“Thailand’s insurance industry is growing and the amount of data that insurers are collecting is set to grow even faster. Our survey highlights that many insurance policyholders are happy to share personal data from social media and other sources in exchange for improved products and services. Those enhanced datasets, when combined with market-leading data management and artificial intelligence tools, will allow Thailand’s insurers to gain valuable new insights into customer needs, behaviors and risk profiles. Policyholders’ willingness to share additional personal data is a clear opportunity for insurers, but it does require providers to ensure robust data management and governance if they are to preserve customers’ trust. That said, those insurers that rise to this task will be well positioned to make informed and increasingly tailored recommendations to customers while also speeding up their product innovation and strengthening their strategic decision making.” 

Nikkie (Yotsavadee) Hongchumpae, Managing Principal, Thailand