-Savvy Generation: Rising internet and smartphone penetration, particularly among the younger population, drives online insurance adoption. Demand for Convenience: Consumers seek quick and easy access to policies, comparisons, and claims management – online platforms deliver. Affordability & Transparency: Online insurance often offers competitive prices and allows for easy price comparisons, boosting affordability. Improved Insurance Awareness: Increased government initiatives and marketing efforts raise awareness about the benefits of insurance. 

Interested to Know More about this Report, Request a Free Sample Report

Market Segmentation: Diverse Needs, Tailored Solutions 

The report delves into the various segments of the Thai online insurance market, offering a comprehensive view: 

Product Type: Life insurance dominates (60%), followed by non-life insurance (40%). Health insurance within non-life holds the largest share (30%). Distribution Channel: Company websites currently lead (50%), followed by aggregators (30%) and agents (20%). Aggregators are growing rapidly. Target Audience: Younger generations (Millennials & Gen Z) are primary users (50%), followed by Gen X (30%) and Baby Boomers (20%). 

Competitive Landscape: Local & Global Players Collaborate 

The market features a mix of established local players, regional leaders, and innovative startups: 

Local Champions: AIA Thailand, Muang Thai Life Assurance, and Bangkok Life Assurance offer trusted brands and a wide range of online products. Regional Leaders: Manulife (Hong Kong) and Prudential (UK) offer international expertise and diverse online platforms. Emerging Challengers: Startups like insurtech player Luminous and online broker Compare Asia Group disrupt the market with innovative offerings. 

Challenges: Navigating the Roadblocks to a Secure Future 

Despite the promising outlook, some challenges need to be addressed: 

Cybersecurity Threats: Protecting sensitive customer data and ensuring secure online transactions are crucial for building trust. Lack of Digital Literacy: Educating consumers about online insurance options and potential risks is essential for informed decision-making. Limited Product Offerings: Expanding the range of online insurance products, particularly for niche segments, will cater to diverse needs. Competition & Price Wars: Intense competition can lead to unsustainable business models and price wars, impacting long-term market stability. 

Visit this Link :- Request for custom report

Future Outlook: A Secure, Inclusive, and Data-Driven Ecosystem 

The Thai online insurance market is poised for continued growth, driven by several exciting factors: 

Focus on InsurTech: Adoption of artificial intelligence, big data analytics, and blockchain will personalize offerings, enhance risk assessment, and improve fraud detection. Government Initiatives: Regulatory reforms aiming to improve data security and promote online insurance adoption will bolster market growth. Collaboration & Partnerships: Collaborations between insurers, insurtech players, and distributors will foster innovation and expand reach. Mobile-First Approach: Continued development of mobile insurance apps will further increase accessibility and convenience. 

Key Takeaways for Stakeholders: 

This report offers valuable insights for various stakeholders in the Thai online insurance market, including: 

Insurance Companies: Investing in robust cybersecurity measures, developing user-friendly online platforms, and expanding product offerings. InsurTech Startups: Focusing on niche segments, leveraging data analytics for personalized solutions, and partnering with established players. Regulators: Implementing clear regulations that protect consumer data, promote fair competition, and encourage innovation. Consumers: Utilizing comparison tools, understanding policy terms and conditions, and practicing responsible online insurance purchases. 

Request free 30 minutes analyst call

Conclusion: 

Thailand’s online insurance market stands on the brink of a transformative journey, promising to revolutionize access to insurance, empower consumers, and drive financial inclusion. By overcoming challenges like cybersecurity concerns and limited product offerings, the sector can unlock its full potential and ensure that everyone has access to the insurance they need, online and conveniently.

For More Insights On Market Intelligence, Refer To The Link Below: –

Thailand Online Insurance Market

Related Reports by Ken Research: –

Indonesia Auto Finance Market Outlook to 2026 Driven by evolving vehicle ownership characteristics, rebates by Government, and systematically regulated vehicle ownership and financing policies

The Indonesia Auto Finance market witnessed substantial growth from USD 19.219 Bn in 2022 to USD 36.838 Bn in 2022. The market reported a CAGR of 2% during the forecast period of 2022-2026. Increasing Population, growing income levels and recovery of the economy post Covid is leading to a rise in sales of vehicles which is expected to drive the rise in Auto Outstanding Loans in Indonesia.

KSA Loan Aggregator Market Outlook to 2027 rising demand for convenience will lead to the growth of loan aggregator platforms by simplifying the loan selection process for borrowers

The market will grow at a CAGR of 16.6% during 2022-2027 due to high growth in online loan aggregator players. Major investments in petrochemicals, manufacturing, & logistics will uplift the need for lubricants in machinery, processing plants & transportation fleets. Globally, the financial sector including Saudi Arabia, has been undergoing digital transformation. This includes the adoption of online and mobile banking services.

USA Loan Aggregator Market Outlook to 2027 rising demand for convenience will lead to the growth of loan aggregator platforms by simplifying the loan selection process for borrowers

The market is expected to grow at a CAGR of 12.1% during 2022-2027. The rise of per capita disposable income by 7.4% from previous year and further expected rise is likely to represent a potential opportunity for industry. Technological advancements from online loan aggregators is expected to provide a boost in the market’s growth due to increased efficiency in operations, scalability and marketing.

Philippines Auto Finance Market Outlook to 2027 Driven by the growing demand for used vehicles and financing penetration in the sector

According to Ken Research estimates, the Philippines Auto finance Market –has increased in 2022 at a CAGR of 3.7% owing to growing demand for used vehicles and financing penetration in the sector. Launch of new models and initiatives to support electric vehicle adoption in Philippines by automakers stimulate the consumer interest in autos.

Follow Us –

LinkedIn | Instagram | Facebook | Twitter | YouTube

Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249

Logo: https://mma.prnewswire.com/media/1954972/3782349/Ken_Research_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/thailand-online-insurance-market-takes-off-5-7-billion-boom-by-2026-fueled-by-tech-savvy–convenience-ken-research-302064940.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Niutech at the Forefront: U.S.-China Circular Economy Forum Tackles “White Pollution”

Published

on

By

BEIJING, Sept. 20, 2024 /PRNewswire/ — On September 6, 2024, the inaugural U.S.-China Circular Economy Cooperation Forum was held in Beijing. The forum, guided by the U.S.-China Climate Action Working Group Circular Economy Task Force, was co-organized by the China Circular Economy Association and the US-China Business Council. The forum brought together approximately 460 distinguished guests from the National Development and Reform Commission of China, the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the General Administration of Market Regulation, the US State Department, the US Department of Energy and other government departments, as well as industry experts, business representatives and scientific research institutions of the two countries. As the domestic leader in continuous pyrolysis technology, Niutech was invited by the China Circular Economy Association to attend the forum and gave an insightful speech on the topic of waste plastic recycling, and the issues of ‘white pollution’ that can result from it.

Enhancing Quality and Efficiency in the Circular Economy with Innovative Forces

The forum was strategically designed to advance the goals outlined in the U.S.-China “The Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis” (hereinafter referred to as the Sunnylands Statement). It aimed to create a collaborative platform for the business community, social organizations, and research institutions from both countries to foster exchanges and drive tangible cooperation in the circular economy.  

Zhao Chenxin, Deputy Director of the National Development and Reform Commission, John Podesta, Senior Advisor to the U.S. President on International Climate Policy, Liu Zhenmin, China’s Special Envoy for Climate Change Affairs, Nicholas Burns, U.S. Ambassador to China, and Xie Zhenhua, former Special Envoy for Climate Change Affairs of China, attended the opening ceremony of the Forum and delivered a speech, and Xie Feng, Chinese Ambassador to the U.S., made a video message. Deputy Director Zhao Chenxin said that addressing climate change is a common cause for all mankind and cannot be separated from the cooperation between the two global forces, China and the United States.

The China-US Circular Economy Cooperation Forum, held as an initiative to implement the Sunnylands Statement, marked another significant milestone in China-US cooperation on the circular economy. This collaboration is crucial for both nations as they join forces to tackle the climate crisis. On the afternoon of September 6, the forum organized four parallel meetings, where representatives engaged in in-depth exchanges on topics such as using the recycling economy to reduce greenhouse gas emissions, promoting the application of recycled materials, addressing plastic pollution and enhancing recycling, and increasing the recycling value of waste in the context of new industries and consumption patterns.

Niutech: International Experts on Continuous Pyrolysis Technology and Pioneers in solving the global “white pollution” problem

Globally, hundreds of millions of tons of waste plastics are generated annually, yet only about 30% undergo recycling. Traditional physical methods are typically limited to high-value, single-category, and relatively clean waste plastics. However, repeated recycling can degrade the quality of the plastics. Chemical recycling, on the other hand, offers a transformative approach by converting waste plastics into high-value products or fuels through chemical processes, thus overcoming the limitations of physical recycling.

Pyrolysis technology, a cornerstone of chemical recycling, addresses the challenges associated with the material recycling of waste plastics. It is adept at processing various types of low-value, mixed, and contaminated waste plastics. The products of pyrolysis can be further processed to manufacture new plastics, achieving a closed-loop system where waste plastics are repurposed into high-value new plastics. This not only retains the material’s utility at a high level but also converts “white pollution” into a “white oil field,” signifying a major shift in the management and valorization of plastic waste.

At the forum, as the international expert in continuous pyrolysis technology, the corporate representative of Niutech shared the cases of waste plastic chemical recycling projects deployed with international giants BASF and Quantafuel in Denmark, Thailand and other countries. Niutech has developed its own pyrolysis technology and equipment, which they fully own the intellectual property rights to. This technology enables the transformation of low-value, mixed, and contaminated waste plastics—including various polymers such as PP, PE, PS, ABS—into high-quality fuel oil.  

The fuel oil derived from this process can undergo further refining into naphtha, a critical raw material in the production of new plastics. This advanced recycling process not only diverts plastics from landfills and the environment but also contributes to a circular economy by turning waste into a valuable resource.

In the future, Niutech will continue to champion the principle of “green, recycling and low-carbon” waste plastics pyrolysis. Armed with advanced technology, reliable equipment, abundant high-value solutions and proven experience, Niutech is committed to enhancing communication and cooperation with domestic and foreign partners. Together, they will drive forward the chemical recycling of waste plastics and the sustainable development of the global waste plastics recycling industry.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/niutech-at-the-forefront-us-china-circular-economy-forum-tackles-white-pollution-302254665.html

SOURCE Niutech

Continue Reading

Technology

Global Ultrasound Institute Launches GUSI Fellowships Platform: Elevating Point-of-Care Ultrasound Education

Published

on

By

SAN FRANCISCO, Sept. 20, 2024 /PRNewswire/ — The Global Ultrasound Institute (GUSI) is proud to announce the launch of the GUSI Fellowships Platform, an innovative online platform designed to empower learners around the world to achieve confidence and competency in point-of-care ultrasound (POCUS). With a holistic, device-independent approach that includes comprehensive evidence-based education, personalized mentorship from world-class POCUS educators, detailed scan review feedback, quantitative assessments, and CME certification, GUSI is setting a new standard in POCUS education.

“GUSI’s online didactics are the best that I have seen. And what I like most about the fellowship were the 1:1 sessions and being able to interact with GUSI expert faculty who have many years of experience in POCUS. And you get to pick their brains and they get to instruct you 1:1. I have used the training I received from GUSI to do much more POCUS clinically and further impact my patients lives.”

Dr. James Wilcox,
Assistant POCUS Director, Indiana University School of Medicine
Adjunct Professor and Assistant Professor of Medicine

“Our mission at GUSI is to democratize access to high-quality ultrasound training,” said Dr. Kevin Bergman and Dr. Mena Ramos, Co-CEOs of Global Ultrasound Institute. “The GUSI Fellowships Platform enables learners from diverse backgrounds to enhance their skills in a supportive, flexible environment, making it easier than ever to reach their POCUS goals.”

With training options covering 38 different scan types, learners can expect personalized 1:1 mentorship with expert POCUS educators who provide timely feedback on practice scans.

“The GUSI fellowship mentors are the best: patient, kind, knowledgeable, experienced, and supportive. GUSI provided education in the areas I wanted and needed to obtain and in my home/office environment not requiring multiple trips around the country. It is not just the way course work is presented – learning is made easier by the support provided to each student.”

Dr. Glenda Patterson
Core Faculty, University of Arkansas Northwest Internal Medicine Residency
Physician, Veterans Health Care of the Ozarks
Board-certified in Internal Medicine, Pulmonary Medicine, and Critical Care Medicine

The GUSI Fellowships Platform features a scalable software system designed to monitor and track performance, ensuring learners can effectively measure their progress.

GUSI understands the challenges faced by healthcare professionals seeking to enhance their ultrasound skills amid demanding schedules. GUSI addresses these concerns with flexible scheduling options, allowing learners to progress at their own pace while balancing their professional and personal commitments. This adaptability and virtual experience is crucial for fostering a culture of continuous learning and skill development.

“I went from not being able to hold the probe to someone who can scan and diagnosing and finding pathologies. I worked with Dr. Milne-Price and she was amazing! She sharpened my skills and we did sessions of live scanning over Zoom. I feel confident in my skills now to scan on my own.”

Dr. Dalea Al-Hawarri
Faculty, Bryn Mawr Family Medicine Residency

As healthcare continues to evolve, the demand for proficient ultrasound practitioners has never been greater. GUSI is not only committed to providing exceptional education but also aims to inspire a new generation of healthcare professionals who can leverage POCUS to improve patient outcomes globally. Join us in this exciting journey towards excellence in ultrasound practice.

For more information on GUSI Fellowships and to start your journey toward ultrasound proficiency, visit https://globalultrasoundinstitute.com/.

About Global Ultrasound Institute:

Global Ultrasound Institute stands at the forefront of point-of-care ultrasound, providing wraparound education, training, AI, and administrative software tools to healthcare providers and health systems globally to lower barriers to POCUS adoption and implementation. GUSI has trained over 14,000 healthcare practitioners in over 60 countries. GUSI is working to create a better world in which every healthcare practitioner is empowered to offer a rapid, reliable, accurate ultrasound-enabled diagnosis directly at the point-of-care, for any patient, anywhere.

For more information about GUSI Fellowships or any of GUSI services, please visit https://globalultrasoundinstitute.com/

Contact:

Dr. Kevin Bergman, Co-Founder, co-CEO, Global Ultrasound Institute
Dr. Mena Ramos, Co-Founder, co-CEO, Global Ultrasound Institute

View original content to download multimedia:https://www.prnewswire.com/news-releases/global-ultrasound-institute-launches-gusi-fellowships-platform-elevating-point-of-care-ultrasound-education-302254656.html

SOURCE GLOBAL ULTRASOUND INSTITUTE

Continue Reading

Technology

Keuka College Notifies Individuals of Data Security Incident

Published

on

By

KEUKA PARK, N.Y., Sept. 20, 2024 /PRNewswire/ — Keuka College has learned of a data security incident that may have involved personal information.

On April 25, 2024, the College identified suspicious activity within its network environment and immediately took steps to secure the environment, restore its systems, and began an investigation to determine the nature and scope of the issue. Keuka College also engaged independent cybersecurity specialists to assist with the process. The comprehensive investigation, which concluded on August 21, 2024, could not determine definitively whether personal information related to current and former students and employees was affected.

Keuka College maintains a variety of records which can include: name, Social Security number, Driver’s license number, student id number, financial account information, and date of birth. Current students and employees were contacted by the College in May and provided with one year of free credit and identity monitoring services.

Keuka College has established a toll-free call center to answer questions about the incident and address related concerns. Call center representatives are available Monday through Friday from 9:00 am to 9:00 pm Eastern Time and can be reached at 1-833-913-7557. Please be prepared to provide the engagement number, B131983, for reference.

View original content:https://www.prnewswire.com/news-releases/keuka-college-notifies-individuals-of-data-security-incident-302254623.html

SOURCE Keuka College

Continue Reading

Trending