Thailand has fully entered an aging society. Retirees must prepare enough money for living expenses, but if funds fall short, their children—often Gen Y—may need to provide care. Yet, Gen Y individuals who are establishing careers and families face many expenses, including children’s needs and self-development for work. If anything happens, this "burden-bearing" group’s lives could easily be disrupted.
Nusara (Assakul) Banyatpiyapoj, Chief Executive Officer and Managing Director of Thai Samut Life Insurance Public Company Limited. She explained that Thailand has over 3.4 million Sandwich Generation households (often called "the burden bearers"), aged 31-50, who are the family’s main support. They must cover household expenses, car costs, children’s tuition, parents’ medical bills, and overall family life plans.
However, this group may neglect self-care. Most are Gen Y, and Thai statistics show 33.9% suffer from non-communicable diseases (NCDs), higher than the national average of about 23%. Additionally, over one in four have mental health problems.
During family-building years, reducing “worries” to fully spend time with oneself and loved ones is important. Therefore, the company designs diverse insurance products that are simple and straightforward, with improved service. They acknowledge that nowadays products across companies may be similar, but service is what will be adapted to meet changing customer behavior.
Importantly, the company focuses on higher-quality underwriting to maintain renewal rates and ensure customers can afford premiums without strain. This is achieved by expanding a team of younger consultants and using AI to enhance company and agent efficiency, including applying AI for predictive modeling and emphasizing development of digital skills.
“People now understand life insurance is necessary, but the challenge is making it simple and affordable, with trust in the insurer. Recently, we have started increasing awareness of Thai Samut on TikTok,” Nusara said.
Currently, the company has a customer base of 1.6 million policies and total assets of 105,273 million baht. In the first half of the year, renewal premiums may not be very strong due to adjustments, but first-year premiums and group insurance have grown.
The aging society presents both opportunities and risks. Rising medical costs increase interest in insurance, but claims may rise due to new emerging diseases. Thus, risks previously calculated may be much higher, prompting the company to manage them carefully. The goal is to keep premiums affordable and control unnecessary medical expenses.
Overall, the main sales channel that continues to grow well is agents, followed by bancassurance. Digital channels are growing rapidly but still make up less than 1% of total premiums. This is a time to study consumer behavior more deeply; for example, customers may consult online but still purchase through agents because they need understanding to choose insurance that fits their life needs.
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