Vows to continue its insurance business while strengthening services
To mark its 80th anniversary, Thai Sethakij Insurance hosted a thank-you party for business partners and alliances. On this occasion, the company announced its plans for both its Motor and Non Motor insurance business which is enjoying continuous growth with high potential to serve more clients as indicated by 700% CAR Ratio.
Moreover, the company promises to strengthen its business with more promotional campaigns. Among them is a program for comprehensive voluntary motor insurance clients, who can buy a policy starting from 8,888 baht. Those who decide to buy the policies will exclusively enjoy additional protection for tyres and batteries along with Roadside Service. The special package is valid until the end of October.
Mr. Tanaphol Bunwarut, Chairman of Thai Setakij Insurance Public Company Limited, or TSI Insurance, disclosed, “On the occasion of 80th anniversary celebration on 8 August 2022, Thai Setakij Insurance hosted a special event to express our gratitude to customers and business alliances whose continuing support has enabled the company to serve our clients for so long. During the past 2-3 years in particular, the company’s business has expanded tremendously. Although the insurance industry has suffered from negative impacts of the Covid-19 pandemic, TSI’s Non-Motor enjoys steady growth of 100% in 2021, and 20% in the first six months of 2022.”
Mr. Tanaphol added that the growth is a good sign for TSI Insurance’s business operation in its 81st year. He said the company is ready to expand its business while keeping serving customers as its top priority. “We will provide more products and services to fulfil all groups of customers’ requirements. Part of the plan is to increase the number of business partners we have. We will increase agents by 30% on top of the current 400. Likewise, marketing teams will be developed and expanded. More online services will be developed, so everything will be more convenient for both our business partners and customers. On top of that, more business will be developed with cooperation from Thai and foreign alliances, especially from the People’s Republic of China, after the country is fully opened.”
Miss Alada Phaovibul, Managing Director of TSI Insurance, adds that, “Premiums in the first six months of 2022 reached 387.3 million baht, enjoying 14.8% growth compared to the previous year. Premiums from Motor insurance were 301.2 million baht with 86 million baht from Non Motor – equivalent to 78% and 22% of the total, respectively. Last year saw Motor premium growth of 12.8%. Meanwhile, Non Motor enjoyed growth of 23%, mainly from Engineering and Industrial All Risk (IAR), Engineering growing 86.8% and IAR 30.2%.”
“The company has adopted some new administrative methods to make the internal procedures faster, focusing on effective working systems to reduce operation costs while promoting personnel quality. Indemnity-paying teams and working and service systems is being strengthened, modernised and speeded up.”
“As such, TSI Insurance is ready to expand its CAR Ratio with growth of 730.7% in May 2022: the best evidence of business consistency, resulting from efficiency in risk management. Moreover, improvement of business performance is reflected in operation profit for the last two quarters,” Ms. Alada concluded.