Thanachart Insurance has unveiled its business results for 2018 which showcase a net profit of 1,042 million baht and gross written premiums of 7,987 million baht, an increase of 6.4% year on year. To support its future business growth, the company has increased its registered capital to 4,930 million baht – the highest figure in the non-life insurance industry. In 2019, the company is fully prepared to continuously expand its business through customer segmentation designed to meet clients’ various needs, the introduction of service innovations to create an impressive customer experience and by elevating service efficiency for maximum convenience.
Mr. Perapart Meksingvee, Managing Director, Thanachart Insurance Public Company Limited, said: “Thanks to its commitment to developing a variety of products to meet the different needs of customers and to elevating service quality, Thanachart Insurance is well trusted by its clients as evidenced by over 1.5 million insurance policies. Service satisfaction is ranked at 86% and has contributed to the company’s success. In 2018, the company received gross written premiums of 7,987 million baht, an increase of 6.4% year on year, and a net profit of 1,042 million baht.
To support its future business expansion and growth in 2019, the company has increased its authorized capital to 4,930 million baht. The company’s capital adequacy ratio is 807%, which is higher than the standard set by the Office of Insurance Commiss ion of 140%. The robust registered capital will allow Thanachart Insurance to achieve business growth through four effective strategies, namely Customer Segmentation to meet different customer demands, Service Innovation, Distribution Expansion and Business Partnership with strong alliances, which cover the development of products and services as well as expansion of business opportunities and innovative perspectives in 2019.”
Customer Segmentation is key strategy on Product Development. Thanachart Insurance has continued to offer a wide range of products this year. They include the launch of the ‘Happy PA (Personal Accident) Collection,’ which caters to different occupation categories. One of them is "PA Chu Cheep" which targeting the freelancers. Another expanded product is Home Insurance, which now covers damages to consumers’ house as well as House Interiors such as Electrical Items and Furniture. Customization comes as standard with ‘Motor Insurance Thanachart 2+’ ranging from ‘Thanachart 2+’ specialized for consumers aged 39 and older plus various packages designed to fit with each segment of the insure. The new packages in the Health Insurance category are available for both Health Insurance Lump Sum plan and Critical illness plan.
Thanachart Insurance has taken steps to enhance its service innovations in a move that aligns with the modern consumers’ preference for the digital lifestyle. The debut of ‘Car Accident Report via Thanachart Insurance Line Official Account’ is the first-of-its-kind within the insurance industry, offering greater convenience and accelerating onsite claims and appraisal assistance. The company will roll out a lineup of comprehensive services through its Line Official Account during the coming year. Other technological innovations to raise the bar of the consumer experience include ‘E-document’; converting all the documents into electronic media and smart AI (Artificial Intelligence) that comes into play in automating claims for vehicles, providing customers with precision and faster processing. The adoption of a well-managed.
Enterprise Database has served to strengthen the company’s use of customers’ data in a safe and efficient way to further leverage and optimize product development that responds to consumers’ priorities and preferences.
This year, Thanachart Insurance aims to provide greater accessibility and attract new customers from various segments as it moves forward with distribution expansion and business partnerships that go beyond expertise and customer experience. The partnership with emerging local startups, namely Drivemate, an online car rental platform; Digital Butler, a platform for home and condominium management; and TripBuddy, a platform that functions as a personal assistant to travelers, reflects the passion for and commitment to using technology and innovations to develop new consumer-driven products and services, fulfilling consumer preferences and needs in efficient and convenient ways.
