Krungthai-AXA reshuffles top management for stronger distribution, eyes second place
Krungthai-AXA Life Insurance has restructured its senior management to strengthen its distribution capabilities and prepare for future strategic challenges.
David Korunic, chief executive officer, said the company currently ranked third in the Thai life-insurance industry in terms of new-business premiums and fifth in income from policies already in force.
He said the company has seen exceptional growth over the past eight years, and 10 years ago, its rank was at eighth.
Krungthai-AXA wants to move into second place by next year, and to prepare for this challenge, it has restructured its distribution management.
Poramasiri Manolamai, who was chief bancassurance officer, will become deputy chief distribution officer. Sutat Larpkiattawan, former chief corporation officer, will be chief bancassurance officer, and Wanee Duangchalomnin has been promoted to chief corporate solution |officer.
Roger Deacon, chief distribution officer, said Poramasiri had many years of experience in bancassurance, which meant she could help improve the firm’s distribution channels, especially digital revolution projects.
He added that Poramasiri was expected to be his successor when he retires.
The company yesterday reported its 2014 financial performance. Gross written premiums grew by 29 per cent to Bt48.9 billion and first-year premiums were Bt15.5 billion, also an increase of 29 per cent year on year.
Deacon said bancassurance continued to make a healthy contribution to the company thanks to Krungthai Bank branches nationwide.
Bancassurance accounts for 59 per cent of its income, with first-year premiums last year from this channel surging by 41 per cent, accounting for Bt9.2 billion. First-year premiums from the agency channel, which accounts for 40 per cent, grew by 13 per cent year on year to Bt6.1 billion.
The company will recruit 3,000 new agents for a total of 15,000, and new-business premiums from the agency channel this year will account for 43-44 per cent and bancassurance 55 per cent.Krungthai-AXA will focus more on health and protection policies in order to be the market leader by 2020. This kind of policy will ensure sustainable growth, the executives believe.
