Bangkok--21 Feb--Krungthai-AXA Life Insurance
Mike Plaxton, Chief Executive Officer of Krungthai-AXA Life Insurance said he was “very proud to announce yet another great year’s performance by his company. Sales were an all-time record of Bt. 6.5 billion using 100% of annualised premium plus 10% of single premium as the measure. This is a 447% growth over the last 4 years and 37% up on last year’s excellent result.”
“Our excellent record over the last four years was driven by the “Best Team in Thailand”. People who are truly engaged in the business and who enjoy seeing the success they bring to their company. Further, the support provided by AXA through shared “Best Practice” has allowed the company to grow faster than any other company in Thailand over the last 4 years. Krungthai Bank has provided important support through distribution but also in creating a true Thai focus on developing the company to be successful.
Roger Deacon, Chief Distribution Officer added Krungthai-AXA Life is a clear leader in multi-distribution with the growth being delivered by three strong distribution channels.
1. BankAssure delivered Bt. 3.4 billion, growth of 144%
2. Agency produced over Bt. 2.5 billion, growth of 117%
3. Alternative channels wrote Bt. 0.6 billion, growth of 263%
The training platforms makes it easy for new people joining the business to learn how to succeed early through a process called “Customer Choice” as well as developing knowledge and skills to build a life-enhancing career in the life insurance business through advanced selling and qualifying to manage teams of their own.
Furthermore, from a marketing perspective, Saifon Sutchasila, Chief Marketing Officer added, “the strong support from teams of specialists within each channel and Head Office gives a strong formula for success — success that we measure by the number of customers joining the Krungthai AXA Life family and the quality of service they tell us they enjoy from us.
We currently now have over 1.5 million Thai people benefiting from the services we offer.
How do we know they like the service we offer them? Almost 40,000 customers each month contact Krungthai-AXA and at the end of the call they are given the opportunity to give us feedback on service. Over 70% take up the opportunity and 97% say they are very happy with the service provided. That is a high response and evaluation — but we are not satisfied until 100% of customers are happy.
Here are key accomplishments in 2010:
1. Brand awareness now stands at 64%
2. New products launched to meet customer demands (Annuity and riders)
3. Corporate Social Responsibility — we continue to do CSR and giving back to Thai communities by having new villages to produce our fabric policy cover. This year, we expand our support to Lampang province. In addition, we plan for 50 caravans health checks cross country to serve our customers and Thai people. And we will continue to support the SCAD and a number of initiatives designed by staffs to help the Thai people and environment.
David Korunic, Chief Financial Officer further added to the 2010 results announcements with three key numbers to mark a year of achievement by Krungthai-AXA Life:
1. Statutory Profits were over Bt. 1.5 billion which is a growth of 160% of the previous year
2. KAL is today a billion dollar company. Asset under management of Bt. 37 billion representing a growth of 155% over the previous year
3. The KAL Management Expense ratio is a world class 6.9% and shows that we deliver value to shareholders and customers alike through effective financial management.
Mike Plaxton concluded by saying “that in the last 4 years the company has moved from accumulated losses of Bt. 1 billion to a single year profit of Bt. 1.5 billion, sales growth from Bt 1.5 billion in 2006 to Bt. 6.5 billion and expenses reducing from 20% in 2006 to 6.9%; all brought about by two excellent shareholders and the best team in Thailand”.
For more information, please contact
Sukanya Isaranuwatchai
Krungthai-AXA Life Insurance
+6627709029
Email :
[email protected]