Thai Life Insurance Co plans to recruit an additional 12,000 sales agents this year, focusing on Generation Y (below age 35) to serve fast-growing client numbers from that group.
The sales agent channel has long been the main premium contributor at the country's fourth-biggest insurer, although bancassurance is playing an increasing role in generating insurance premiums, president Chai Chaiyawan said.
To sharpen competitiveness with the bancassurance channel, service improvements and a greater number of sales agents are needed.
The company's active sales agents number 30,000, of which a third are Gen Y.
Thai Life plans to recruit 1,500 more Gen Y sales agents.
The Gen Y agents can respond to the needs of consumers of the same age, Mr Chai said.
Thai Life expects 2015 first-year premiums to surge 35% to 17 billion baht this year.
Of the target, 13 billion baht is to be generated by sales agents and the remaining 4 billion by non-agent channels such as bancassurance and telemarketing.
For bancassurance, Thai Life has teamed up with three banks.
They are Bank of Ayudhya, CIMB Thai Bank and the state-owned Government Housing Bank.
The company has no plans to add new bancassurance alliances, although insurance sales via the channel typically depend on banking partners.
Given its focus on the agent channel, Thai Life will concentrate on selling long-term protection rather than short-term savings products to match the distribution channel.
Long-term protection policies will also contribute better revenue and easier management of investment.
Thai Life has set a goal for first-year premiums for protection products of 7 billion baht this year.
That represents 41% of the company's first-year premium target.
The 7-billion-baht first-year premium target for protection products is a 15% rise from last year.
Apart from hiring new sales agents, other strategies include digital media, commercial advertising and promotions to boost premiums and create brand loyalty.
Thai Life is carrying out a three-year transformation project through 2018, developing business management, processes and customer service with the goal of improved profitability.
The company has set aside billions of baht for the transformation.
Thai Life posted a net profit of 4 billion baht last year.
Its 4.1 million policies are held by 3.6 million customers.