Muang Thai aims to up premiums by 10%
Muang Thai Insurance wants 13.5 billion baht in insurance premiums this year to move closer to cracking the top three in the market in the next three years.
This year's premium target represents 10% growth, said president and chief executive Nualphan Lamsam. Some 52% is expected to come from motor insurance, with the remainder from non-auto insurance, which comprises personal accident and health protection at 2.5-3 billion baht, and property insurance at 2 billion.
"The company must grow at least 10% for three consecutive years to make it into the top three ranking," she said. The company is rebranding not only to boost sales but also to make the company look more valuable to potential customers aged at least 25 years old.
To create customer awareness in rebranding, the insurer will launch commercial advertising for the first time in several years.
The company is in the top four from over 60 insurance companies, after Viriya Insurance, Dhipaya Insurance, and Bangkok Insurance.
For motor insurance, she said, the company is streamlining all of its processes from front to back offices, including centralising spare parts procurement, using its own staff for surveyor and claims jobs, and outsourcing only in remote areas.
Muang Thai also plans to play an aggressive role in the public sector to cash in on the rising number of big-ticket infrastructure projects and speciality insurance products.
Last year, the company struck a 43-month deal to be a co-insurer for the construction of the Pink and Yellow Line monorails, accounting for 60% of the total insured sum for workers and third-party liability coverage.
"We're challenged by our ambitious target this year. We will focus on building strong brands, especially online, e-commerce, and digital distribution channels to reach wider retail customers," she said.
To serve changing consumer trends, the company will roll out its new website, which offers application and payment for the company's insurance products, ranging from motor insurance, travel insurance, personal accident and cancer protection riders to fire insurance products.
The company designed a target to generate 100 million baht in premiums through the online distribution channel in the first year.