SET-listed mobile carrier Total Access Communication (DTAC) has launched a "dtac dSurance" insurance aggregator feature on its mobile app as part of its strategy to expand its reach into new business frontiers away from connectivity services.
The move gives the country's third biggest mobile operator by subscriber base the opportunity to tap into the underserved insurance market.
DTAC chief marketing officer How Lih Ren said the move is also to reinforce the company's fast-forward digital strategy to go beyond connectivity services.
"This is another simple and easy way for customer journeys under the go beyond connectivity policy of the company. It is also one more example of how the company can leverage agile, cross-industry partnerships to empower our customers," said Mr How.
The dSurance platform was developed in partnership with Bolttech, an insurtech company.
The platform offers a wide variety of coverage plans for health (Covid-19 specifically), motor vehicles, personal accident and travel insurance.
Customers can find a wide selection of insurers, including AXA, Bangkok Insurance, Dhipaya Insurance, Thaisri Insurance, FWD, Thanachart Insurance, Tune Insurance, MSIG, Howden Maxi and Sunday within the DTAC app.
According to Mr How, Thailand's insurance market saw a penetration rate of only 5%, compared with Hong Kong at 21% and the US at 12%.
According to a DTAC study, there are various barriers limiting Thai consumers' access to quality insurance services.
They include too many options and not enough knowledge about insurance, uncertainty on credible sources of information, a perception that insurance is expensive, lack of confidence in affordability in terms of paying the premiums as well as a lack of access to convenient recurring payment options as credit card penetration remains limited in Thailand's mass market.
To address these pain points, the dSurance platform has pre-selected insurance plans that are affordable and provide the best benefits for customers to ensure it is easy to choose the coverage most suitable for their needs, Mr How said.
Customers have the choice of using their DTAC bill to pay for the plan selected which helps improve accessibility, especially for those without a credit card, Mr How said.
"Affordable and approachable, dSurance will be a key driver of growth for the insurance market in Thailand," Mr How said.
Before the launch of dSurance, DTAC had introduced two products as part of its business concept of going beyond connectivity business.
First, it ushered in the Gaming Nation platform for gamers to buy top-up and in-app items.
Second, it partnered with social banking platform Line BK and Kasikorn Business Technology Group to give customers access to loans.