Bangkok--14 May--Aziam Burson-Marsteller
Major investments in customer centric products, distribution channels and technology planned for 2009
ING Life Thailand has reported a strong 22 percent increase in first year premiums for Q1 2009 in comparison to Q1 2008. Total first year premiums for Q1 2009 were 399 million baht compared to 328 million baht in 2008. Total premiums also increased by 28 percent in Q1 2009 from 1,196 million baht to 1,526 million baht.
Rajesh Sethi, President and Chief Executive Officer, ING Life Thailand said, “We are pleased by these results as they provide clear evidence that our innovative, customer centric strategies are attractive to an increasingly large and broad base of Thai consumers.”
Over the last 5 years, ING Life Thailand has recorded an annualized growth rate of 38 percent in total premiums and in first year premiums of 25 percent. The total number of ING Life policy holders at the end of 2008 was over 280,000.
In order to strengthen its foundation for future growth ING Life is investing in key aspects of its business including its people, its brand and its operations. “In order to improve the customer centricity of our operation we have recently established a 50 million baht customer contact center. We are also offering our staff unparalleled opportunities for overseas training and international short-term assignments to ensure we have the best trained and most highly motivated team in Thailand,” said Rajesh.
In order to further strengthen its customer base and brand positioning throughout 2009 ING will continue to make significant investments in its Agency, Bancassurance and Direct Insurance Channels.
Agency
Throughout 2009, ING Life will continue to implement its strategy of investing in quality improvements (Quality makes the Difference), increasing the number of new agents as well as enhancing their productivity through on-going training and motivational programs, nationwide recruiting seminars and development of products that meet the needs of customers yet are easier to sell. The Company will also be expanding its network of branches in key provincial areas while also investing in various marketing activities and an upgraded Agency website.
“We provide the best support to our agents of any life insurance company in Thailand. Our IT system, training, referral and internship programs are leading examples of the incentives we provide to new and prospective agents to further drive our business strategy in 2009. Already the positive results of growth through our agency network are tangible with total premiums increasing in the agency segment by 10.8 percent in Q1 09 compared to Q1 08,” said Hans Visser, Senior Executive Vice President and Chief Agency Officer, ING Life Thailand Limited.
Direct
ING continues to dominate the Direct Insurance Sales Channel with a 29 percent share of the nearly 5 billion baht market. The company through its partners has 200 call agents and 2 call centers generating telesales to customers of ING Life’s blue chip array of partners. The Company’s range of partnerships with leading institutions started in 2002 with its alliance with Citibank, which was followed in 2005 with HSBC and TMB, in 2007 with Grammy and most recently, in 2009 with Standard Chartered.
“Our ‘back to basics’ telemarketing model continues to resonate with our strategic partners and our customers. We envision enhancing our telemarketing outreach to other segments such as protection for customers of debit cards and personal loans. We are also excited about implementing “Confirmation Call” to customers within 7 days after sending of the policies,” added Kitti Rungsisingpipat, Senior Executive Vice President and Chief Actuary, ING Life Thailand Limited.
Bancassurance
Bancassurance, launched by ING Life in May 2008 throughout the TMB branch network, is expected to continue to contribute to the growth of the company’s business during 2009.In the Bancassurance segment ING utilizes a total solutions model that consists of extensive marketing, sales support, promotions, training and unique on-line underwriting support in every TMB branch throughout Thailand.
“We have 110 full-time staff dedicated to develop the bancassurance business throughout TMB's 470 branches. Our training team provides sales and product training to more than 3000 TMB staff throughout Thailand, ensuring that all licensing requirements are met. Collectively our bancassurance teams have already made great strides in deepening our retail coverage and successfully launching new products targeting SMEs. We are very excited about positive customer feedback to a recent initiative that allows customers to receive confirmation of acceptance of their application literally minutes after the application is completed in the TMB branch. Typically this process in Thailand can take up to five days.” said Andrew Shaw, Senior Executive Vice President, Bancassurance, ING Life Thailand.
ING’s growth strategy for 2009 is founded on ongoing and significant investment in all its sales channels and supporting infrastructure to provide unparalleled reach in terms of geographical presence throughout Thailand, range of customer centric, user friendly products and unprecedented, efficient service.
For further information, please contact:
Hongsinunt / Jittima / Satida
Aziam Burson-Marsteller
Tel. 0 2252 9871