Krungthai-AXA Life Insurance seeks to become the largest life insurer for first-year premiums after rising to third, says its top executive.
To increase premiums, the company will focus on customer-centric marketing strategies and deployment of new technologies to support distributors, said chief executive David Korunic.
The company ranked third for first-year premiums last year, after Muang Thai Life Assurance and AIA, up from fourth in 2013.
Krungthai-AXA announced its 2014 total premiums were 48.9 billion baht, up 29% year-on-year. Of the total, first-year premiums amounted to 15.5 billion baht, 29% growth.
Bancassurance was the major contributor to Krungthai-AXA's first-year premiums at 9.2 billion baht in 2014, surging 41% from the previous year. First-year premiums from agents were 6.1 billion, up 13%, while corporate solutions made up the rest.
Bancassurance was also the company's largest distribution channel with 59% of total premiums, but the proportion is expected to drop to 55% this year with agent contributions rising to 44% from 40% because of new agent recruitment. The remaining portion is from corporate clients and other channels.
Roger Deacon, the chief distribution officer, said the company would increase its agents to 15,000 this year from 12,000.
Bancassurance will remain the key channel, he said, but the company will pay attention to all distribution channels to cover customers in all segments. It has continued to develop the digital channel in line with demand and consumer lifestyles.
Meanwhile, Muang Thai Insurance, the country's fourth-largest insurer by total premiums, aims for 17% growth in premiums to 11.98 billion baht this year, with 48% contributed by motor insurance, said president Nualphan Lamsam.
It recorded a net profit of 856 million baht last year, up 10.9% year-on-year, while its total premiums rose 15.1% to 10.2 billion. Motor insurance should continue at 48% of premiums despite lacklustre new-car sales.