Bangkok--23 Jan--pr pedia
“Ngern Tid Lor” officially introduced its new Managing Director, Khun Piyasak Ukritnukun. The successful market leader in vehicle-for-cash loans plans outstanding loans to reach 13.5 Bn Baht in 2014. The company’s strategy will focus on delivering financial products to unbanked Thais and further extending its product offering to include non-life insurance products which will be sold in the company’s 300 branches nationwide and a target to sell 250 million Baht in premium in 2014.
Khun Piyasak Ukritnukun, Managing Director of CFG Services operating the well-known “Ngern Tid Lor” brand revealed the company’s stellar performance in 2013. The company grew by 57% and achieved the milestone of a 10 Billion Baht in outstanding loans while managing to maintain NPLs below 1%. The major drivers for growth were the truck and tractor-for-cash portfolios which experienced over 90% growth. The company ended the year 2013 after having opened 50 new branches and spending 100 million Baht on a nationwide rebranding exercise in which 270 branches were refaced. The company’s brand awareness also reached new highs of 97% and Top-Of-Mind recall, a key metric used to indicate brand strength, reached the number one position in consumers’ minds according to an annual survey conducted by an independent research firm.
In 2014 the company is targeting 20% loan volume growth and 35% loan portfolio growth, expecting the portfolio to reach 13.5 Billion Baht by year end. To achieve this growth the firm will also aim to have 320 operating branches nationwide this year by investing in 30 new branches, in addition to launching innovative products and services as is consistent with the practice that has helped them become so success over these last four years.
In addition to the above, Khun Piyasak also introduced “Ngern Tid Lor Broker”, a new platform designed to provide customers with non-life insurance products under the slogan, “quick purchase,
quick protection.” The first products to be offered under this platform will be ready-to-go Personal Accident (PA) and Automotive insurance products.
There will be two different PA products sold, one for 399 Baht, the other 799 Baht. Both will feature 300,000 Baht coverage in the event of death via accident, however the 799 Baht option will have the added benefit feature of a hospital care card (PA Card) which the policy holder can use to claim up to 10,000 Baht per hospital visit with no limit to the number of visits per year. These policies will be offered at all Ngern Tid Lor branches nationwide and require only the client to bring a National ID card. The entire purchase and registration process takes only 5 minutes.
In terms of Auto Insurance the company will provide pre-packaged policies for Class 1, 2+, and 3, with a differentiating factor being that the Class 1 product will accept vehicles aged up to 10 years while the maximum age for other typical Class 1 policies is only 5 years. As another option for car owners, the company also offers the standard quotation process whereby the company will obtain insurance premium quotations from multiple insurance companies and help clients compare the cost and benefits of each before making the purchase decision. Both PA and packaged insurance products are provided by CFG’s partner, Sri Ayudhya General Insurance (SAGI). The company now has nearly 900 licensed staffs ready to sell insurance.
Khun Piyasak said, “Launching Ngern Tid Lor Broker is a very exciting initiative for our company. It represents a very attractive growth opportunity that will enable to us to move beyond being viewed as a single product company and help us realize our vision of being a segment-focused financial institution, that can offer a complete suite of products ready to serve the financial needs of our target [grassroots] customers through our nearly 300 branches nationwide.”