The spread of the covid-19 virus that has played a role in many business sectors Part of it is a crisis that opens opportunities for many companies or investors to develop their businesses rapidly. Until the business trend in the world has changed a lot. Except for the industrycar insuranceOur home that has a tendency to continue to grow and continues to upgrade new innovations to keep pace with the changing lifestyles of Thai people every day
From 2020 to 2021, we have seen more and more new technology trends in car insurance. whether it is convenience to buy or a quick claim These may soon become fundamentals for insurance companies. And the coming new wave could be the defining future of the auto insurance industry in the next few years. DirectAsia will take a look at 5 trends in new auto insurance technology to watch out for. What will be more intense? Let’s see.
- Electronic Policy (E-policy)
Although the majority of consumers are increasingly buying car insurance online or on the website. But at present, the insured still receives the policy in the form of a paper set quite a bit. Later, the insurance industry will develop policy delivery via email or download via application, more commonly known as electronic policy or E-Policy, in order to reduce the delivery process. and reduce the use of paper that may waste natural resources It also allows the insured to receive the policy faster 24 hours a day, and the insured can also keep a soft copy on their mobile phone without wasting storage space. and don’t be afraid to disappear Including the convenience of being used as well
- Closing the Untapped Market Space
The car market in Thailand is still bustling. Despite the stressful situation of the economy from the Covid-19 poisoning But car sales in Thailand have not decreased as expected. Instead, it was found that more Thais wanted to buy cars due to concerns about the safety of traveling with buses. The number of car purchases in the first half of 2021 is at 373,191 units, an increase of 13.6% from the same period of 2020, which will result in higher demand for car insurance. And for the reason that Thai people are getting used to online transactions. thus giving the opportunity for online car insurance purchases to play a greater role. in terms of convenience and safety of touch
When the car market grows There is more marketing information. Thus, it is beneficial for car insurance companies to be able to market online. Find new customers and offer car insurance that is suitable for the needs of consumers This is an advantage for organizations that can respond to this high supply in a timely manner. Increase the opportunity to expand the customer base in the long term
- Insurance that adjusts according to use (Usage Based)
Another technology to watch out for is the Telematic device mounted on the vehicle. Able to collect vehicle travel data for analysis of each customer’s driving behavior, such as the vehicle’s position, driving speed, braking or turning, as well as assessing the customer’s risk of accidents. To determine the insurance premiums appropriately each year create fairness for customers And can also use driving data to develop new products to meet better usage.
- Technology (Open API)
Insurance companies may adapt to more intermediary platforms in the future. By using Open API technology to connect business groups together via Web Application, organizations can extract data from their prospective partners. to offer promotions Or design a policy in accordance with consumer interests, lifestyle and specific needs. This affects the purchasing decisions of consumers more quickly as well. And this technology is also good for simplifying work within the organization for data collection. help reduce manpower and reduce errors as well
- Artificial Intelligence (Artificial Intelligence)
AI (Artificial Intelligence) will play an increasingly important role in the auto insurance industry. Insurance companies or insurance brokers must be vigilant in solving problems for consumers. by aiming to develop AI systems to replace some roles of humans in the future To provide better service and experience, faster, less errors. and more economical Responding to consumers in the digital era who primarily want real-time speed
Including claiming may not be difficult anymore. Consumers can know in advance when Surveyor will arrive on the scene. In terms of data transmission between the insured, the insurance company and the garage, the opening of the claim in electronic form No more paper (Paperless) in which the insured will be able to track the repair status on their mobile phone 24 hours a day, and consumers will be able to experience the service from the company, which can be accessed on every Touchpoint that is considered Fundamentals of future insurance business trends
The innovations that DirectAsia has introduced for the international auto insurance industry has been adapting for a long time. As for Thailand, it is in the developing stage. and transition according to the level But I have to admit that in the midst of changing the world Consumers have created a shopping culture that doesn’t just focus on the Internet of Thing (IoT). but also create their own unique needs Almost all products have to be adapted to Tailor Made form.
You can also explore the car insurance you are interested in. and experience the cutting-edge technology from DirectAsia at the website https://www.directasia.co.th Also, what’s your opinion? For insurance trends that are emerging in the next few years Come share your thoughts or chat with us on our DirectAsia Thailand Facebook page.
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