Bangkok--25 Apr--4D Communication
IAG Insurance (Thailand) Co., Ltd., officially launches its operation under the NZI brand. The rebranding, which started late last year is expected to assist the company’s business development and revenue as the Co seeks growth of a further 12% this year.
Chris Dooley, Director and Chief Executive Officer of IAG Insurance (Thailand) Ltd, trading under the NZI brand, disclosed that the change commenced on 4th July 2005 at which time Insurance Australia Group (IAG) acquired the shares of Royal and Sun Alliance Insurance (Thailand) Ltd.
The acquisition was the culmination of several years of investigation by IAG into worldwide and particularly Asia market opportunities — all part of the IAG strategy to develop greater geographical spread than its traditional and already successful Australia and New Zealand markets. The extensive research has enabled IAG to identify several markets, (including Thailand, China, Malaysia, Hong Kong, Singapore and India) and also businesses within those markets with strong potential for future profitable growth. The purchase of shares in this business was just such an acquisition, and a part of the broader strategy.
“We’re confident we shall be able to build a strong NZI brand in Thailand. NZI already operates as part of the IAG Group in New Zealand and has a history going back almost 150 years since its formation in 1859. The brand has a strong tradition, particularly in the intermediated market for delivery of high quality service. This team will ensure that is precisely what we deliver in Thailand and maintain the strong brand reputation of NZI. We do have the expertise of the entire Insurance Australia Group at our disposal to assist us, and that gives our team access to many products and services already being delivered to almost 10 million customers through out Australasia” he said.
Our customers have told us that we have strong customer service capability and the technical skills they require to meet their needs. What we hope to do now is to enhance those strengths with IAG assistance
Our business in Thailand has been based upon a solid commercial business foundation and the NZI focus going forward will be to continue to build upon that successful foundation and focus on what we do best. We’ll be seeking to leverage IAG expertise particularly around the SME market, and the Co will maintain its delivery of products through our strong broker and ‘affinity’ business associations - seeking to expand those channels, continuing relationships which have been developed during 20 years of successful operation in Thailand. We shall also be working hard to replicate the successful IAG Australian business relationships and develop those here in Thailand. Already, we are sharing product and technology knowledge with another of the IAG businesses in Australia, ‘CGU’, given the CGU strengths -particularly in the SME sector. We are currently in the research stage, although the research and knowledge sharing with IAG, should position us to deliver a new SME product to the Thailand market during the 2nd half of 2006.
Insurance Australia Group
Insurance Australia Group is the leading general insurance group in Australia and New Zealand, providing personal and commercial insurance. IAG listed on Australia Stock Exchange (ASX) in August 2000, under its former name of NRMA Insurance Group Limited. The Group’s name and ASX code (IAG, formerly NRM) were changed in January 2002 to better reflect its size, diversity, geographical distribution and aspirations.
IAG has a market capitalisation of US$ 6.8 billion, ranking us among the largest 25 Australian listed companies. We insure over US$ 650 billion worth of assets and receive annual gross written premium of more than US$5.1 billion.
IAG has been assigned a “Very Strong” Insurer Financial Strength Rating of ‘AA-’ from S&P.
IAG holds the Number 1 position in six major general insurance markets in Australia: motor, home, compulsory third party (CTP), workers’ compensation, consumer credit and extended warranty. The Group insures more than 5 million cars, 2.5 million homes, 245,000 businesses and 82,000 farms in Australia, and provides workers’ compensation services to around 209,000 employers. In New Zealand, the Group insures 1 million cars, 580,00 homes, 187,000 businesses and 215,000 rural risks.
IAG products are distributed both direct to customers through our network of branches and call centres and indirectly through intermediaries, such as brokers and agents. The Group has a network of about 330 branches and customer service centres throughout metropolitan, regional and rural Australia, and has a workforce of around? 12,000 people and 41 sales centres and branches in New Zealand.
The group includes some of Australia and New Zealand’s most trusted and respected brands. In Australia, we offer our products under NRMA Insurance (NSW, ACT, Tasmania and Queensland), SGIC in South Australia, SGIO in Western Australia, and CGU and Swann Insurance nationally. In Victoria, products are distributed through a joint venture entity, Insurance Manufacturers of Australia Pty Limited with RACV. The group offers products under the STATE Insurance in New Zealand and NZI brands for both New Zealand and Thailand.
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