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Published on December 12, 2007

Although not entirely unexpected, the move signals more changes at the usually reclusive leading life insurer.

"Thai Ocean Insurance has a long established history and a strong brand that has created a bond among its customers and stakeholders," said new managing director Dayana Bunnag. "Although its governance is strong, organisation-wise, the company needs to foster and strengthen a knowledge-based management system."

The former managing director of Kasikorn Asset Management will also bring with her financial products, information technology and marketing acumen.

Ocean Life's 14,000-strong agent network, which has a stronghold in nearly every village throughout the country, will be tapped to distribute more innovative products.

Besides upgrading its workforce, IT database and networks, new channels must also be exploited. Dayana said the company was looking at bancassurance and worksite marketing. But the primary goal is still to protect its lower-income, rural customer base, under threat from heavyweight competitors, notably American International Assurance Thailand.

With offers of collaboration or even a total buyout from domestic and international parties, Keerati, still company chairman, does not rule out partnerships as long as they can add value. He does not rule out a possible IPO but believes now is not the right time. "There will be no news of tripling growth," he said.

Ocean Life's Bt40-billion portfolio, largely comprised of bonds and corporate and real estate loans, has a healthy annual yield of 7 per cent, while the return for customers is at 5 per cent.

Ki Nan Tsui

 The Nation