There are four things that are predicted to be a challenge in the Thai insurance company industry in 2019. Two of them are insurance technology / engineering and artificial intelligence. With investment and full support from the Thai government, technology-based insurance companies are required to be able to show a positive trend in 2019. The pressure is an anticipation of the possible deterioration that can be experienced by insurtech. Previously, the Thai government had seen a variety of peer to peer insurance weaknesses and they did not want to experience failure in investment in the insurance sector.
Insurtech VS P2P
Insurtech and P2P (peer to peer) insurance is insurance technology based on artificial intelligence. Digitizing insurance services certainly requires artificial intelligence. The only thing that distinguishes between insurtech and P2P insurance is the platform on which they live. P2P insurance works in an underground manner; the blockchain, the system they use, is a system that is still under development and trial. On the other hand, Insurtech works on a platform that is better known and gets full support from the government. Although insurtech works more openly, the use of artificial intelligence in digitizing the insurance industry still requires a lot of development and adjustment; just like peer to peer insurence.
The future of FinTech and other forms of banking innovation will be determined when it can be equal or even better than the conventional banking industry. Generally, the existence of FinTech can make you do not have to bother to carry cash and have more loan options, such as peer-to-peer loans. FinTech can also reduce the risk of fraud committed by irresponsible people. P2P loans can be better option than the cash loans in matters of law as well. ผู้ให้กู้สินเชื่อ P2P ส่วนใหญ่แล้วมักตัดสินใจให้กู้อย่างรวดเร็วภายในวันเดียวหรือไม่กี่วันถัดจากวันที่สมัคร อ่านเพิ่มเติมเกี่ยวกับสินเชื่อ P2P
Comparison between conventional insurance and insurance
Although many still consider if you want to register or have a problem with insurance, it’s best to go to the insurance office directly, but inevitably, InsurTech allows customers to do various things related to insurance services more practically and much faster.
In its operation, insurtech companies in Thailand provide features that greatly facilitate prospective customers to compare and choose insurance that suits their needs to make purchases online. Insurance policy will also be sent via email instantly after payment has been made. The concept is similar to buying tickets or hotels online. If prospective customers have difficulties or are still confused, the company has insurance specialist that can help customers to register, compare, claim, or answer your questions and complaints.
The government has collaborated with several insurance companies and digitalized them to provide insurance services in the health sector, vehicles (cars and motorcycles), property, personal accident, life and travel. Prospective customers simply fill in their personal data and click compare to get various insurance options that benefit according to the needs of each person with prices that vary according to the complexity of benefits. Insurtech seems to be superior compared to P2P insurance or even conventional insurance. This shows the potential that insurtech has to be able to cooperate with conventional insurance.