Thailand’s insurance sector is poised for increased competition in the coming year as public awareness of health insurance rises, according to Bundit Jiamanukoonkit, CEO of Prudential Thailand.
In a report by The Nation, Jiamanukoonkit, who heads one of Thailand’s most prominent insurance providers, shared his insights into the industry’s post-pandemic dynamics. He noted that the pandemic had raised awareness of health insurance as an important part of financial planning. However, the actual uptake of insurance policies remains below expected levels.
Only about 38-39% of the Thai population is insured, leaving more than half without any form of life protection. To meet the diverse needs of different market segments, Jiamanukoonkit suggested that insurance products need to offer more variety in pricing and terms. He also stressed the importance of after-sales service in building customer loyalty through personalisation.
He also predicted that the coming year would see a focus on health insurance plans that offer value for money.
Prudential Thailand aims to broaden the accessibility of its products through different channels to meet different needs and price points. The company is responding to the growing trend among young consumers to evaluate a company’s corporate social responsibility efforts before purchasing insurance.
In line with this, Prudential Thailand is committed to making a positive contribution to Thai society, focusing on projects that support education, health and environmental sustainability. The company has also increased its investments in ESG (environmental, social and governance) companies, which currently account for around 20% of its total investment portfolio of THB 120 billion.
While acknowledging the challenges posed by high interest rates and household debt, Jiamanukoonkit expressed an overall positive outlook for the Thai insurance industry.
Prudential Life Assurance (Thailand) has been serving the Thai market for over 28 years and currently manages assets of over 116 billion baht for more than 1.9 million customers. It aims to increase its customer base to 2 million by the end of the year.
Elsewhere in the country, a Phuket hotel whose operations were disrupted by the COVID-19 pandemic has secured a victory in a Singapore court case, forcing two insurers to pay for the resort’s losses.
