Rabbit Care keen on Southeast Asia
Rabbit Care, Thailand’s leading online insurance broker, is venturing into two new countries — Vietnam and Indonesia — as part of its Southeast Asia expansion strategy.
Thomas Maier, chief operating and chief marketing officer, said the company posted significant growth last year, with more than 324,000 individuals applying for credit cards via the company, up 42% from 2022.
Data from bank and financial institution partners indicate the majority of credit card spending was for supermarkets, insurance, gas stations, restaurants, transport and fashion, reflecting evolving consumer preferences and spending habits.
He said Rabbit Care cemented its position as the most comprehensive platform for online insurance and financial products in Thailand, attributed to its extensive range of more than 40 bank cards and promotions offered by eight bank and financial institution partners.
The company simplified the process of comparing and compiling credit card offerings, ensuring a tailored match for each consumer’s needs, said Mr Maier.
Rabbit Care is now launching marketing campaigns that target Vietnam and Indonesia.
These countries are key consumer markets, characterised by continuous increases in use of credit cards and financial products, with impressive growth in the fintech segment, he said.
“We developed a strategic partnership with a leading financial product service provider in Indonesia,” said Mr Maier.
“Through this collaboration, users acquired by Rabbit Care saw their approval chances increase threefold compared with previous campaigns conducted by the partner.
“This substantial improvement not only resulted in reduced acquisition costs, but also attracted a significant influx of new customers for our partner, reinforcing Rabbit Care’s position as an emerging player in Indonesia’s financial services landscape.”
In Thailand, the company reported a dynamic shift in consumer behaviour and spending patterns in 2024, driven by the economic recovery and higher consumer purchasing power.
The first trend is maximising credit card features and benefits with every purchase, tailored to individual needs and lifestyles.
These include point redemption campaigns, cashback offers, 0% instalment programmes and co-branded credit cards that are collaborations between financial institutions and merchants, all competing to offer exclusive benefits.
Heightened concern over personal data security and an uptick in data theft incidents have led banks and financial institutions to innovate more secure and privacy-centric solutions, he said.
Such advancements aim to bolster consumer confidence in their financial transactions.
According to Mr Maier, biometric innovation includes a credit card with a built-in fingerprint sensor that can be used worldwide.
This innovative feature helps to make the card more secure, enhancing transparency and privacy in transactions, he said.
Another trend is the buy now, pay later (BNPL) option, which is preferred among younger shoppers, allowing them to acquire high-value items through instalment payments, often featuring interest-free promotions.
This trend is prevalent in online sales of products such as gadgets, household appliances and furniture, said Mr Maier.
“The flexibility and affordability offered by BNPL options resonate strongly with younger consumers, driving significant shifts in online shopping behaviour and reshaping the dynamics of e-commerce,” he said.
To meet growing demand for instalment payment options, Rabbit Care established Rabbit Care Lending and introduced the BNPL service in April 2023.
The service allows customers to spread their insurance premium payments over 10 months, aligning with their financial preferences and needs.
Since its inception, the service has recorded consistent growth in user adoption.
More than 20% of all car insurance buyers opt for the cash instalment payment scheme each month, said Mr Maier.