Allianz Ayudhya sees strong growth in Unit Link, growing 83% in the first 8 months
published : 4 Oct 2022 at 13:55
Introducing “The Master FA” - the FIRST ever reality show driving FA production
Allianz Ayudhya Assurance announces its success in the “Unit Link” portfolio by developing Financial Advisors in attracting target groups’ interest in investment and protection. As of August, Unit Link premium grew 83% year-on-year. To further promote the Unit Link product and boost sales, Allianz Ayudhya has introduced a unique reality show campaign “the Master Financial Advisor” – aiming to double UL premiums by the end of the year.
Virong Patanakumjorn, CAO at Allianz Ayudhya Assurance, stated that, “Thailand will soon officially become an aging society. However, there are indications that a large portion of senior citizens will not have sufficient assets to sustain their retirement life. Thus, people, especially those of working age, now pay attention to their financial planning, becoming a megatrend in the Thai economy. Allianz Ayudhya, as a leading Thai insurance company, recognises the opportunity in elevating agents to ‘Financial Advisors’, in order to provide financial consultation service to customers through the Unit Link product, which combines investments and insurance. Over the past 8 months, the company has been successful in increasing the number of Financial Advisors. Currently, we have more than 900, generating a large amount of annual premiums (ANP). In August, 2022, Unit Link premiums grew 83% compared to the same period last year.”
These achievements reflect the company’s superior training and activities that led to the development of agents. Among these is the Road to Financial Advisor program that provides a platform for sharing experiences in becoming Financial Advisors from GM/AVP/AL who are speakers from Open House. Other events include initiatives to prepare agents for financial advisory tasks, as well as the Active Unit Link Club activity that gives experiences in selling Unit-linked products for new Financial Advisors. The program also gives the opportunity for agents to earn an Investment Consultant (IC) license.
In terms of developing Unit Link products, Allianz Ayudhya precisely selected attractive funds such as money market funds, bond mutual funds and other mutual funds to name a few. Customers will benefit from the variety of options in terms of risk allocation. The company recently enlisted “Active Funds” which focus on stocks from around the globe, including emerging markets. These funds are expected to satisfy customers who are more interested in international stocks while also increasing yield opportunities in accordance with associated risks. Other compelling funds are those that emphasise Environment Social Governance (ESG) which are aligned with the global ESG trends as well as Allianz Ayudhya’s sustainable goals.
Aside from developing Financial Advisors and products for the Unit Link market, in terms of marketing, Allianz Ayudhya continues to create new campaigns to promote Unit Link. Patchara Taveechaiwattana, Chief Customer Officer of Allianz Ayudhya Assurance, revealed that, “The recently launched initiative under the concept of ‘allowing the wealth to take care of the health’ is an online campaign that aims to encourage customers to recognise the importance of financial planning together with healthcare expense planning. The campaign has been well-received, with 2.9 million reaches on the promotional ads following its debut in last month.”
In order to further stimulate enthusiasm of Financial Advisors, the company created the 12X12 UL League project. This stems from an idea hatched during the second quarter to further hone skills of Financial Advisors. The program was a huge success, so Allianz Ayudhya created another program, "The Master Financial Advisor" reality show which pits participants against one another in a Unit Link sales competition for combined prizes of 1.4 million baht. Participants are divided into 28 teams. On a monthly basis over a period of three months, they are challenged to make the highest sales within a set perimeter. The move is expected to significantly contribute to the growth of Unit Link products this year.
“Allianz Ayudhya is extremely proud of the success of Unit Link products, which are considered to be in one of the most competitive markets,” concluded Virong. “We have proved that developing our agents into Financial Advisors can gain confidence from customers to help them plan their financial future. Allianz Ayudhya is determined to continue to develop additional Unit Link products with more funds that cater to the needs of our customers. With the aforementioned feats, we are confident that premiums from Unit Link products will be doubled by the end of the year.”