Bangkok Life Assurance Public Company Limited (BLA) has announced its strategic direction for 2025, building on strong performance in the previous year. With premium growth across all distribution channels, the company now introduces a comprehensive 6Ps corporate strategy under the theme ‘2025: The Year of Care’, reaffirming its vision to become “The Most Caring Brand” and promoting sustainable well-being for Thai society.
Mr Chone Sophonpanich, President and CEO of BLA, provided an overview of the 2024 life insurance landscape, which despite economic challenges, remained resilient due to growing public awareness around health, financial planning, and ageing demographics. BLA achieved notable growth, with first-year premiums rising 2% to 7.04 billion baht and total premiums reaching 34.84 billion baht. The company expanded its agent network by 18%, adding 2,546 new agents, with the number of active agents up 6% to 7,360. High-performing unit managers (exceeding targets by over 200%) grew by 23%.
Key products driving growth included savings and whole life insurance, with a strong focus on health and critical illness riders. BLA also achieved a Net Promoter Score (NPS) of 76% for claims, a 95% Customer Satisfaction Score (CSAT) for its service centre, and a 31% increase in users of its Happy Life mobile application.
Mr Chone emphasised that customer trust is built on product designs that meet real-life financial and health needs. In a competitive market, BLA remains committed to standing out through innovative, personalised financial solutions and customer-centric services aligned with individual goals.
A standout initiative, “Finding You”, demonstrates BLA’s care in action. The programme proactively locates beneficiaries to ensure claim payouts. Between April and October 2024, BLA delivered 26 million baht in benefits to 387 people, with an additional 4 million baht paid to 10 individuals in early 2025—benefiting 493 people in total, worth over 30 million baht.
Looking ahead, BLA anticipates ongoing economic uncertainty and evolving consumer behaviour in the life insurance sector. In response, it will drive growth under its ‘Year of Care’ vision through six strategic pillars—Products, Professionals, Policy, Privileges, People, and Planet:
- Products: Develop insurance products that support financial security and quality of life, including health, critical illness, and annuities tailored to all customer segments.
- Professionals: Strengthen sales channels by enhancing agent professionalism and service standards through its ‘2X Speed Recruitment & Development’ strategy, aiming to recruit 3,000 new agents and promote holistic solutions via bancassurance partnerships.
- Policy: Elevate customer service through the ‘2C4S’ framework—Customer Centric, Convenience, Speed, Staff Attitude, Security, and Seamlessness.
- Privileges: Go beyond standard coverage with BLA EveryCare services like Driving Home, Health Partner, Telemedicine, and the newly launched Health Butler for elderly care, while providing exclusive benefits for various lifestyles and age groups.
- People: Prioritise employee well-being across Health, Wealth, Mind, and Lifestyle dimensions while nurturing a caring corporate culture through C-A-R-E values—Care, Assistance, Reliability, and Empathy.
- Planet: Reinforce ESG commitments through the Happy P sustainability framework, covering governance (Happy Place), customer protection (Happy Peace), and social impact (Happy People), including financial literacy campaigns and fair business practices.
“Despite industry challenges, we remain confident in our ability to meet targets through the collective strength of our team, agents, financial advisors, and partners,” Mr Chone concluded. “By embedding care into every touchpoint, we aim to build deeper connections and establish BLA as Thailand’s most recognised and caring life insurance brand.”