Thanachart Insurance has relaunched its e-business channel, aiming to boost premium income from online sales to 10% of premiums in the next three years, says managing director Perapart Meksingvee.
Income from its online channel now contributes 2-3% for the insurance unit of Thanachart Bank.
Bancassurance is the key sales channel and represents more than 30% of premiums, followed by the sales force at 30%, telemarketing at 20%, dealers at 15% and others at 5%.
The insurer yesterday relaunched its e-business channel after refreshing it with 16 products including motor, personal accident and fire insurance.
Motor insurance is the main product sold online. It represents 70% of online premiums, with the remainder comprising non-motor policies.
The new focus on e-business reflects consumers' busy lifestyles. It aims to expand business significantly via the online channel this year in line with an ambitious growth target for the next few years.
Mr Perapart said Thanachart expected online premiums of 200 million baht this year, double last year's figure, by increasing policies to 100,000 from 50,000.
The insurer also expects to expand website visitors to 730,000 by the end of this year from 500,000 last year.
Thanyalak Supasoon, the company's first vice-president for e-business, said Thanachart planned to improve its website's functions in response to customers' requirements by focusing on three core areas: simplicity, convenience and security.
The strategy will facilitate business expansion through the channel, she said.
"The online channel fits well with simple insurance packages. We will design new innovative products for each market segment as a strategy to grow business via the channel," Ms Thanyalak said.