Tuesday, August 04, 2020

Insurance broker TQM set for full digitalisation

Mar 18. 2019
TQM president Unchalin, left, and chief executive officer Napassanun at the press briefing in Yangon on Sunday.
TQM president Unchalin, left, and chief executive officer Napassanun at the press briefing in Yangon on Sunday.
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THAI INSURANCE broker TQM Corporation Plc is launching eight projects this year as part of its digitalisation strategy to increase its efficiency in serving customers.

“We will make our company go fully digital to improve our sales and service channels under the ‘TQM Digital’ strategy to be the leader in the online insurance market,” TQM president Unchalin Punnipa said at a press conference yesterday.

Under the strategy, eight projects will be launched: Big Data, product segmentation, life insurance platform, non-motor insurance platform, affiliate/strategic partner, use of technology to promote sales volume and cost reduction, financial broker and Line Chatbot/AI/Chat Centre.

TQM expects all the projects to be completed by this year, he added.

The firm has just launched Chat Centre, an inclusive platform where all the company’s online communication channels – website, Twitter, Facebook and Instagram – are integrated to provide our clients 24 hours daily service, Unchalin said.

Through the Chat Centre, customers can buy all types of insurance products and make insurance claims. 

The firm earlier introduced a real-time Chatbot feature through its Line official account “TQM Insurance Broker” for sales and after-sales, operational 24 hours a day. Unchalin said the move had been successful and currently there are 20 million users in Line’s official account. 

Among the digital projects, Big Data is important, as it will help us to define customer needs, deliver targeted messages and boost business efficiency, TQM chief executive officer Napassanun Punnipa said.

“We use Chatbot engine to communicate with them and we are using Machine Learning for getting data and learning human language and behaviour better, she added. 

“If we offer what the customers really need or exactly what they want, they will use our service because they will feel it’s worth the money,” said Napassanun.

Over the last four years, the company has invested Bt200 million in digital technology, including AI, Big Data and Cloud Server, Unchalin added. 

The firm’s sales revenue amounted to Bt5 million when it started in 1996 but now total sales volume has risen to Bt11 billion with 1.5 million clients. Since the firm started to invest in digital in 2015, sales volume jumped from Bt8.9 billion to Bt11 billion, he said.

Napassanun said that in a mobile-first era, TQM needed to employ more technologies to boost its sales and services.

Employing more technologies can help TQM to manage their cost as well, she added.

Currently, the firm has around 4,000 staff working for customer services and it has no plan to hire more human workforce.

“We will use technologies to help drive sales volume to Bt15 billion without employing more people. This is what we call efficiency [in terms of management],” said Napassanun.

However, she said human beings were still needed, so the company will also arrange a stand-by workforce along with the Chatbot 24 hours as well. 

“Technology is a tool to facilitate convenience. If we are worried that it could disrupt or make human workforce redundant, we will fail to catch up with trends,” said Unchalin.

So, we need to learn how to live with it and use it as a tool to help us to improve customer experiences, he added.

Founded as a family business 60 years ago, TQM Insurance Broker has become the market leader who offers car, life, personal-accident, health, travel and property insurance. 


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