Thanachart plans to push insurance branches into the top three
Thanachart Bank wants to speed up the growth of its insurance business by adding more services and working closely among |its bank branches, customers |and partners in an attempt to reach the top three within three years.
In terms of premiums, Thanachart Insurance ranks eighth and Thanachart Life Assurance 10th.
Thanachart Bank, which entered the insurance industry 10 years ago, has accelerated the growth of premiums inorganically from its merger with Siam City Bank last year.
Even though the network of branches is a key driver of premiums, Thanachart Bank has recognised that the insurance business can maximise potential if it has a back-up team to reinforce day-to-day operations.
The bank has made executive vice president Nophadon Ruengchinda its new executive in charge of its insurance subsidiaries to fulfil the goal. He serves as managing director of Thanachart Life Assurance and vice president of Thanachart Insurance. He was managing director of Thanachart Insurance before the merger of Thanachart Bank and Siam City Bank.
Nophadon said he was assigned to help strengthen services to enhance customer satisfaction. Coordination among bank branches, insurance companies, and partners such as brokers and auto garages must be smooth as well, he said.
The bank wants its insurance subsidiaries to be in the top three within three years, he said.
“Pricing remains the strategy |of this industry, but we want to |differentiate our services, and |this should not rely on day-to-day operational staff. We should |have an additional team to help them and set a ‘war room’ to assist customers when they have accidents.”
He said he would help plan insurance products with the right timing to prevent competition in the Thanachart Group.
“When interest rates rise, bank deposits might be more attractive than savings insurance, so my responsibility is to allocate insurance products that benefit both Thanachart Bank and its insurance companies.
“Thanachart Bank is a retail bank, so insurance sales will come along with lending, such as auto insurance for hire-purchase and mortgage-reducing term assurance for housing loans,” he said.
Thanachart Insurance this |year projects premiums from |non-life insurance of Bt5.77 |billion and from life insurance of Bt9 billion.
