Viriyah Insurance revealed a roadmap for the year 2021 with a focus on technology development by partnering the global software developers including Oracle, Microsoft and MuleSoft to revamp the IT architecture and create innovative services under the concept of Total Experience for customers. At the end of 2020, despite the COVID-19 crisis, the company's financial position remained strong with 76 billion baht in total assets and a capital adequacy ratio of 224.70% which was higher than the standard. The company gained the largest market share with total written premiums worth 38 billion baht and a big jump of 317.85% in health insurance products, and we plan to continue the success.
Mr. Amorn Thongthew, Director and Assistant Managing Director of The Viriyah Insurance Public Company Limited, said that in 2021, the company still aims to develop technology to increase the efficiency of its services to provide customers with the highest satisfaction. According to the "Customer Centric" business plan in 2021, the company follows its clear policy of focusing less on sales & marketing and more on customer services, which is the core principle that Viriyah has valued to this day. We provide our customers with satisfaction so that they can put in a good word for us among their circles. "Although we focus on technology development, we still have our best interest in people. We have over 6,500 employees and over 2,000 claims assessors in our network across 76 provinces. To ensure optimal touch point experiences, our employees are equipped with both technological and service skills to enable a quick and smooth services for our customers."
Mr. Amorn also stated that the company had invested more than 200 million baht and partnered with global software developers including Oracle, MuleSoft and Microsoft to develop systems and revamp the IT architecture within the next 5 years. Every sector will be connected as one to create a total experience according to the CXM (Customer Experience Management) strategy to render good experiences for customers at every point of contact with Viriyah Insurance.
In 2020, Viriyah Insurance had a gross earned premium of 38 billion baht, including the motor insurance premium of 33.3 Billion baht and non-motor insurance premium of 4.8 billion baht, with a total asset of 76 billion baht and a capital funding of 41 billion baht, or a capital adequacy ratio of 224.70% which is higher than the legal standard of 120%.
Mr. Sayom Rohitasathira, Deputy Managing Director, said that during the COVID-19 crisis past year, the motor insurance market became sluggish due to a decrease in new car sales. As a result, it is important for the company to retain current customers. Even though there was a drop in the new car insurance, the company was able to keep the renewal rate at over 70% thanks to our strong alliances. Our agents nationwide also achieved the renewal rate of approximately 80%. All in all, we hardly suffered from the downturn."
Mr. Sayom added that after-sales service is a key to customer loyalty. Although the company already has many service centers/branch offices covering over Thailand, it recently provided more by setting up accident claims centers for urgent case at the border of each province and outside the city area where there is a high risk of accidents. The "accident claims centers" will help speed up the insurance claims process as employees can rush to the scene quickly. Customers will get services in a timely manner and feel that we are always standing by their side.
Mrs. Thavikan Techataveesup, Assistant Managing Director, revealed that last year the company successfully expanded its non-motor insurance from 4.1% in the previous year to 4.5% with a total written premium of 4.82 billion baht. This contributed to a 317.85% growth following an increased demand for the "COVID-19 shield insurance."
In 2021, the company still plans to continue its market expansion by launching new products that meet customer needs, such as disease-specific health insurance to help make it more accessible to customers while offering more flexible insurance terms and conditions. Furthermore, we will revise the COVID-19 insurance policy to increase more coverage for cases of severe allergic reactions to the vaccine. We will also update other accident and health insurance plans. All our plans are devised according to Viriyah Insurance's determination to provide protection and care for Thai people with the best, honest, and fair products and services.