DirectAsia (Thailand) banks on brand

It has set an ambitious target of Bt5 billion by that year, from 500,000 policies, compared with Bt140 million of premium income from 14,000 policies last year, said CEO Edip Okur.
The company will build awareness of its brand upcountry and plans to offer additional products to the motor insurance it sells now, he said. Last year it was in the top 15 in terms of awareness among 52 motor-insurance brands.
The company plans to be in the top 10 in motor-insurance brand awareness this year, he said.
By 2020, Falcon Insurance will still be the company’s partner, even if DirectAsia wants to expand beyond motor insurance. However, the priority of the online brokering business right now is motor insurance, Okur said.
“Thailand is regarded as a key market for DirectAsia and we are investing strongly in services, human resources and branding.”
DirectAsia entered the Thai market in 2014 as an online broker. The company is part of the DirectAsia Group founded in Singapore in 2010.
After gaining a strong presence in Thailand, DirectAsia may consider expanding into other countries in the region, Okur said.
In its first year of operating in Thailand, the company received 106,000 calls and 140,000 price quotes were given to offline and online customers.
Most callers were aged between 25 and 55 years, he said.
In 2016, the company aims |to renew 11,000 policies and acquire 25,000 policies as new business.
Safe drivers are still its targeted customers but the company is also conducting a study on expanding to other types of vehicle insurance to accelerate premium growth, Okur said.