ThaiSri Insurance to cash in on demand in border provinces
ThaiSri Insurance will expand its customer base in border provinces, where business is brisk, via partners including the Thai Chamber of Commerce.
The company will also set up more offices for agents in border provinces, including those with special economic development zones.
This month it will open an agency in Tak’s Mae Sot district to ride the logistics route from Thailand to Myanmar, Natee Panichewa, chief executive officer, said yesterday.
It already has offices in Chiang Rai, Udon Thani and Nong Khai.
The company will offer an insurance policy called AEC Easy Carrier’s Plus to tap transport and logistics companies.
The coverage will expand to those companies operating transport services in Laos, Myanmar, Vietnam and China.
Premiums start at Bt4,000 for coverage of Bt100,000.
The company projects premium income of Bt200 million from AEC Easy Carrier’s Plus in the first year.
Premium income from this product should grow in line with the uptrend in transport activities in Asean.
The Asean transport market is expected to boom to Bt60 billion next year from the expected Bt40 billion this year.
For personal lines, the company will expand via the bancassurance channel. Its partners include Kiatnakin Bank and Siam Commercial Bank, which are suitable for its new bike-insurance product called Easy Bike.
The company targets total premium income to forge ahead by 10 per cent to Bt2.3 billion next year, as the motor-insurance business is expected to improve in line with auto sales and the economy.
Premium income from motor insurance should increase to 60 per cent of the total next year from 53 per cent this year.
The company will try to leverage innovation with new insurance products to deal with the lifestyles of consumers.
