Prepares to penetrate ASEAN within five years
Thai Group Holdings Public Company Limited, the insurance and financial services business arm of TCC Group, unveils six growth strategies under the vision to become a leading financial group in Thailand and establish presence across ASEAN within 2025. Digital platforms will be introduced along with a new business model, in the move to develop a holistic ecosystem for new products and services that will best satisfy customer needs.
Mr.Thakorn Piyapan, Chief Executive Officer of Thai Group Holdings, said that for over a year, the novel coronavirus (COVID-19) has caused immense disruptions to the global economy, public health and social life, leading to changes in consumer behaviours and forcing the business world to adapt to the New Normal. Thai Group Holdings is no exception. With interests in Southeast Insurance, Southeast Life Insurance, Southeast Capital, Southeast Money and Thai Insurance that witness impacts and must adapt to rapid changes in the New Normal, the Company sees the need to deploy technology that enables the offering of innovative and desirable products and services in support of the six growth strategies which are:
1. Seek solid growth through adjustment in life assurance portfolio.
2.Create memorable customer experiences and apply customer-centric product and service development approach.
3.Ensure good employee experience, through skill development and favourable work environment.
4. Deploy Big Data to analyse consumer behaviour.
5. Apply technology in shaping an efficient work process.
6. Restructure the organisation in line with a new business model.
“Under the six strategies, we aim for holistic growth and stability. We are also firmly committed to lead Thais and their families towards a happy and worry-free personal and business life with efficient financial innovations, as we want to portray ourselves as ‘Financial as A Service’. Given constant changes in consumer behaviour, we must continually adjust our responses. We need to develop products, services and procedures that ensure better customer experiences. Technology and Big Data thus come into play, to support the development of accessible and value-for-money products and financial services that address customer preferences. These, together with our dedicated service, will deliver happiness to our customers,” Mr. Thakorn said.
Under the vision, the general and life insurance business will develop unique products, banking on digital technology and Big Data, to reach out to new customers from the current 4 million customer base. A campaign will be launched to raise awareness of the Southeast Life Insurance and Southeast Insurance brands through winning products and promises for happy and worry-free life. Meanwhile, the financial services business strives for greater efficiency but lower cost, for higher profitability. The business will be restructured and prepared to embrace partnership. The goal is to be among the top five financial services providers in Thailand, before extending the services throughout ASEAN within 2025.
“Digital platforms are being unlocked for Thailand’s insurance and financial services businesses. It is extremely crucial to embrace a new business format that better responds to customer needs as we can no longer swim in the old waters. We must create a new business model and use Data Analytics in developing products and services. Our insurance business sits on Big Data and we will put together jigsaws that will differentiate us from others in terms of products and services. This will ensure deep understanding in customer care, seamless cost effectiveness and an integrated pool of services. We can then be anywhere that will connect us with target customers in the new ecosystems in a sustainable manner," he added.
Southeast Life Insurance reaped Bt8,345 million in total premiums in 2020, ranking 9th in the industry. The persistency rate was at 96%, above the 82% industry average. Ranked 6th, Southeast Insurance received Bt10,556 million premiums in the year, for a 4.1% market share. Following recent emphasis on online channels and innovative products, online channels contributed Bt332 million or 25% of total direct premiums of Bt1,321 million. Southeast Capital was crowned the champion in operating leases in 2020, with 22,100 vehicles. Of the total, half were leased to the public sector, 30% to non-TCC Group customers, and 20% to TCC Group’s businesses.
