Sompo Insurance (Thailand), a unit of Japan's leading insurer, aims to grow its premiums by 20% in 2024 from an estimate of 4 billion baht this year by focusing more on personalised insurance policies, especially travel accident (TA) insurance.
Chief executive Chayanna Siripirom said the company expects growth this year, with premiums on track to reach its target of 4 billion baht.
Policies for Japanese customers represent 56% of the total premiums, with Thai clients accounting for the rest.
"Sompo can maintain its existing customers in the corporate sector, mostly Japanese companies, and we plan to expand to new targeted groups next year," she said.
The company is also developing a business plan for retail customers through both bancassurance and non-bancassurance channels by focusing on risk management.
As financial institutions are applying stricter lending policies, car loans are expected to decrease as well as demand for insurance, said Ms Chayanna.
"For the non-bancassurance channel, we target 30% growth next year," she said.
The motor insurance business posted satisfactory growth this year with overall premiums of 1 billion baht, up 20% from 800 million last year, said Ms Chayanna.
Ms Chayanna says premiums are on track to reach its target of 4 billion baht this year.
The TA segment expanded by 60% in 2023 year-on-year, especially for trips to Japan, where Sompo has a nationwide network to serve customers.
Sompo's market share in this segment is more than 50%, while TA policies for other Asian markets such as Taiwan, Hong Kong and South Korea are also rising.
Of total travel insurance claims, 43% are for medical expenses, 26% luggage damage, 19% flights, 5% trip cancellations (partly because of Covid-19), 2% missing connecting flights, and 5% others.
Sompo offers three types of car insurance, including daily insurance.
"This suits car owners who don't use their car much because they work from home, driving only during holidays," she said.
"A daily policy with basic insurance premiums starts at 59 baht per day, available for a maximum of seven days."
Sompo has more than 1,200 affiliate repair shops spanning every region of Thailand.
The insurer offers claims status updates via SmartNoti, which sends an SMS to notify customers of approval for claims, quotations or repairs.