Krungsri Auto Broker, an insurance broker under Bank of Ayudhya (Krungsri), will strengthen its online channels and digital platforms, in a bid to grow the business this year.
Chayathip Phanmanee, managing director of Ayudhya Capital Auto Lease Plc, which operates Krungsri Auto Broker, said the company aims to expand its total premiums to 9 billion baht in 2022.
The company's online channels and digital platforms are increasingly playing a more important role in offering insurance products and services, in line with the digital era.
The company's digital channels currently contribute around 4% of total premiums. This year the company wants its online channels and digital platforms to achieve premium growth of 15%, Ms Chayathip said.
Krungsri Auto Broker's online channel and digital platforms cover a website, the Go Application by Krungsri Auto and its Line Official Account.
The company also provides in-depth consultation to clients via a chatbot insurance assistant service called KANA, which assists customers by comparing premiums, filling in information, making payments, and sending online policy documents. The digital technology development is under the company's "tech&talk" strategy.
For this year, the company plans to broaden product offerings on the Go Application by Krungsri Auto to expand into life insurance products and add travel insurance. Given the country's reopening and the recovering tourism sector, demand for travel insurance is expected to increase.
Krungsri Auto Broker's products cover motor insurance, life insurance, personal accident and travel insurance, which are available through online and physical channels to respond to customer demand in all segments.
At the same time, demand for insurance products in Thailand is expected to continue to increase in line with the country's ageing society, while digital technology development also allows the public to have easier access to insurance products.
"According to a report by the OIC [Office of Insurance Commission], online insurance premiums account for only 2% of the overall market value in 2021, suggesting more growth opportunities," Ms Chayathip said.
In addition, she said Krungsri Research Center has forecast 2022 Thai economic growth of 2.8%, an increase from last year, which would support overall business growth, including that of Krungsri Auto Broker.
