TQM Insurance Broker set for CLMV next year

“Cambodia and Laos are the first priority for our business expansion in 2018,” company president Dr Unchalin Punnips said at a press conference yesterday.
He added that the company’s holding firm, TQM Corporate Co, had delayed its plan to raise capital from the Stock Exchange of Thailand from this year until 2018, as the capital market is still facing risks from the country’s sluggish economy and unpredictable factors in the global economy.
However, the company targets growth of 7.3 per cent this year from new premium income of Bt10.2 billion, up from Bt9.5 billion last year, thanks partly to the influence of digital channels such as Facebook, Line and its website. Up to 65 per cent of its customers are renewal clients, and the rest new customers. Some 70 per cent of its customers have auto-insurance policies, 23 per cent non-auto coverage, and 7 per cent life insurance.
Unchalin said the firm’s website got about 400,000 visits a month, with 1 per cent of those visitors deciding to buy an insurance policy.
Although the number of sales from digital exposure is still lower than through traditional channels such as telemarketing – which accounts for 70 per cent – face to face, TV direct sales, and corporate accounts, there are signs of strong growth in the digital channel. As a result, the company is allocating half of this year’s Bt100-million marketing budget to digital, he said.