SMK Insurance girding up for single market
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Syn Mun Kong Insurance (SMK) will seek partners to expand its insurance business in neighbouring countries after the establishment of the Asean Economic Community.
Rueangdet Dusadisuraphot, chairman of the executive board and managing director, said yesterday the company had been preparing for the AEC for a long time. Even though its investment study of the AEC is yet to be finalised, an initial solution will be partner cooperation.
He said the platform for investment in neighbouring countries varies, however, the company needs partners because each country has different regulations.
Even as the company conducts feasibility studies, it continues to develop innovative products and an improved information-technology system because the growth of insurance business cannot rely merely on premiums.
The company recently invested Bt7 million to improve technology for auto insurance claims – what it calls an SMK speed application – in order to facilitate the quick service to customers who use smart phones.
The new service will help the company reduce its compensation payment process by 25 per cent, he said, adding that the priority of IT improvement was to make the service impressive to customers and help boost premiums.
He said that the company planned to increase its number of garage partners from 300 garages now to 340 by the end of this year – sufficient to cover its 500,000-vehicle base.
In the first five months, the company had total premiums of Bt3.3 billion, a rise of 16-17 per cent from the end of last year.
He said the company had maintained a premium target of Bt8 billion this year, and the growth of premiums in the first five months was higher than expected.
He added that the company has also maintained its investment portfolio after achieving a return on investment rate of 4.5 per cent.
