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Thailand Online Insurance Market Takes Off: $5.7 Billion Boom by 2026 Fueled by Tech Savvy & Convenience: Ken Research
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.
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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.
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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.
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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
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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.
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.
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.
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.
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Global consultancy strengthens its European leadership team as part of ongoing growth strategy
LONDON, Nov. 26, 2024 /PRNewswire/ — Blue Ridge Partners is pleased to announce the promotion of Nick Walmsley to Managing Director, strengthening its European leadership team and commitment to client growth across the region.
Nick Walmsley, who joined Blue Ridge Partners in 2017, brings over 20 years of experience in growth strategy and investing. Throughout his tenure with the firm, Nick has consistently delivered exceptional results for clients, and his appointment to Managing Director reflects his dedication and impact. Prior to joining Blue Ridge Partners, Nick was founder and partner of a $500M AUM investment firm involved in over 200 transactions across Europe, North America, and Asia-Pacific. He began his career at Bain & Company, where he served in the private equity practice in both London and San Francisco.
“Nick has been an invaluable member of our team over the past seven years, demonstrating his ability to create value for our clients and our firm,” said Jim Corey, CEO of Blue Ridge Partners. “With his unique blend of consulting, operational, and investment management experience, Nick is exceptionally well-prepared to serve our clients as Managing Director.”
Blue Ridge Partners is delighted to have Nick step into this new role, further enhancing its capabilities to drive client success across Europe.
About Blue Ridge Partners:
Blue Ridge Partners is a global management consulting firm exclusively focused on helping companies accelerate profitable revenue growth. We have worked with more than 1,300 companies to improve their strategic understanding of markets and customers, deepen and expand their customer relationships, and enhance marketing and sales performance.
Our clients include over 130 private equity firms and their portfolio companies – supporting them during deal evaluation, due diligence, and post-acquisition. We have a reputation for helping companies grow faster by rolling up our sleeves, working collaboratively, and delivering measurable impact quickly and more efficiently than large consultancies.
For further information please contact us at [email protected] or visit us at www.blueridgepartners.com.
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Diane Lansard, further expands Premialab’s marketing footprint bringing in her extensive banking and asset management expertise to the fintech dedicated to quantitative investment strategies.
LONDON, Nov. 26, 2024 /PRNewswire/ — Premialab announces the appointment of Diane Lansard, as Head of Marketing. Based in London, Ms. Lansard will lead the marketing strategy of the leading independent platform dedicated to quantitative strategies. Before joining PremiaLab, Ms. Lansard served a wide range of institutional clients in buy-and sell-side leadership roles at BNP Paribas, AXA, Bloomberg, and M&G Investments.
Ms. Lansard has over 15 years’ experience in banking, asset management and fintech solutions. She will be responsible to execute and scale Premialab’s marketing initiatives, providing data and analytics solutions to asset managers, pension funds, insurance companies and sovereign wealth funds globally.
Adrien Geliot, CEO of Premialab, said: “We are thrilled to welcome Diane to our team as we continue to scale our presence globally. Her extensive experience in finance and innovative approach to marketing, will play a pivotal role in driving our growth efforts. Diane’s expertise will further strengthen our position as a leader in data and analytics for institutional investors.”
The announcement follows recent senior appointments at Premialab including John Macpherson, former Managing Director at Goldman Sachs, Citibank, and Nomura; Marc Fisher, former Managing Director at Citibank with a prior position at Deutsche Bank; and Georgios Sittas, former Managing Director at HSBC, Standard Chartered, and previously a director at Lehman Brothers.
Recognized as the leading independent platform for data and analytics on quantitative strategies, Premialab’s capital markets infrastructure is currently used by leading institutional investors, accelerating their digitalization and enhancing performance and risk control while reducing costs. The Platform is already providing data to institutional clients representing over $20 Trillion of assets under management.
Notes to Editors
About PremiaLab
Premialabis the leading independent platform providing data, analytics and risk solutions on quantitative and multi-asset strategies in collaboration with leading investment banks and institutional investors globally. Combining intelligent technology with a unique source of information the platform empowers asset allocators to make better investment decisions whilst achieving utmost time and cost efficiency.
With offices in London, Paris, New York, Hong Kong, Sydney, and Dubai, its international team is dedicated to supporting a global client base with the most up-to-date QIS dataset, advanced portfolio construction, performance and risk analytics. The firm has established strong partnerships with the top 18 investments banks, global asset managers, pensions funds and insurance companies.
For more information please visit: www.premialab.com
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Fintech PR
Paratus Increases Full-Year 2024 Earnings Guidance and Provides Update on Operations in Mexico
HAMILTON, Bermuda, Nov. 26, 2024 /PRNewswire/ — Paratus Energy Services Ltd. (Oslo: PLSV) (“Paratus” or the “Company”) announces an upward revision of its full-year 2024 EBITDA guidance and provides commentary on the Company’s rig operations in Mexico, operated through its wholly-owned subsidiary Fontis Holdings Ltd. (“Fontis”).
Following strong operational execution year-to-date, Paratus is raising its full-year 2024 EBITDA guidance to $250-260 million, representing a mid-point increase of $25 million from the previous guidance range of $220-240 million. Further details will be provided on the quarterly earnings call on November 29, 2024.
Paratus has noted recent reports regarding a potential temporary reduction in rig activity in Mexico, and consequently the Company wishes to provide an update as well as clarify the potential financial impact to the Company of such dynamics. The contracts for all of Fontis’ jack-ups with the client permit activity to be temporarily ceased for up to 45 days during the contract term, without revenue being generated during such period. However, any deferred days will extend the contract duration accordingly. Fontis has received notification from its client that the Courageous will temporarily cease operations for 45 days due to delays in the client’s preparatory activities at its next location. Operations at the Courageous’ current location is expected to be completed in early December 2024, upon which the rig will remain in standby at its location. The estimated EBITDA impact of a 45-day deferral through the end of the firm contract period is expected to be approximately $3 million.
Paratus has accommodated and priced such flexibility into its contracts in Mexico to allow its client to execute its operations more efficiently. The Company remains highly focused on supporting its client and continuing to strengthen the long-standing relationship it has had for over a decade, and the Company has taken note of the public comments the client has recently provided about its future plans for operations and payments to its suppliers.
This announcement contains information considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The announcement was published by Baton Haxhimehmedi, CFO of Paratus, on the time and date set out above.
For further information, please contact:
Baton Haxhimehmedi, CFO
[email protected]
+47 406 39 083
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