Bangkok--31 Jan--Aziam Burson-Marsteller
ING Life Limited recently organized the 2011 Year of Growth & Efficiency Executive Meeting for its Bancassurance team including its strategic partner TMB. The meeting officially kicked off the 2011 strategy that is focused on enhancing Growth and Efficiency of the bancassurance business between TMB Bank Public Company Limited and ING Life Limited. During the event, members of the Bancassurance leadership team provided details of their 2011 strategy and announced the first year premium (FYP) target of 1.7 billion Baht, which represents a 35% increase over 2010.
Bancassurance is one of ING Life Limited’s three core sales channels, which also includes Agency and Direct. In 2010, the company’s bancassurance business experienced strong growth due to the strength of its partnership with TMB and the Bank’s commitment to expanding its bancassurance offering as well as the strong portfolio of customer centric products that ING Life Limited offers to the market.
Acting Co-CEO Andrew Shaw stated, “Our bancassurance program with TMB continues to mature and has become an integral part of ING Life Limited. We are committed to enhancing and driving our bancassurance business with TMB in line with the bank’s strategic direction.”
In 2011, ING Life Limited’s Bancassurance strategy includes a number of pillars that are designed to support the expansion of the business as well as enhance the efficiency of the operation. A central pillar of the strategy involves deepening the portfolio of products available to TMB’s customers.
Other important pillars of the strategy involve increasing sales productivity of TMB branch staff by 25% , upgrading the support model from ING Life Limited to make the sales of its insurance products at TMB branches simpler and more convenient. TMB bancassurance staff will still be provided with strong training support from ING Life Limited in order to help them continue to succeed in growing this line of business.
Mr. Pradit Leosirikul, Executive Vice President Head of Branch Banking Group, said, “Bancassurance is an increasingly important part of our business as it allows us to deepen our relationship with our customers by offering them insurance as well as banking products. The insurance products and support that ING Life Limited has brought to our partnership helps TMB make the difference in the lives of our customers. We look forward to continuing to grow our bancassurance business in 2011.”
Photo shows: Mr. Pradit Leosirikul, Executive Vice President Head of Branch Banking Group (seated 4th from right) and Mr. Andrew Shaw, Acting Co-CEO, ING Life Limited (seated 3rd from right) along with the Bancassurance leadership teams from both ING Life Limited and TMB at the 2011 Year of Growth & Efficiency Executive Meeting.
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