"Our agency force has done a very good job," said president and CEO James Lowell Brown. "However, it's important to increase brand awareness to make people feel trust in our company. We want the Thais to feel that ING Life is the best life insurer here, which provides the best for customers, employees and partners and is responsible for the country as one of its citizens."

ING Life has received Bt2.6 billion in total premiums, with Bt935 million of that generated from new business. It expects to reach Bt1.3 billion in FYPs by the end of the year. To support its business expansion, ING Life has Bt500 million in the pipeline to inject into its registered capital each year until 2010.

Thai Life Assurance Association data show the entire industry posted FYP growth of 4.8 per cent in the first nine months of the year, down from 9.48 per cent in the same period last year. The industry's total premiums marked growth of 3.6 per cent, compared with 10.64 per cent in the same period last year.

Although ING Life emerged as the best performer among the 12 new life insurers founded shortly after the Asian economic crisis in 1997, its total premiums are far behind the big players that entered into the life insurance business decades earlier.

Brown said the agency's workforce had been the main support for the company's continuous growth in major cities, where the middle and upper classes comprise most of its customers. However, in order to penetrate deeper into the market, the firm has come to realise the need to broaden its brand awareness among the general public. ING Life Thailand will respond to its global headquarters' policy of local activities supporting ING sponsorships of the Renault Formula-1 (F1) racing team and the Asian Football Confederation (AFC) Champions League.

Last month, Dutch financial institution the ING Group announced a three-year title-sponsorship deal with reigning F1 champion Renault. It will take over from cigarette brand Mild Seven and enter F1 at the beginning of the 2007 championship. Financial details of the agreement have not been disclosed.

Brown added that locally, ING Life would continue its commercial advertisements and encourage the public to learn more about ING through senior executive vice president Somphot Keitkraivalsiri, who will participate in a series of television interviews.

Piyarat Setthasiriphaiboon

The Nation