ttb has introduced "ttb broker" as a new player in the non-life insurance industry with a vision of achieving a remarkable 240% increase in premiums, surging from 3.9 billion baht to 13.2 billion baht within a span of five years. The strategic plan places a strong emphasis on vehicle insurance, responding to the heightened demand from car owners seeking to elevate their financial security, with the ultimate goal of becoming the leading car insurance brokerage service. This ambitious objective is underpinned by a potential customer base of 2.4 million eligible car owners who are already ttb customers.
Thakorn Piyapan, President of TMB Thanachart, revealed, "ttb aims to venture into the Car Ecosystem sector, offering products and services tailored to meet the diverse needs of car owners. The flagship product, ttb DRIVE, is a vehicle lease service that includes vehicle-title loans and car-for-cash options."
Through the ttb touch application, "My Car" has been recently launched, providing an all-inclusive suite of services for car owners to manage various aspects of their vehicles, such as loan payments, annual vehicle tax payments, Compulsory Motor Insurance payments, and Easy Pass balance checks or credit refills.
Another innovative release is "Roddonjai," an online platform facilitating the trading of high-quality used cars. "ttb broker" is the latest addition to ttb's suite of vehicle-related services, designed to enhance the financial well-being of car-owning customers.
In the broader context of the non-life insurance industry, which is on a continued growth trajectory with expected insurance premiums reaching 286,200 million baht, ttb recognises a significant opportunity for expansion. Of this total, 192,000 million baht, equivalent to 67% of all sales channels, will be transacted through brokers. Consequently, ttb has strategically positioned ttb broker to spearhead service delivery to customers, focusing particularly on vehicle insurance and related insurance offerings.
The primary target audience comprises the 2.4 million ttb customers who own vehicles. Remarkably, out of this segment, only 336,000 car owners possess insurance policies issued by ttb, constituting just 15%. This presents a substantial growth opportunity, further fuelled by partnerships with over 4,500 dealers, car trading outlets, and a corporate customer base of 15,000. ttb leverages its extensive customer base exceeding 2.4 million, combined with its inherent strengths, to gain a competitive edge. This strategic plan, centred around growth expansion, positions ttb broker on a trajectory to become a leading car insurance broker, aligning with its ambitious goals.
Ekasith Saktanakorn, Head of Brokerage Business, stated, "ttb broker aspires to rank among Thailand's top three insurance brokerage companies. The acquisition of TMB and Thanachart has fortified our business, paving the way for exponential growth with expected premium revenues reaching 3.9 billion baht, reflecting a 35% year-on-year increase."
In the year 2028, ttb broker has set its sights on generating insurance premiums of 13.2 billion baht, marking an impressive 240% growth within the next five years. This ambitious target will be pursued through five strategic pillars, including the expansion of the customer base among companies, dealers, and car manufacturers. Customer base expansion will leverage the existing bank customers, while sales channel expansion will encompass both online and offline platforms, driven by data-driven marketing strategies and product development tailored to cater to the needs of both individual and corporate customers.
ttb broker boasts six key strengths that contribute to building a competitive advantage, including Strategic Partnerships that offer service alliances with up to 37 leading insurance companies, enabling customers to select the most cost-effective coverage. Additionally, the portfolio includes Car Insurance & Specialty Insurance Products that address the demands of car users, featuring products with specialised protection to support both individuals and corporate clients, such as Cyber Insurance and Medical Malpractice Insurance.
The ttb broker platform extends opportunities for partners and alliances to propose sales at any time and from anywhere. The Sales Channel provides the most comprehensive coverage through all ttb channels, ttb broker channels, and partner channels. The Customer Service is operated by a professional team and a cutting-edge system, ensuring efficient service delivery. Moreover, the Payment Method offers the privilege for customers to make payments with 0% interest for ten months through both ttb credit cards and cash.
Chayaros Luephuwapitakkul, Head of Operations Management at ttb broker, commented, "ttb broker offers a diverse range of products tailored to meet all customer needs. Automobile insurance products constitute approximately 61% of our portfolio. Our sector's strength lies in our ability to negotiate insurance premiums with allied insurance companies, granting our partners access to our sales channels, which extend nationwide through more than 500 bank branches."
With over 4.7 million users and a workforce of more than 1,000 car loan employees nationwide registered on the ttb touch application, coupled with telesales and ttbbroker.com channels employing over 400 staff, ttb broker emerges as a car insurance broker with nationwide reach, boasting the most extensive sales channels in the market.
Additionally, ttb is recognised for its outstanding key products, including motor car insurance, offering a single full rate, and Family Fleet Motor, which provides comprehensive coverage, including ttb car parts insurance and motor warranties.
"ttb broker aims to complete the Car Ecosystem, delivering professional services to customers with car ownership, addressing all their needs and ensuring they receive the best value in car insurance through ttb insurance brokers. Customer privileges include split payments or instalments and the choice of coverage from 37 leading insurance companies," Chayaros added.
By launching ttb broker in the non-life insurance market, ttb is committed to enhancing the financial status of its customers, particularly car owners. ttb's services are designed to cater to customer needs throughout the Car Ecosystem journey, from car surveys and purchases to loan applications, maintenance, and sales. These all-in-one services exemplify ttb's strengths and commitment to car owners.