6 of 10 Thais are confident in sharing data for personalised coverage

Key factors like value for money, affordable premiums, and brand trust remain significant influences on insurance purchasing decisions.

The majority more than half (56%) of Thailand individuals expressed willingness to share additional personal data with insurers for personalized services and smoother claims processing. 

Among the 1,000 polled policyholders, various methods of data sharing were considered, including fitness tests (46%), social media information (43%), and smart devices in the home (33%), Capco's 2023 survey revealed. 

Notably, Thailand leads in the Asia-Pacific region for its high willingness to share social media data.

Despite this openness to data sharing, key factors like value for money (52%), affordable premiums (38%), and brand trust (37%) remain significant influences on insurance purchasing decisions.

The survey targeted policyholders aged 18 to 65, capturing insights into consumer attitudes, preferred purchasing channels, and views on personalization and data sharing. Notably, consumers expressed a strong desire for personalized insurance products, particularly in income protection, health, and life insurance.

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The report underscores the importance for insurers to capitalize on data-sharing opportunities while ensuring robust data management and governance to maintain customer trust. Insights gleaned from enhanced datasets can drive tailored recommendations and product innovation, thereby enhancing the overall customer experience.

Key findings include policyholders' motivations for data sharing, satisfaction levels with the claims process, and utilization of insurance apps for tasks beyond policy management. Notable interest exists in additional app features such as online health resources and video consultations with doctors, particularly among middle-aged adults.

Capco's survey, conducted among 13,750 policyholders across various countries, offers valuable insights into consumer behaviour and preferences in the insurance sector.