Bangkok--2 Oct--AXA Thailand
AXA Insurance follows the growing condominium market trend against slow economy by launching "AXA Smart Condo". It is condominium insurance policy which offers full coverage for both indoor assets and building in the same policy. The company uses online media to catch Gen Y customers who like convenient and quick lifestyle.
Mr. Chatchai Khiewthong, Chief Agency and Branch Officer of AXA Insurance Public Company Limited, disclosed that in third and fourth quarter of year 2015, AXA adjusted its strategy by expanding insurance market to real estate protection segment especially in apartment or condominium segment. This segment is a high potential market. In the last 3-4 years, the market is rapidly growing to more than 38%. Recently, Thai Condominium Association estimated that condominium market this year will have 1.48 hundred billion baht accumulation sale. It is 4% growth from year 2014 which had 1.42 hundred billion baht accumulation sale.
Therefore, AXA Insurance launched new campaign to support condominium market under the name "AXA Smart Condo". It is condominium insurance which has full coverage for both indoor assets and building itself in the same policy.
We emphasize on three major different strengths which are "Worry-Free", "Satisfy" and "Easy". Worry-Free means it will cover every risk that condominium residence concern. Satisfy means customer can pick and choose extra coverage as they like. Easy means this insurance is easy and convenient to buy via online channel. AXA Smart Condo will cover every concern and need from condominium residence. If sum insured is lower than 30 million baht, there is no need to do condition inspection before purchasing insurance. Customer can pick and choose extra coverage and easily buy insurance via online channel.
AXA Smart Condo target group is Gen Y people who are 15 -34 years old. These people are the largest group in Thailand right now. They have modern city lifestyle which are convenient and quick. They love to socialize and share experience and stories via online channel. They make a decision based on price and quality. Moreover, they have financial knowledge and attitude in making rich. In real estate marketing opinion, these people have high potential because they grow up in the generation of Internet and Social Media. They live their lives in fast-paced world and do not need to wait for anything. They also receive information online via Internet. Therefore, AXA concentrates more on online marketing to promote sales channel and marketing activities. Customers can gather information, consider and easily purchase insurance via this online channel.
For sales promotion, AXA has road show to publicize the campaign in wide area i.e. office buildings and community malls. The Road Show will start from Bangkok then expand to other big cities such as Pattaya, Chonburi, Hua Hin. Customers who buy Smart Condo insurance at activity booth will receive more special gifts.
Ms. Lalita Thanchaya, Product Development and Innovation Director of AXA Insurance Public Company Limited, also said that insurance premium starts at 2,100 baht per year and sum insured starts at 1 million baht. The insurance policy divides into two plans e.g. Basic plan and Pick and Choose plan. Basic plan has full coverage for every risks e.g. damage to building, damage to indoor assets, threat from natural disaster, fire, vehicles, accidents, and damage from robbery. It also include other unexpected incidents such as lost money from robbery in insured property, lost or damage to jewelry, gold, electric appliance and furniture, and personal liability insurance (domestic). For Pick and Choose plan, customer can buy extra coverage or increase coverage value as needed i.e. life assurance from fire accident or robbery, medical expense or funeral rite expense for their in-house employee, pet medical care for fire, lightening, earthquake, car scratch in insured place, and lost or damage to portable devices such as notebook, tablet, mobile phone, camera, video camera.
Even though economic and political in Thailand affect overview of real estate market, it is an opportunity for insurance business. In this situation, most people plan to spend their money wisely and evaluate every risks in their lives. Consequently, insurance is like a channel in reducing risks in life and relieving violence from future problems.