Thanachart Insurance woos cyber-buyers
Thanachart Insurance yesterday launched a corporate website to catch the trend of cyber-shopping, hoping to drive its online business from 2-3 per cent of total premium income to 10 per cent in three years.
Peerapart Meksingvee, managing director of the non-life insurance subsidiary of Thanachart Bank, said yesterday that premiums from the online distribution channel trailed far behind bancassurance and agencies, which each contributing 30 per cent, telesales at 20 per cent and auto dealers at 15 per cent.
With the lifestyles of Thai consumers changing and the role of e-business becoming more important, the Web presence will become another main channel in attracting customers.
The company seriously developed its online channel last year via www.thanachartinsurance.co.th and added five motor and non-motor products to it.
About 70 per cent of online premiums are for car insurance and 30 per cent for other types led by personal accident policies.
According to a survey by the company, about 70 per cent of insurance shoppers will search for products and compare policies that suit their lifestyle before making a purchase decision.
"The figure is important for us in developing products and features through the online channel," Peerapart said.
The website now offers 16 products. The focus is on simple products to help customers make decisions easily.
The prices are similar to other channels but what customers will get are higher protection and greater coverage, as the online channel has lower costs than other channels, he said.
The company hopes that website visitors will double from 400,000 to 730,000 and actual transactions will also double this year.
"Last year, we sold 50,000 policies online, generating premiums of Bt100 million. We hope premiums from the online channel this year will go to Bt200 million," he said.
The company could not give details about premiums last year. It will release its 2014 results and 2015 guidance next month.
