Ayudhya Allianz C.P. Life saw a steady rise in premiums for the first nine months of the year thanks to its customer-centric approach exemplified by the slogan, ‘Ayudhya Allianz C.P. will paint every Thai house blue’ that reflects its vision of providing security to every Thai family.
The company is focusing on three main distribution channels — agency, bancassurance and direct marketing -- to achieve its goal of being the fastest growing life insurer in FYP.
“Pursuing our customer-centric approach while focusing on three main distribution channels under the “Blue House” strategy has resulted in a 31 per cent increase in FYP or 2,951 million baht in the first nine months (January – September 2009),” said Mr. Stephen Appleyard, President of Ayudhya Allianz C.P. Life.
“Three main distribution channels contributed to this success. The agency channel, generated 1,734 million baht, an increase of 36 per cent; bancassurance brought in 575 million baht, a 26 per cent increase, and direct marketing made 569 million baht, an increase of 22 per cent over the same period last year.
“Despite concerns over the economic environment, we consider this year to be a good year as we’re enjoying continuously growth. Last year we were the fastest growing company in recruiting; this year we are determined to be the fastest growing company in FYP.”
“It will not be hard for us to achieve this goal, given the remarkable growth posted by every distribution channel, and especially the agency channel. Data from the Thai Life Assurance Association showed that Ayudhya Allianz C.P. ranked third in FYP for the first nine months of the year.
“The agency channel is concentrating on increasing the number of active agents, instead of focusing on a new code. The average number of active agents is 4,897 a month, a 26 per cent increase on the same period of previous year. The total number of agents is 28,033, an increase of 27 per cent on the same period last year.
“The company has made some changes in its bancassurance strategy as it is concentrating more on selling bigger case, along with tightening its relationship with partner banks in managing the sales at each branch. We also introduced E-Application technology and Quote Express system, which we will use for presenting products via bancassurance.”
Products that Ayudhya Allianz C.P. will be promoting through this channel include savings with life protection, which is easy and match with bank customers. The highlighted products for this channel are “Krungsri Sure Life 12/7”, which customers are not required to have a health check before buying and it offers a guaranteed return. “Krungsri Happy Life 12/6” is another product that has contributed to the success of bancassurance sales.
Direct marketing continues ranking the first in the market, thanks to products that are easy to understand, easy to reach mass market, and convenient to buy with a premium that can be as low as 300 baht a month. More importantly, these products need to be in compliance with the Office of Insurance Commission regulations.
As well as its three main distribution channels, the company will continue its customer-centric approach. Since the beginning of this year, it has focused on organization development, improved internal management, and developed new products and services to meet the needs of all its customers. This is in accordance with its customer experience management, one of the key marketing tools that we have been focusing on and is in line with our parent company, the Allianz Group.
Mr. Appleyard added that while the company would continue developing successful strategies and innovative products and services to meet its customers’ needs, it would also reinforce its determination to contribute to improving Thai society. This it will do by pressing ahead with its CSR initiatives under the concept of, ‘Ayudhya Allianz C.P: Sharing Knowledge with Thai Children.’
Recent successful CSR projects include the Thailand Animation Contest 2009 by Ayudhya Allianz C.P., Ayudhya Allianz C.P. Pa Nong Tiew Bangkok, Young Children Meditation (Dhammabutr) Project, and many others. Their aim is to encourage people, especially underprivileged children to take part in activities that will benefit not only themselves, but also the community, which will help to create a better society for us all.
“Our hope is that the favourable public response we receive from our activities in this direction will help us to achieve our goal of painting every Thai house blue,” said Mr. Appleyard.
“And in the meantime, we know that we’re going to meet our target of being the life insurer with the fastest rate of growth this year – and next year and beyond,” said Mr. Appleyard.
About Ayudhya Allianz C.P.
Ayudhya Allianz C.P. is positioned at the forefront of the Thai life insurance industry with experience and expertise in life and health insurance for over half a century. The company is a strategic business synergy and partnership comprising 3 powerful groups; The Bank of Ayudhya Group, Allianz Group, and Charoen Pokphand Group. These 3 outstanding organizations have joined forces in creating Ayudhya Allianz C.P., widely recognized as a truly international life insurance firm with local expertise in the Thai market and dependable all-round business strengths and stability. With more than 1 million policyholders under our care, Ayudhya Allianz C.P. is ready to continue delivering the best product and service for the rhythm of Thai people life.
Ayudhya Allianz C.P. for the rhythm of your life
For more information, please contact:
Ayudhya Allianz C.P. Life Pcl.
Saisamorn Lertkhochalug
Direct Line: 0-2305-7408 DC Consultants & Marketing Communications Ltd.
Chonthicha Ungkanungdecha Tel: 0-2610-2380
[email protected]