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Krungthai Panich Insurance continues to enhance its technology, services and partnerships, targeting Bt.5 billion in insurance premiums in 2022

Krungthai Panich Insurance Public Company Limited or KPI announces a new vision for 2022, which includes developing products and services that connect all aspects of life with easily accessible technology.

The new vision is aimed at adding value to Thai society while also being responsible to the environment. KPI aims to increase direct premiums by up to 5 billion Baht through the O2O (Offline-to-Online) business strategy, which integrates value from offline to online to reach potential customers thoroughly. The company is also looking to expand the capacity of its agents and business partners as well as integrate technology to improve its work system and develop a wide range of insurance products to meet the needs and lifestyles of consumers in the digital age.

Furthermore, KPI aims to increase its customer base to 5 million by 2027 by implementing its 2022 business strategy and focusing on offline expansion through sales representatives, agents, and partners nationwide. The vision also includes adopting online business models by integrating technology into the operational system to allow sales representatives and agents to manage every sales process more effectively and conveniently. This includes a focus on serving customers through an online platform, as well as developing services that meet the lifestyle needs of customers who value convenience, speed, and easier access to the service via smartphone devices. In addition to technological development, KPI focuses on developing the knowledge and abilities of people within the organisation to integrate the use of technology into the working process for efficiency to deliver the best possible sales and customer service.

Dr. Pongpanu Damrongsiri, President of Krungthai Panich Insurance Public Company Limited or KPI said “This year, KPI has planned the working strategy in accordance with the company’s vision to cope with emerging changes, especially the non-life insurance business, which needs to be able to adapt constantly to changing needs and behaviours of consumers. Meanwhile, we have been assisting our business partners, sales representatives, and agents across the country, allowing them to work from anywhere at any time.”

KPI aims to leverage the importance of insurance products in people’s lives to be more connected to all aspects of consumer life. The working concept is as follows:

  • Using cutting-edge technology and innovation to create a working system that allows all consumer groups to easily access product design and services
  • Adopting an O2O (Offline-to-Online) management strategy that focuses on partners, sales representatives, and agents nationwide to be more efficient. This combines and adds value for agents by enhancing the system and allowing for more efficient operations. This includes offering insurance products, premium rates, managing electronic policies, and connecting data systems between agents to allow them to manage their own data. By the middle of 2022, KPI aims to increase the number of agents and brokers by 700.
  • Adopting the Personalization design concept to create a new application to serve customers online. Customers can manage their own information and access services and benefits. In addition, KPI has collaborated with business partners to provide a variety of add-on services.

According to the most recent data as of 31 December 2021, KPI, a Thai non-life insurance company that has operated business for 69 years and one of the trusted financial stability insurers, has a total asset of 16.3 billion Baht, an increase of 37.88%. In comparison to 2020, the company’s total premium revenue increased by 15.44% to 4,540 million Baht.

“KPI recognises the current changes that have created new business opportunities and allowed the insurance business to expand. We believe that adapting our strategy to meet growing and changing demand is an important aspect and a difficult path for the company to take, especially in a highly competitive market where new technologies and trends emerge. Therefore, we have been focusing on innovation and technology to develop easily accessible products and services on digital platforms and online sales channels, as well as establishing new partnerships to empower corporate business. We also focus on conducting business in a way that creates value and is responsible to society and the environment in order to achieve the goal of sustainable management.” Dr. Pongpanu concluded.

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