Thai Setakij Insurance has partnered with online event ticket platform Thai Ticket Major to offer embedded ticket protection insurance, providing customers with refunds if they are unable to attend events.
The insurance protection provides consumers added security when buying tickets online, as the cost of the ticket will be refunded in case the ticket purchaser fails to attend the event due to any unforeseen reason. As online transactions increase, embedded insurance is emerging as a significant growth area in Thailand and its success hugely depends on strong partnerships and IT integration.
The company expects embedded insurance to expand beyond event tickets to other sectors like motor and travel insurance, where insurance cover is offered alongside airline ticket purchases.