Krungthai Panich Insurance Public Company Limited or KPI, a non-life insurance company and subsidiary of Krungthai Bank Public Company Limited announced its turnover in 2020 increased by almost 30 per cent as a result of the COVID-19 outbreak, compared to 2019. The company is accelerating business expansion with three strategies: embracing digital technology, empowering personnel potential, and customizing products in responding to alternating customers' needs, aiming to double sales volume by 2024.
By end of 2020, KPI announced total assets of 11,822 million baht, which was an increase from 10,465 million baht in 2019. The written premium is at 3,933 million baht, an increase of 816 million or 26.1 per cent compared to 2019 where the total written premium was at 3,117 million baht. In total 37 per cent of premiums came from car insurance and 63 per cent originated from non-motor sectors, including fire insurance, marine insurance, and miscellaneous insurance.
Dr. Pongpanu Damrongsiri, president of Krungthai Panich Insurance Public Company Limited said that "The global economy was tremendously impacted by the spread of Covid-19 throughout 2020, and Thailand was not immune from this. Nevertheless, health and security of life and asset has become a top of priority for Thai people, resulting in more non-life insurance plans than ever."
In order to respond to today's global trends, KPI has adopted three key strategies to enhance business performance and allow for more flexibility. The strategies include human resource development, customer-centric product and service development. Moreover, KPI is leveraging technology to boost skills and work potential by involving Robotic Process Automation (RPA) when considering warranty for car and fire insurance. KPI will also be focusing on improving the quality of the claims service.
"KPI always gives value to market research and insights into customer behavior to ensure that we launch the right product that fits changing trends whether it is car insurance for the elderly or non-life insurance for BCG businesses. In addition to providing products and services for all customer groups, KPI is planning to work more closely with partners to enable for growth and stability", concluded Dr. Pongpanu.
About Krungthai Panich Insurance Public Company Limited (KPI)
Krungthai Panich Insurance Public Company Limited or KPI, a non-life insurance company affiliated to Krungthai Bank Public Company Limited, was established in 1953. Currently, a 68-year company has conducted its business with integrity, transparency, and good corporate governance in order to achieve strong and sustainable growth, as well as environmentally friendly and socially responsible on a path to sustainability. Besides, the company is continuing its commitment in product and service innovations in response to the customers' evolving needs, in particular individual insurance products. In order to provide peace of mind for the customers with the best protection in a reasonable price, including residential fire insurance, car insurance, health assurance plan or senior health assurance plan through multi channels both online and offline, including over 20 branches of KPI nationwide or insurance agents, partners, and bancassurance at Krungthai Bank branches nationwide. For more information about KPI products, please visit website www.kpi.co.th or call 02-624-1111