Thanachart aims for top 10
Thanachart Insurance has joined forces with Transamerica Direct Marketing Asia Pacific to boost its telemarketing services as part of its plan to move into the industry's top 10 next year.
Following 50-per-cent growth in 2005, the company jumped from 26th to 18th on the Thai market, which has 75 players.The insurer is seeking to achieve at least Bt100 million in direct premiums through telemarketing next year, with the help of Thanachart Group's 700,000-strong customer database. According to the Insurance Department's records at the end of 2005, the insurer moved up to No 10 in terms of market share in motor insurance with a 2.3-per-cent share worth Bt1.21 billion. The growth in motor insurance was mainly a result of the strong growth of Thanachart Bank, the largest auto-loan provider. The bank's 30-per-cent share of the auto-loans market is valued at Bt40 billion and it expects this figure to reach Bt100 billion by the end of the year. Following its direct marketing campaign, the insurer is looking to boost its total premiums to Bt2.3 billion from the Bt1.5 billion achieved in 2005. Managing director Nophadon Ruengchinda said cooperating with Transamerica was only a strategic alliance to expand its business. The company has no plans to take on a partner. Transamerica is a member of the Aegon Group, which ranks among the world's top 10 insurance business conglomerates. The Nation
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