Allianz Ayudhya eyes high growth,leadership in protection insurance

The company’s senior management, including president and chief executive officer Bryan Smith, shared their strategies at a media briefing yesterday, including the "blue house" sales strategy, which they explained would enable the company to achieve its goal of becoming the leader in the Thai protection-insurance market.

Smith said the company would focus on all distribution channels to sustain growth.

This year, the company targets growth of 13 per cent in first-year premiums, 9 per cent in gross written premiums, and protection-product expansion of 29 per cent in terms of business volume.

"In Thailand, the company sees a huge protection gap, and Thai people still need more health and life protection. When considering the higher cost of medical treatment, combined with an ageing society, the company realises this need and focuses on developing innovative products and providing protection to policyholders," said the company chief.

As to this year, Allianz Ayudhya continues to focus on every aspect of its business operations for sustainable growth, and for achieving the goal of leadership in protection in Thailand, he said.

Sure of target

With strong distribution channels, combined with the best people who deliver service excellence and innovative products to customers, plus strong support from agent and business partners, the company is confident it can achieve all its targets for the year, he added.

Sharon Tan, chief product provider officer, said the company had been developing its business in innovative protection products for the past couple of years.

Its protection policies have showed impressive growth, with the agency protection-business share increasing from 21 per cent of annualised new premium in 2013 to 27 per cent last year, she said.

Vithaya Charnpanich, the insurer’s chief agency officer, told the media that agency distribution would play a key role in driving the company to be a leader in protection plans.

The company trained its agents not only to be professional, but also to be service-minded, he added. Penroong Suwannakudt, chief human-resources officer, said the company would like to become the "employer of choice" in the insurance sector.

Having the best people with the right ability and mentality can be regarded as a key driver for long-term success, she said.

"The company will therefore focus on three main human-resources strategies: attracting young and energetic people; creating engagement, in which we already have proven success by being ranked No 1 in the ‘Allianz Engagement Survey’; and developing staff to be service-minded and open for limitless development," she said.