Bangkok--1 Mar--124 Communication
In 2011, ING Limited reports performance with a total premium of Bt10.23 billion (9 per cent increased). A key success factor was bancassurance total premium grew by 44 % compared to 2010.
Mr. Ignacio Aguilar, ING's Chief Executive Officer said, in 2011, ING produced a total premium of Bt10.23 billion or 9 per cent growth, a first year premium of Bt2.212 billion or 7 per cent decreased comparing to 2010. The key success factors to achieve this performance were focusing in value and not in volume, diversification of products and embedding additional features that meet customers' needs and great support of employees and agency force.
Mr. Ignacio Aguilar added, ING sets 2012 mission "Creating the Great company for our customers, our family (agents, partners, employees), investors and society" and target to grow 39 per cent in first year premium in 2012 by the following marketing strategies:
Obtain full potential of tied agency channel as the transformation process will have been finished in 2012.
Continue to Strengthening the management team as we did in 2011.
Deliver new innovative products and services to maintain profitability in existing interest rate environment.
Increase efficiency in operations by common new business model and E-Branch solutions.
Discipline capital and risk management.
Mr. KP Tan, ING's Chief Agency Officer said, In 2011, ING launched "TA Transformation" to improve agency channel efficiency. The company has already implemented two out of three phrases of the transformation. In 2012, ING will step forward to develop ING agents to be professionals and already divided the country in different regions, that better supports the tied agents in each area.
Agency training department develop ING agents selling skills and unique training techniques and materials. ING will increase agency support activities to drive production sales promotion campaigns, MDRT convention, incentive trips and booth presentation in special events including Investment Expo, etc. In February 8th. 2012 in Bangkok, ING Asia pacific organized the Hall of Fame, ING Group's Tied Agents top performance of the region and gathered their 430 top producer. Hall of Fame ceremony is a real demonstration and commitment to our tied agency distribution
In 2012, ING plans to develop it's agency forces to be "Thailand's leading professional agents" with following supporting strategies:
Shift from quantity agency recruitment basis to be quality selected focus.Differentiate ING agency policy to be the best compensation in the Thai market of consistent producers.
At the end of 2011, ING has 4,141 agents, 555 agency leaders and 42 agency directors. ING targets to produce Bt999 million in first year premium from agency channel.
Mr. Poolap Penkitti, ING's Chief Bancassurance Officer said, in 2012 ING targets to be a top-of-mind life insurer that banks and financial providers seek for as a business partner. Meanwhile, ING plans to design new products that meet customers' needs, provide customers quality and impressive services and be strong strategic parter as following strategies:
1. Develop diversified products that serve needs of customers on all stages of life.
2. Offer quality and impressive customer services experience both before and after sales services.
3. Create and manage strong relationship with ING strategic partners.
ING target to grow its bancassurance channel 15 per cent in first year premium.
Mr.Aman Kapoor Chief Marketing Officer stated the key priority and actions in 2012 that ING will focus on 3 key areas;
1. Balance Product Mix: by create a product suit to meet needs of customers across life-cycle close key product gaps, and make product portfolio more robust to interest rate changes via more optimal product mix
2. Increase rider penetration: by develop marketing campaign to tap into existing TA customers who currently do not have riders and cross-sell.
3. Transition to participating product: by design and deliver new products
a. New whole life- endowment with variable dividends
b. New endowment with variable dividends
Mr. Ignacio Aguilar added, in recent year, ING has set a systematic operation process to ensure that the company can fully provide customers, agency force and business partners the more efficient and quality services.