Thai Life Insurance sees steady growth, vows to upgrade its agents
Thai Life Insurance is upgrading the skills of its agents as part of a business remodeling programme that aims to provide better services to customers.
Angkoon Srikanayanabuth, the company’s senior executive vice president and chief marketing officer, said the focus is on adjusting the mindsets of its personnel to help them become life partners of the insured and accompany them at every stage of their lives.
Thai Life Insurance has identified four levels of training based on agents’ skills, qualifications and performance. These are: Life Partner (LP), which delivers a life insurance agent license on completion of the (LP) course; Life Partner Prime (LPP) for executive agents who enrol in the Life Partner course; Financial Partner (FP) for executive agents and above who must be registered as Universal Life insurance sellers; and Financial Partner Prime for executive agent and above who have an IC license to sell Unit Linked products in addition to having a life insurance agent license.
Each group of agents will be trained based on the company's standardized curricula for the above courses and must also complete other relevant training in marketing and after-sales service. The aim is to produce knowledgeable and well-rounded agents able to define and respond to customers’ needs.
"Our sale agents must be fully versed in life assurance, health insurance, savings, investment, tax and also have knowledge about health. They also need to have good technological skill to provide more convenient and faster sales and what we call a ‘spirit skill’, which encompasses service mindedness and spiritual car. This will make Thai Life Insurance’s agents stand out from those of other companies,” Angkoon added.
With this in mind, the company has introduced the “Yes Club” project for new agents and is holding annual strategic seminars to allow agents to better understand customers and add value to the insured.
Sawat Naruvorawong, senior executive vice president and chief life operation officer, revealed that in the period January to May 2019, the company earned first-year premiums of Bt5.98 billion, renewed premiums worth Bt24.62 billion, sold one-time premiums of Bt4.001 billion, bringing the total premiums to Bt34.60 billion, a 6-per-cent increase over the same period last year.
He noted that the life insurance business trend in the second half of 2019 would continue to be affected by the economic slowdown, both domestic and international, as well as impact of political instability. Domestic purchasing power was likely to decrease especially among farmers or those with a regular income. Notwithstanding, life insurance for the entire year was expected to grow by 5 per cent.
"In the second half of this year, the company aims to expand its customer base, in particular among High Net Worth individuals while also developing its Life Solutions programme and the recruitment of new agents.
In terms of operational goals. the company expects a first-year premium of Bt19 billion, up 15 per cent, with Bt13 billion coming through the agent channel at Bt6 billion through the non-agent channel," Sawat said.
