Bangkok--16 Sep--124 Communications Consulting
Ngern Tid Lor continues to enhance the quality of life of their grassroots clients by providing access to services in the Financial Inclusion system. With an estimated annual cost of 70 million Baht, Ngern Tid Lor has modified its motorcycle title loan to include personal accident insurance coverage, free of charge. Effective from today onwards, every borrower will receive a policy with 200,000 Baht coverage.
Mr. Piyasak Ukritnukun, Managing Director of CFG Services Co. Ltd, or Ngern Tid Lor, an affiliate of Bank of Ayudhya, mentioned about this project that, "from now on, Ngern Tid Lor clients who take out motorcycle-title loans will receive free personal accident insurance coverage for a period of 1 year. We decided to make this feature standard because we know that Thailand ranks second in the world for motorcycle-related accidents and believe this is a feature that can help strengthen our position as Thailand's leading title loan provider. As this is a product feature and not a campaign, there is no expiration date for this offer. We would like to underline that Ngern Tid Lor is a financial institution with high international standards and with pure intentions to betterment the lives of Thais."
Ngern Tid Lor began offering free personal accident insurance for this year since the past August 4thand will air its newest television commercial titled "we care" on September 16th, to promote the upgraded product. "Most customers are skeptical when they see the word "free" and think that there are hidden costs in fees or higher interest rates. This is not the case with us. When we say free, we mean it because we understand that the majority of our customers are breadwinners and we want to play our role in making financial products accessible and their already difficult lives a bit easier." Mr. Piyasak added.
Inspiration for this product innovation came from the success of a 2014 campaign in which Ngern Tid Lor initiated the free accident insurance coverage by giving out 30,000 policies worth 12 million Baht, to motorcycle customers. The overwhelmingly positive response encouraged management to redefine the company's role in the betterment of borrowers' lives. If purchased separately, the free policy would cost 299 Baht per year. Ngern Tid Lor projects that over 200,000 policies with a value of over 70 million Baht will be given away for free within 12 months. Siam City Insurance Public Company Limited will be the insurer for these policies.
Interested customers can contact any of our Ngern Tid Lors' branches, with more than 360 locations in 74 provinces throughout Thailand.
More information on the free personal accident insurance at www.ngerntidlor.com or call 088-088-0880