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Comparative report on life insurance study in Thailand, Indonesia and vietnam in 2015

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There are significant differences across the three countries, with people in Vietnam much more likely to have “Insurance product” compared with people in Indonesia and Thailand. For example, while 47.5% of Thai respondents and 44.0% of Indonesian respondents possess insurance product, this compares with 72.8% of those in Vietnam. The highest proportion of life insurance ownership seen in Thailand where 90.9% of Thai individuals who own Insurance product purchased “Life Insurance”. However, less people have a life insurance in Indonesia and Vietnam, with the lowest number of life insurance holder occurring in Indonesia (38.3%).
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  • 1. Comparative report on Life Insurance Study in Thailand, Indonesia and Vietnam in 2015 December 2015
  • 2. Table of content 2 A. Research Design (P.3) B. Respondent profile (P.4) C. Summary (P.5) D. Detail Findings (P.7)
  • 3. 3 Research Method Online research Fieldwork Period November 2015 Research Area Nationwide - Vietnam, Indonesia, Thailand Respondent Criteria Male / Female, 20 years old and above. Buyers and Non-buyers of Life Insurance. Sample Size 600 samples Quota Number of Questions 6 Screening Questions, and 14 Main Questions Survey Content Awareness on Insurance Companies, Insurance companies ever used / have contract, The latest life insurance company purchased, Reasons to Choose the Life Insurance Company, Reasons of having and not having life insurance, Sources of Information, Insurance Contracts Information, The Monthly Insurance Premium, Switching and Consideration, etc. A. Research design Marital Status x Gender Thailand Indonesia Vietnam Single Male 150 150 150 Female 150 150 150 Married Male 150 150 150 Female 150 150 150 Total 600 600 600
  • 4. 4 ■Gender ■Marital Status ■Age Group B. Respondent profile 50.0 50.0 50.0 50.0 50.0 50.0 Thailand Indonesia Vietnam Married Single Thailand Indonesia Vietnam 20 - 29 years old 47.8 57.0 68.7 30 - 39 years old 39.8 32.7 25.2 More than 40 years old 12.3 10.3 6.2 12.3 10.3 6.2 39.8 32.7 25.2 47.8 57.0 68.7 50.0 50.0 50.0 50.0 50.0 50.0 Thailand Indonesia Vietnam Female Male (Unit: %) N= 600
  • 5. 5 C. Summary  There are significant differences across the three countries, with people in Vietnam much more likely to have “Insurance product” compared with people in Indonesia and Thailand. For example, while 47.5% of Thai respondents and 44.0% of Indonesian respondents possess insurance product, this compares with 72.8% of those in Vietnam.  The highest proportion of life insurance ownership seen in Thailand where 90.9% of Thai individuals who own Insurance product purchased “Life Insurance”.  However, less people have a life insurance in Indonesia and Vietnam, with the lowest number of life insurance holder occurring in Indonesia (38.3%).  “Support / Risk / Accidents” becomes the top product of life insurance which selected by 62.2% of Thailand’s respondents. Meanwhile, “Health insurance option” is more common in Indonesia, where 82.2% of people say they purchased health coverage.  On the other hand, the most common products of Life Insurance in Vietnam are “Support / Risk / Accidents” and “Health Insurance”, with 55.0% and 55.5% respectively.
  • 6. 6 C. Summary  “AIA Thailand” has the strongest impression registered in the mind of the surveyed respondents in Thailand. Among Indonesia’s respondents, “Prudential” leaves the most impression on consumers’ mind, while in Vietnam, the result shows the dominance of “Prudential”, “Bao Viet” and “AIA”.  People in Indonesia and Vietnam are most likely to have contract with “Prudential”: 62.4% and 71.1% of respondents in those countries respectively have a contract with “Prudential”. On the other side, 50.6% respondents in Thailand mostly choose “AIA Thailand” insurance company.  Thailand and Indonesian people relied more on “Insurance Agency” to find out information about the life insurance product with 54.8% and 66.3%. On the other side, respondents in Vietnam prefer to find out about the life insurance product by visiting “official site of insurance company” (48.6%).  Both Thailand and Indonesia respondents decided to purchase a life insurance policy through an “Agent insurance” with 61.8% and 69.3%, as opposed to only 27.5% of people in Vietnam. Vietnamese are more likely to have a contract with “Staff insurance” with 67.4%.  In terms of insurance companies considered to get contract previously, “Thai Life Insurance” takes the first place in Thailand (37.8%), while “Prudential” ranks the first in both Indonesia and Vietnam (56.4% vs. 82.1%, respectively)
  • 7. 7 D. Detail findings 1. Ownership of Financial Products and Services 2. Attitudes between Buyers and Non-Buyers of Life insurance 3. Experience of Purchasing Life Insurance 4. Insurance Contracts Information 5. Switching and Considerations
  • 8. Ownership of Financial Products and Services 10 Insurance Saving Deposit Account ATM card Credit card Deposit card None of the above Others Thailand 47.5 73.5 56.2 32.3 33.7 1.3 0.3 Indonesia 44.0 90.8 92.5 27.2 13.8 2.2 1.0 Vietnam 72.8 59.3 95.7 42.5 4.2 1.8 0.2 0.0 20.0 40.0 60.0 80.0 100.0 S. Please tell us which products you owned? [MA] N=600  Ownership of financial products and services varies considerably between individual countries. While over 50% have a current “Saving deposit account” and “ATM card”, ownership of other types of financial product (“Credit card” and “Deposit card”) is less common.  There are significant differences across the three countries, with people in Vietnam much more likely to have “Insurance product” compared with people in Indonesia and Thailand. For example, while 47.5% of Thai respondents and 44.0% of Indonesian respondents possess insurance product, this compares with 72.8% of those in Vietnam. (Unit: %)(Exclude responses for Fixed Deposit Account, Government Saving Bank’s Lottery, Bond and Mutual Fund)
  • 9. 90.9 25.6 69.1 3.9 14.4 1.4 0 20 40 60 80 100 Ordinary Life Insurance Fire Insurance Car Insurance Marine Insurance Miscellaneous Insurance Others 38.3 78.8 23.9 55.3 38.6 3.0 0 20 40 60 80 100 Life insurance Medical care insurance Accident insurance Social insurance Non - life insurance Others 49.9 95.2 52.9 72.8 16.5 0.0 0 20 40 60 80 100 Life insurance Medical care insurance Accident insurance Social insurance Non - life insurance Others 10 Type of Insurance Purchased (Total) Indonesia (N=264)Thailand (N=285) Vietnam (N=437) (Unit: %)S. Please tell us what kind of the following insurance have you ever bought? [MA]  The highest proportion of life insurance ownership seen in Thailand where 90.9% of Thai individuals who own Insurance product purchased “Life Insurance”.  However, less people have a life insurance in Indonesia and Vietnam, with the lowest number of life insurance holder occurring in Indonesia (38.3%).
  • 10. 10 Indonesia (N=264)Thailand (N=285) Vietnam (N=437) (Unit: %)S. Please tell us what kind of the following insurance have you ever bought? [MA] Type of Insurance Purchased – By Marital Status 90.8 12.8 56.0 2.8 13.8 1.8 90.9 33.5 77.3 4.5 14.8 1.1 0 20 40 60 80 100 Ordinary Life Insurance Fire Insurance Car Insurance Marine Insurance Miscellaneous Insurance Others 33.6 70.1 22.4 43.9 30.8 3.7 41.4 84.7 24.8 63.1 43.9 2.5 0 20 40 60 80 100 Life insurance Medical care insurance Accident insurance Social insurance Non - life insurance Others 38.8 97.0 52.7 58.2 9.5 0.0 59.3 93.6 53.0 85.2 22.5 0.0 0 20 40 60 80 100 Life insurance Medical care insurance Accident insurance Social insurance Non - life insurance Others Single Married
  • 11. 11 Indonesia (N=101)Thailand (N=259) Vietnam (N=218) (Unit: %)S. Please tell us which of the following Life insurance type are you selecting? [MA] Buyers of Life Insurance Product of Life Insurance (Total) 53.3 5.0 12.4 52.5 62.2 49.0 13.9 1.5 21.6 0 20 40 60 80 Protection Education Investment Savings Support / Risk / Accidents Health Retirement Unit Link Tax Refund 50.5 45.5 56.4 58.4 54.5 82.2 37.6 0 20 40 60 80 100 Protection Education Investment Savings Support / Risk / Accidents Health Retirement 21.6 40.8 37.2 42.7 55.0 55.5 21.1 0 20 40 60 Protection Education Investment Savings Support / Risk / Accidents Health Retirement  “Support / Risk / Accidents” becomes the top product of life insurance which selected by 62.2% of Thailand’s respondents. Meanwhile, “Health insurance option” is more common in Indonesia, where 82.2% of people say they purchased health coverage.  On the other hand, the most common products of Life Insurance in Vietnam are “Support / Risk / Accidents” and “Health Insurance”, with 55.0% and 55.5% respectively.
  • 12. 12 Indonesia (N=101)Thailand (N=259) Vietnam (N=218) (Unit: %)S. Please tell us which of the following Life insurance type are you selecting? [MA] Buyers of Life Insurance Product of Life Insurance – By Marital Status 39.4 3.0 11.1 54.5 55.6 43.4 10.1 0.0 22.2 61.9 6.3 13.1 51.3 66.3 52.5 16.3 2.5 21.3 0 20 40 60 80 100 Protection Education Investment Savings Support / Risk / Accidents Health Retirement Unit Link Tax Refund 38.9 22.2 58.3 55.6 58.3 75.0 22.2 56.9 58.5 55.4 60.0 52.3 86.2 46.2 0 20 40 60 80 100 Protection Education Investment Savings Support / Risk / Accidents Health Retirement 16.7 33.3 26.9 38.5 56.4 56.4 12.8 24.3 45.0 42.9 45.0 54.3 55.0 25.7 0 20 40 60 80 100 Protection Education Investment Savings Support / Risk / Accidents Health Retirement Single Married
  • 13. 13 D. Detail findings 1. Ownership of Financial Products and Services 2. Attitudes between Buyers and Non-Buyers of Life insurance 3. Experience of Purchasing Life Insurance 4. Insurance Contracts Information 5. Switching and Considerations
  • 14. 17 Buyers of Life Insurance Reasons to get life insurance – Thailand (TOP 10) (Unit: %)Q7. Please tell us the reason you choose to get life insurance? (n=259) [MA] To have responsibility money when died As saving Get many profits/benefit Easy to pay the premium Afraid of unexpected accident The administration process is easy Easy to claim To cover cost of hospital Recommenda tion from others Polis easy to approved Single 39.4 37.4 26.3 28.3 27.3 19.2 17.2 19.2 18.2 15.2 Married 45.6 39.4 31.3 28.1 28.1 22.5 22.5 20.6 18.1 14.4 Total 43.2 38.6 29.3 28.2 27.8 21.2 20.5 20.1 18.1 14.7 43.2 38.6 29.3 28.2 27.8 21.2 20.5 20.1 18.1 14.7 0 5 10 15 20 25 30 35 40 45 50 Single Married Total
  • 15. 17 Buyers of Life Insurance Reasons to get life insurance – Indonesia (TOP 10) (Unit: %)Q7. Please tell us the reason you choose to get life insurance? (n=101) [MA] Help to prevent the unexpected risks Help me to feel secure about future of yourself, relatives Help me to feel future of yourself, relatives be protected Help me to save the Idle cash Is a way to manage my finance better. Is a way for me to express my love and care for my future family Reduce risk while allocating investments My family / siblings advised me to buy Life insurance Create a huge property for my family, myself later To impress others that I am a person who care for the future Single 83.3 55.6 50 61.1 27.8 13.9 19.4 27.8 5.6 2.8 Married 83.1 66.2 67.7 41.5 33.8 32.3 24.6 10.8 16.9 10.8 Total 83.2 62.4 61.4 48.5 31.7 25.7 22.8 16.8 12.9 7.9 83.2 62.4 61.4 48.5 31.7 25.7 22.8 16.8 12.9 7.9 0 10 20 30 40 50 60 70 80 90 Single Married Total
  • 16. 17 Buyers of Life Insurance Reasons to get life insurance – Vietnam (TOP 10) (Unit: %)Q7. Please tell us the reason you choose to get life insurance? (n=218) [MA] Help to prevent the unexpected risks Help me to feel future of yourself, relatives be protected Help me to feel secure about future of yourself, relatives Help me to save the Idle cash Is a way for me to express my love and care for my future family Create a huge property for my family, myself later Is a way to manage my finance better. Reduce risk while allocating investments My family / siblings advised me to buy Life insurance Friends/ colleagues advised my to buy Life insurance Single 57.7 51.3 46.2 32.1 26.9 30.8 29.5 24.4 23.1 17.9 Married 57.9 54.3 52.1 47.9 40.7 33.6 33.6 33.6 27.1 26.4 Total 57.8 53.2 50.0 42.2 35.8 32.6 32.1 30.3 25.7 23.4 57.8 53.2 50.0 42.2 35.8 32.6 32.1 30.3 25.7 23.4 0 10 20 30 40 50 60 70 Single Married Total
  • 17. 17 (Unit: %)Q14. Please tell us why you don't have life insurance? (n=341) [LONG TEXT] Non-Buyers of Life Insurance Reasons for not having a life insurance – Thailand (TOP 10) 21.1 15.0 7.9 5.6 5.6 5.3 5.0 5.0 4.7 3.5 0.0 20.0 40.0 Percentage lower 10% than total Percentage higher 10% than total N Lack of fund Unimportant I have other insurance Not yet found the appropriate product of insurance Don't have any intention Plan to have life insurance No need life insurance currently Don't have any interest Still have many other need Expensive cost Total 341 21.1 15.0 7.9 5.6 5.6 5.3 5.0 5.0 4.7 3.5 BD - 01: Gender Male 161 21.1 18.0 5.0 3.7 5.0 6.2 8.1 6.2 3.1 3.1 Female 180 21.1 12.2 10.6 7.2 6.1 4.4 2.2 3.9 6.1 3.9 BD - 02: Age 20 - 29 years old 195 20.0 17.4 4.6 5.6 7.2 4.6 8.2 5.6 3.1 3.1 30 - 39 years old 116 23.3 11.2 12.9 5.2 3.4 6.9 0.9 3.4 7.8 5.2 40 years old and above 30 20.0 13.3 10.0 6.7 3.3 3.3 0.0 6.7 3.3 0.0 BD - 03: Marital Status Single 201 20.9 15.9 4.0 7.0 6.0 4.5 8.0 7.5 2.5 2.5 Married 140 21.4 13.6 13.6 3.6 5.0 6.4 0.7 1.4 7.9 5.0
  • 18. 18 (Unit: %)Q14. Please tell us why you don't have life insurance? (n=499) [LONG TEXT] Non-Buyers of Life Insurance Reasons for not having a life insurance – Indonesia (TOP 10) 19.2 13.2 12.0 11.2 5.6 5.6 3.8 3.6 2.6 2.4 0.0 20.0 40.0 Percentage lower 10% than total Percentage higher 10% than total N I don’t have the needs to use now Don't have any interest Don't have any plan to have life insurance Lack of fund I already have government insurance (BPJS) Don't understand about life insurance Don't have personal income Not yet found the appropriate product of insurance Plan to have life insurance I can't trust any insurance Total 499 19.2 13.2 12.0 11.2 5.6 5.6 3.8 3.6 2.6 2.4 BD - 01: Gender Male 261 20.7 12.6 11.9 10.7 6.1 6.1 3.4 2.7 1.9 2.3 Female 238 17.6 13.9 12.2 11.8 5.0 5.0 4.2 4.6 3.4 2.5 BD - 02: Age 20 - 29 years old 300 24.3 12.7 13.0 9.7 3.7 6.3 6.0 3.3 2.3 1.7 30 - 39 years old 154 9.7 14.9 11.0 14.9 9.1 5.8 0.6 2.6 3.2 3.9 40 years old and above 45 17.8 11.1 8.9 8.9 6.7 0.0 0.0 8.9 2.2 2.2 BD - 03: Marital Status Single 264 22.7 12.5 14.4 10.2 3.4 6.8 6.4 1.9 1.1 1.1 Married 235 15.3 14.0 9.4 12.3 8.1 4.3 0.9 5.5 4.3 3.8
  • 19. 19 (Unit: %)Q14. Please tell us why you don't have life insurance? (n=382) [LONG TEXT] Non-Buyers of Life Insurance Reasons for not having a life insurance – Vietnam (TOP 10) 32.2 30.4 12.3 5.0 4.7 4.7 2.1 1.6 1.6 1.3 0.0 20.0 40.0 N Not enough financial support I don’t have the needs to use now I don’t understand clearly about life insurance Not the right time to buy Not trustable enough I am using other types of insurance High cost Long payment period I don’t see any benefits Complicated adminstratio n process Total 382 32.2 30.4 12.3 5.0 4.7 4.7 2.1 1.6 1.6 1.3 BD - 01: Gender Male 193 25.9 33.7 13.0 5.7 4.1 2.6 2.1 2.1 2.1 1.0 Female 189 38.6 27.0 11.6 4.2 5.3 6.9 2.1 1.1 1.1 1.6 BD - 02: Age 20 - 29 years old 155 37.4 31.0 14.2 7.1 1.3 2.6 2.6 1.3 1.9 0.6 30 - 39 years old 126 31.0 31.7 11.9 3.2 6.3 4.8 1.6 2.4 0.0 0.8 40 years old and above 101 25.7 27.7 9.9 4.0 7.9 7.9 2.0 1.0 3.0 3.0 BD - 03: Marital Status Single 222 37.4 29.7 12.2 5.4 3.6 3.6 2.3 0.5 1.4 0.9 Married 160 25.0 31.3 12.5 4.4 6.3 6.3 1.9 3.1 1.9 1.9 Percentage lower 10% than total Percentage higher 10% than total
  • 20. 20 D. Detail findings 1. Ownership of Financial Products and Services 2. Attitudes between Buyers and Non-Buyers of Life insurance 3. Experience of Purchasing Life Insurance 4. Insurance Contracts Information 5. Switching and Considerations
  • 21. 77.2 53.3 49.8 25.5 23.9 19.3 10.0 10.0 8.5 7.7 0 20 40 60 80 100 AIA Thailand Thai Life Insurance Muang Thai Life Assurance Krungthai AXA Insurance Allianz Ayudhya CP Bangkok Insurance SCB Insurance Ocean Life Insurance Prudential Insurance FWD Life Insurance 85.1 55.4 49.5 26.7 23.8 22.8 19.8 8.9 6.9 5.9 0 20 40 60 80 100 Prudential AXA Mandiri Manulife Bumiputera 1912 Allianz Jiwasraya AIA Financial Sinarmas MSIG life Sequislife CIGNA 79.4 60.6 50.0 35.8 33.0 15.1 13.3 6.9 3.2 2.8 0 20 40 60 80 100 Prudential Bao Viet AIA Manulife Dai-ichi Life ACE Life Vietnam Bao Minh AAA Cathay Life Generali Vietnam 10 Awareness of life insurance companies – TOP 10 Indonesia (N=101)Thailand (N=259) Vietnam (N=218) (Unit: %)Q1. Please tell us what are life insurance companies that you know? [FA]  “AIA Thailand” has the strongest impression registered in the mind of the surveyed respondents in Thailand, followed by “Thai Life Insurance” and “Muang Thai Life Insurance”.  Among Indonesia’s respondents, “Prudential” leaves the most impression on consumers’ mind, followed by “AXA Mandiri” and “Manulife”. While in Vietnam, the chart shows the dominance of “Prudential”, “Bao Viet” and “AIA” in terms of insurance company awareness.
  • 22. 50.6 39.4 35.5 30.9 19.7 17.8 9.7 9.3 8.1 5.8 0 20 40 60 80 100 AIA Thailand Thai Life Insurance Muang Thai Life Assurance Krungthai AXA Insurance Allianz Ayudhya CP Bangkok Insurance Prudential Insurance SCB Insurance Ocean Life Insurance Thanachart Insurance 62.4 36.6 24.8 17.8 16.8 9.9 9.9 8.9 6.9 5.0 0 20 40 60 80 100 Prudential AXA Mandiri Manulife Bumiputera 1912 Allianz AIA Financial CIGNA Jiwasraya CAR Sun Life 71.1 58.7 33.5 29.8 25.2 10.6 3.7 3.2 1.8 1.4 0 20 40 60 80 100 Prudential Vietnam Bao Viet Nhan Tho AIA Manulife Dai-ichi Ace Life Cathay Vietcombank - Cardif PVI Sun life Prévoir 10 Life insurance company ever used (have contract) – TOP 10 (Total) Indonesia (N=101)Thailand (N=259) Vietnam (N=218) (Unit: %)Q2. Please tell us life insurance company that you ever use (have contract)? [MA]  People in Indonesia and Vietnam are most likely to have contract with “Prudential”: 62.4% and 71.1% of respondents in those countries respectively have a contract with “Prudential”.  On the other side, 50.6% respondents in Thailand mostly choose “AIA Thailand” insurance company.
  • 23. 45.5 30.3 32.3 25.3 18.2 19.2 6.1 8.1 7.1 1.0 53.8 45.0 37.5 34.4 20.6 16.9 11.9 10.0 8.8 8.8 0 20 40 60 80 100 AIA Thailand Thai Life Insurance Muang Thai Life Assurance Krungthai AXA Insurance Allianz Ayudhya CP Bangkok Insurance Prudential Insurance SCB Insurance Ocean Life Insurance Thanachart Insurance 61.1 36.1 25.0 8.3 11.1 2.8 11.1 8.3 11.1 0.0 63.1 36.9 24.6 23.1 20.0 13.8 9.2 9.2 4.6 7.7 0 20 40 60 80 100 Prudential AXA Mandiri Manulife Bumiputera 1912 Allianz AIA Financial CIGNA Jiwasraya CAR Sun Life 82.1 55.1 34.6 17.9 28.2 5.1 6.4 1.3 1.3 0.0 65.0 60.7 32.9 36.4 23.6 13.6 2.1 4.3 2.1 2.1 0 20 40 60 80 100 Prudential Vietnam Bao Viet Nhan Tho AIA Manulife Dai-ichi Ace Life Cathay Vietcombank - Cardif PVI Sun life Prévoir 10 Life insurance company ever used (have contract) – TOP 10 (By Marital Status) Indonesia (N=101)Thailand (N=259) Vietnam (N=218) (Unit: %)Q2. Please tell us life insurance company that you ever use (have contract)? [MA] Single Married
  • 24. 14.7 12.4 6.2 1.5 1.5 ประกันชีวิต เพื่อการสะสมทรัพย์ (Saving insurance) ประกันชีวิต ประกันอุบัติเหตุส่วนบุคคล (Personal accident insurance) ประกันชีวิต เพื่อหลักประกันของ ครอบครัว (Life insurance) ประกันชีวิต แบบบานาญ (Annuity insurance) ประกันชีวิต ประกันกลุ่ม(Group insurance) 10 (Unit: %)Q3. Please tell us what is the latest life insurance company that you purchased for their service? And what are the services that you selected? (n=259) [SA] Top 5 Services of each life insurance company purchased (THAILAND) The latest life insurance company purchased and the services selected AIAThailand 8.9 6.6 1.5 1.2 1.2 แผนเงินออมสาหรับอนาคต(Saving insurance) แผนประกันอุบัติเหตุส่วนบุคคล (Personal accident insurance) แผนประกันรายได้ครอบครัว (Family Insurance) แผนเงินออมเพื่อการเกษียณอายุ (Retired Insurance) แผนหลักประกันเพื่อทุนการศึกษา (Education Insurance) ThaiLifeInsurance 7.3 4.2 1.9 1.5 0.4 ออมทรัพย์ (Saving insurance) ประกันสุขภาพ (Health Insuarnce) ประกันอุบัตเหตุส่วนบุคคล (Personal accident insurance) หลักประกันของครอบครัว (Family Insurance) วางแผนหลังเกษียณ(Annuity insurance) MuangThaiLife 1.9 1.2 0.8 0.0 0.0 เพื่อการออมและการลงทุน (Saving insurance) เพื่อเป็นเงินได้ยามเกษียณ (Annuity insurance) เพื่อเป็นหลักประกันดูแลครอบคร
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