Krungthai Panich Insurance (KPI) is aiming for total revenue of 5.3 billion baht this year, on a par with 2023, while preparing for an image rebrand and ramping up technology investment to attract interest from young customers.
President Suchavadee Sanganong said the flat revenue projection is the result of its partnership expiring with Roojai, Thailand's leading online insurance provider, affecting the company's motor insurance business.
Motor insurance makes up 40% of KPI's portfolio, with the remainder comprised of other types of insurance. In 2023, its revenue increased by about 6-7% from the previous year to 5.3 billion baht.
Some 25% of KPI's customer base is related to Krungthai Bank (KTB), with the remaining 75% being non-KTB business.
"This year, we will try to increase profit margins by providing good services and controlling operating costs," said Ms Suchavadee.
She said KPI wants to be a large insurance business, as defined by the Office of Insurance Commission. To achieve that target, the company will continue to expand its customer base in the non-KTB segment.
Online services and applications will be improved for customers to be able to access them quickly and easily, said Ms Suchavadee.
"We have customers from many generations. To grow the business further, KPI must be able to serve customers of every generation, thus we are preparing to attract new-generation customers to expand the customer base in the long term," she said.
"We have found that to be able to serve new-generation customers, the services must be convenient and fast, so the company has emphasised developing new products and services."
This year KPI will focus on rebranding, human development, and investing in technology to develop a system where customers can access products online and via an application, said Ms Suchavadee.
"Investing in technology does not require a big amount of investment, unlike in the past. But we can respond to customer needs quickly as a result," she said.
Since the start of Covid-19, KPI has joined hands with business partners in developing new products but they have not been officially announced.
The company is also interested in finding partners for health insurance products to grow the business in the future, said Ms Suchavadee.