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Bangkok Life determined to make a change with 2018 strategy

Mar 20. 2018
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By The Nation

Bangkok Life Assurance has announced its 2018 strategy – themed “Make a Change” – which focuses on the development of financial products, distribution channels, a digital platform and personnel to meet all the needs of its customers and help to sustainably raise people’s standard of living.

President Vipon Vorasowharid said on Tuesday: “During the past year, our company had continuous growth in many aspects. Our first-year premiums from major types of insurance policies increased by 18 per cent from the previous year. The number of our insurance agents and financial advisers grew stronger than expected, with over 10-per-cent growth. 

“We also focused on building and developing the quality of our agents and, as a result, we have more than 100 professional financial advisers with CFP and AFPT certifications. And importantly, our operating performance has been completely stable and secure with the capital adequacy ratio at 252 per cent, which is above the regulatory requirement.”

Regarding the business plan for 2018, Bangkok Life aims to contribute to a better and sustainable standard of living for people under the concept of “Make a Change”. “Accordingly, there will be changes and development of the infrastructure and technology of our business, including operational management, service facilities, product development and distribution channels, as well as strengthened business partnerships, and educating consumers on financial planning,” in order to reinforce its position as the leader in integrated financial planning services, Vipon explained.

Moreover, the insurer has developed an online insurance one-stop service platform for transactions and applications, including “Smart Customer”, an online customer service system that enables customers to easily manage personal data and check their policy coverage and investment information anywhere and at all times.

As to innovation development, the company will embrace new technologies and develop platforms to fully reflect the expectations of digital-era consumers, the president said. 

Bringing in new technology is fundamental toward more productivity and efficiency, especially new product development for online sales to expand business opportunities, he added. 

Bangkok Life is also developing various services and other online channels such as applications, creating a better experience for both customers and agents.

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