Krungthai Panich Insurance, or KPI, is moving into its 70th year with its vision of "Serving Friendly Insurance Services” and its mission to address the needs of its esteemed customers.
With the slogan "KPI stepping into the future, for the world, for you", KPI aims to position itself as a non-life insurance company offering insurance products and services that are easy, convenient and fast to access while paying attention to society and the environment. More specifically, KPI plans to achieve gross premiums of 5,526 million baht in 2023 and yearly growth of 15%, with the aspiration to reach 10 billion baht in gross premiums and be among the top 10 non-life insurance companies in Thailand in the next five years.
Dr. Pongpanu Damrongsiri, President of Krungthai Panich Insurance Public Company Limited, revealed that: “For the year 2023, KPI has planned a business strategy in line with its vision of Serving Friendly Insurance Services focused on excellent service delivery. To achieve this, we will make best practices our priority in all sectors and towards all stakeholders, including customers/consumers, business partners, staff & families, as well as community, society, and environment.”
“This vision will drive us to move forward on an exciting journey and achieve our goals,” he continued. “At the same time, it will prepare us to cope with changes in the insurance industry while continuing to sharpen our competitiveness.”
“The impact of natural disasters and clients’ expectations have led us to develop suitable business models both offline and online and come up with various marketing programs in collaboration with
business partners, agents and brokers. This way, we bring to the clients in all groups the most superior service delivery, innovative solutions and responsiveness tailored to their needs.”
According to the company’s 2022 annual report, as of 31 December KPI has total assets of 14,886 million baht. Total revenue in terms of insurance premiums (miscellaneous 48.99%, motor 40.23%, fire 10.46%, marine 0.32%) was 4,885 million baht, up by 7.59% from 2021, with net profit of 758 million baht.
“As the broader economy recovers, we have confidence that despite a number of challenges, various businesses will see new opportunities to adjust and expand in line with the economic growth and hence the purchasing power of the public will also increase. In 2023, our gross premiums target is 5,526 million baht, an increase of 15% compared to 2022. If we can keep this growth rate up annually, we will reach gross premiums of 10 billion baht in the next five years or by 2027. This will bring us to be one of the top 10 in the non-life insurance industry.”
“On August 31 this year, KPI will celebrate its 70th anniversary, marking another important milestone in our exciting journey ahead while caring for society and the various dimensions of our surroundings in line with the company’s Step for Tomorrow Sustainability concept.”
In accordance with the international standard Sustainability Development Goals (SDG), KPI will focus on five aspects as follows: 1) Quality Education 2) Good Health & Well Being 3) Climate Action 4) Responsible Consumption & Production and 5) Reducing Inequality.
“Looking ahead, the insurance industry faces challenges but there are both risks and opportunities. We must inevitably move forward by adjusting and developing ourselves. Amid the constant changes, the industry has to extend beyond its core products and services if it is to retain its customer base. KPI’s development towards sustainability is therefore an important aspect that
we must integrate and drive concretely in addition to implementing good governance corporate governance and effective risk management.”
“All in all,” Dr. Pongpanu concluded, “this year will be one of the most challenging, and yet, the changes will bring significant opportunities, and KPI will be ready to embrace them and deliver insurance services that are friendly to all.”
