With a merger and acquisition (M&A) plan in the pipeline, Allianz Ayudhya Assurance Plc plans to climb in the health insurance industry rankings by 2021 through higher health protection, insurance premium growth and customer support services.
The company has set a goal to rank second in the health insurance business in two years in terms of business volume, up from third at the end of last year, said president and chief executive Bryan Smith.
Thailand is becoming an aged society and medical expenses rise by 12% a year on average, providing a growth opportunity for the company, Mr Smith said.
To reach its goal, Allianz's health insurance protection must grow by 20% this year, above the market average, and the contribution from agents must grow to 42.5%, up from 40% at the end of 2018, he said.
The company targets total premiums of 33 billion baht this year, including 15 billion from insurance agents, 11 billion from bancassurance, 5 billion from direct marketing and 2 billion from group insurance and the digital channel.
New premiums are targeted to reach 6.5 billion baht, with 2.5 billion from insurance agents, 1.7 billion from bancassurance, 1.8 billion from direct marketing and 500 million from group insurance and the digital channel.
The company aims to be a top loyalty leader in customer satisfaction and global employee engagement, Mr Smith said.
Allianz Ayudhya plans to continue expanding its business and offer a one-stop service channel for insurance products and customer support via the ONE Allianz Ayudhya strategy.
"Under ONE Allianz Ayudhya, we will combine the strengths of life and non-life businesses under the Allianz Ayudhya brand," Mr Smith said. "This will allow us to expand our brand value proposition and offer a complete range of products and services to customers under a one-stop service model."
Regarding the company's M&A strategy, there will be a press conference for further details soon and the company cannot release and transaction details at present because it must comply with stock exchange rules, he said.
