THURSDAY, March 28, 2024
nationthailand

Thai Life Insurance buoyed by study results

Thai Life Insurance buoyed by study results

THAI LIFE Insurance is pleased with the results of research finding that its brand is viewed positively by Thai consumers.

Company president Chai Chaiyawan said Intage (Thailand) had conducted a study on Thai Life’s image through both qualitative and quantitative research involving 4,000 consumers, 1,000 in Bangkok and the rest upcountry. Of the total, 1,500 respondents held life-insurance policies, 500 did not, and 2,000 were a random sample. 
The research found that consumers had good feelings about the Thai Life brand. The satisfaction index was 2.2, higher than the average of 1.94 for the overall life-insurance industry. 
Consumers saw the Thai Life brand as solid and distinctive. It was seen as a leader in terms of product innovation, interesting and memorable TV commercials, and providing clear information about its products. Its agents are knowledgeable enough to point consumers towards insurance policies that meet their needs. As well, it offers convenient payment channels. 
Thai Life Insurance earned a very high score in the brand-awareness category. Consumers think of Thai Life first as a brand with high standards and innovative products and services. 
 
Reputation and stability valued
In addition, a highlight of the brand is its television commercials, which are creative and have impressive content. 
The findings indicated that Thai Life Insurance is a brand that ensures a high level of satisfaction in terms of both products and outstanding, fast service, particularly in settling claims. 
Non-clients were impressed with its TV commercials, saying that if they decided to buy life insurance, Thai Life would be a top brand as they consider their choices.
The study found that among the criteria for deciding to buy life insurance, the reputation and stability of a brand ranked 26 per cent, the hospital network, the clients have not to reserve the money when they get the medical benefits worth 11%, the claim process 8 per cent, and fast service 8 per cent. Uncomplicated policy conditions ranked 6 per cent and the rest is for a reason of the other side.
“At the same time, the research also found that the agent channel is still the main one that consumers choose when buying life insurance, with an 81-per-cent proportion, because it is reliable, is easy to access, and they can choose a policy that meets their requirements,” Chai said. “And when a problem occurs, the client can contact an agent directly. 
This preference is followed by bancassurance at 16 per cent and telesales at 5 per cent, he said.
The research found that convenience and speed of dealing with claims were the main factors defining service excellence. 
 
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