Aiming for sustained growth, Thai Life Insurance has announced a plan for 2019 based on a reinvention of its business model.
The company will evolve and transform its corporate culture, says Chai Chaiyawan, president of Thai Life Insurance Public Co Ltd.
The new business model will focus on protecting customers from illness
in order to reduce the burden of continuously increasing medical costs. Through promoting the customer’s good health, along with financial planning and investing in themselves and their families, the new approach aims to ensure a healthy customer, living a great and long life, enjoying happiness and wealth for the rest of their life.
The company’s Life Innovation approach will fit with its Life Solutions approach to meet the needs of sophisticated customers, he said, particularly focusing on the demand for life insurance products that provide solutions throughout all stages of the customer’s life and are customer centric.
During 2018, Thai Life Insurance had first-year premiums from January to November at Bt13.7 billion, growing by 7 per cent, while life insurance business growth decreased by 10 per cent.
Single premiums amounted to Bt7.7 billion, growing by 11 per cent, while renewal premiums were at Bt54 billion, a persistency rate of 83 per cent. Total premiums were recorded at Bt75.6 billion, growing by 4 per cent.
The company has set the 2019 goal for first-year premiums at Bt19 billion or 5 per cent growth, with agents channels at Bt13 billion and non-agent channels at Bt6 billion.