Viriyah Insurance reveals its strategy for the year 2022 highlighting “Data-driven Innovation: Standing by your side with complete understanding and in-depth knowledge of all your risks”
The Viriyah Insurance announced its 2022 roadmap with the concept of “Data-driven Innovation: Standing by your side with complete understanding and in-depth knowledge of all your risks”. Maintaining its prestigious status as the number one non-life insurer, the company continually introduces state-of-the-art products and service with top-notch protection service in mind.
As for this year’s motor insurance strategy, new products will be launched to meet the individual needs of customers in each region with various conditions and premiums. The company opts for personalized marketing when it comes to health insurance, offering products which respond to every unique demand. The past year’s objective was achieved with a gross earned premium of 38.8 billion Baht which contributed to a 1.56% growth. The company’s financial position remains strong with 77.5 billion Baht in total assets and a liquid asset ratio of 600.51%. A capital fund of approximately 41.4 billion Baht not only covered all COVID-19 claims that must be paid but also every one of the COVID-19 insurance policy issued by the company.
Mr. Amorn Thongthew, Director and Deputy Managing Director of The Viriyah Insurance Public Company Limited, admitted that, in 2021, most of non-life insurance companies had to face a critical issue of the Coronavirus crisis that continued into its second year. The Viriyah Insurance, with many years of competent management and continuous development of technology, managed to overcome this dilemma with strength and stability. As can be seen from the trust of the insured, The Viriyah Insurance continues to be the leader with the largest market share in the non-life insurance business for the 30th consecutive year. In 2021, the company gained a gross earned premium of 38.8 billion Baht, a growth rate of 1.56%, including the motor insurance premium of 33.4 billion Baht and non-motor insurance premium of 5.4 billion Baht, as well as a net profit of approximately 500 million Baht.
At the end of 2021, the company had total assets of 77.5 billion Baht and a liquid asset ratio of 600.51%, with a capital fund of approximately 41.4 billion Baht, while the capital adequacy ratio was 170% higher than the standard set by the OIC.
Mr. Amorn further revealed that the pandemic situation was likely to be more severe, that was why The Viriyah Insurance constantly evaluated and controlled both potential risks and even the worst possible ones. As a result, the company had enough liquid assets and capital to pay all COVID-19 insurance claims. This was all thanks to the company’s business philosophy: “Fairness is Our Policy”.
Regarding the 2022 action plan, The Viriyah Insurance will implement the strategy of “Data-Driven Innovation: Standing by your side with complete understanding and in-depth knowledge of all your risks.”, a concept developed by the company's management team. The team recognized how people's lifestyle had dramatically changed during these past two years of the coronavirus outbreak. Thailand’s economy had also suffered dramatic falls of purchasing power. Hence, The Viriyah Insurance places emphasis on developing products that will respond promptly to the needs of the customers by taking the Data-Driven Innovation approach.
Founded more than 75 years ago, The Viriyah Insurance is a largest insurance company, ranked as the market leader. The company can make the most of a large database of nearly 8 million customers providing relevant information used to find appropriate coverage and reasonable premiums for various insured groups. The company is ready to provide protection, together with fairness, throughout the term of the policy under any circumstances. Our products provide protection for the health of the people and their property as well as deal with liability. There are more than 60 products the consumers can utilize for risk management. For this reason, the customers will feel that we are always standing by their side, concluded Mr. Amorn.
Mr. Sayom Rohitasathira, Deputy Managing Director, revealed the past year’s success of the claim¬¬ service as The Viriyah Insurance had set up several claims operation centers in shopping malls, gas stations, commercial buildings within the community, and high traffic areas prone to frequent our clients’ car accidents. The company also made use of innovative technology in its VDO CALL system (Vclaim on Vcall) facilitating online claims with only a single call from a customer.
The most important aspect of the claims service that helps enhance the company reputation are insurance surveyors, also known as claims service representatives. No matter how advanced the technology is, service-minded personnel is the heart and soul of the business. At the scene of a road accident, it is crucial the insured has confidence in the surveyors. We, at The Viriyah Insurance, attach particular importance to the recruiting and training processes of insurance surveyors. We are meticulous in every step: setting qualification, conducting a test, performing selection process, implementing training courses on traffic laws, coverage according to policy conditions, and related laws. There are additional courses developed from long-term experiences of senior claim service staff.
Furthermore, Mr. Sayom revealed the company’s readiness to support electric vehicles (EV) by stating that The Viriyah Insurance is currently offering EV insurance. We have been preparing to support electric vehicle insurance for 4 years ever since EVs were only plug-in hybrid vehicles. We are to collaborate with leading manufacturers and distributors so that EV users’ every need will be met.
By organizing insurance premium structure as well as repair and spare part service, we hope the electric car users will feel more confident behind the wheels and take part in creating a cleaner environment with electric power.
As for the sales channel development guidelines of The Viriyah Insurance, Mr. Dondech Satchawirakun, Deputy Managing Director, clarified that insurance agents and brokers, with a total number of nearly 10,000, are the company’s powerful sales channel seeing that over 50% of all premiums received are derived from these dedicated and hardworking personnel. Accordingly, the company pays attention to promotion and personal development to regularly raise professional standards. We enthusiastically encourage them to adapt to the information age and the digital society so they can make the most out of technology, especially the use of social media to support sales and PR and to provide insurance knowledge to our customers and the public.
In terms of both online and offline sales channels, the company offers a full range of services to meet the needs of customers with different lifestyles. Those living in big cities can easily spot our service point in a department store. As for those preferring the online world, also known as digital natives, they can find us on www.viriyah.com and other online platforms.
Mr. Dondech added that, in 2022, the company will give the opportunity to people who are interested in becoming first-rate insurance agent with the aim of expanding insurance services nationwide. We also aim to boost business collaboration between companies in all areas. Henceforth, customers can find our agents and brokers in every province, every district, and even every sub-district across the country.
Concerning the non-motor insurance roadmap, Mrs. Thavikan Techataveesup, Assistant Managing Director, revealed that the last year’s performance of non-motor increased to 12.17%, regardless of a severe COVID-19 crisis, with a total written premium of 5.415 billion Baht. The company also achieved its goal by being able to expand its non-motor insurance growth rate to 13.98%.
Mrs. Thavikan added that during the last year the health insurance premiums of 851 million Baht have grown by 102%, bringing the market share to 5.7% compared to the previous year which was only 3.3%. We would like to express our gratitude to all customers for trusting our company, allowing us to soar to the fifth place within the health insurance business of Thai non-life insurance.
To achieve the principal goal for non-motor insurance in 2022, Mrs. Thavikan said the company will increase the ratio of non-motor insurance by putting a spotlight on product and service development. New innovations are implemented to help manage individual risks and assets. The company seeks to extend its protection to the vehicle health besides overseeing health insurance products and customer service.
We launched a new product at the beginning of this year: “Extended Warranty Insurance for Auto Parts” or simply “Extended Warranty”. The concept is that if a motor insurance covers accidents, it should protect the health of a car as well. This plan is designed to provide continuous protection as soon as the manufacturer's warranty period has expired. It provides protection for up to 14 main parts and parts groups.
As for service development, the company strives to develop the Core System to support continuous growth of health and accident insurance. We focus on developing a CRM system and using Data-Driven Innovation to help us better meet the needs of individual customers. This includes launching ‘Get Healthy’ campaign to promote preventive health care, focusing on encouraging consumption behavior adjustment under close supervision of nutritionists and medical personnel. This activity is part of the Health Advisory program that aims to improve the quality of life of our customers before, during, and after treatment.
Mrs. Thavikan concluded that these are part of the company’s upcoming events. With a holistic approach in mind, The Viriyah Insurance intends to take great care of every customer’s health. We sincerely hope that these developments not only satisfy the customers’ needs but also motivate them to adopt a worry-free living filled with peace and happiness.