Prudential Life Assurance Thailand wants to double first-year premiums sold through agents this year, supported by the company's "3Es" strategy.
The strategy comprises expanding the number of full-time insurance agents, enhancing their knowledge and revenue, and increasing engagement between agents, customers and partners, said chief agency officer Wichai Cheewasrirungruang.
Under the Entrepreneur Development Programme, the company plans to expand full-time insurance agents and agents with an IC licence to 500, up from 300, said Mr Wichai.
The company also plans to enhance and train 500 insurance agents to qualify for the Million Dollar Round Table standards, up dramatically from the existing 21, he said.
At present, insurance partners accounted for a major stake of the company's sales channel, while agents represent only around 10% of the company's insurance premiums.
The company has five marketing partners: Thanachart Bank, UOB Thai, Siam Commercial Bank, Tisco Bank and CIMB Thai Auto.
Prudential Life Assurance plans to increase sales contribution from the agent channel to 20% this year, said Mr Wichai.
"We want to add new agents to penetrate the high net worth and upper-end segments to sell unit-linked products, lump sum insurance payments and a new rider product we plan to launch next month," he said.
Prudential Life Assurance Thailand had around 3,200 insurance agents at year-end 2018, with an active rate of 15%.
The average annual premium received by the company is 28,000 baht, and the average premium for Greater Bangkok is around 40,000 baht per year, both of which are above the industry average.
Competition among insurance agents may not change much as most companies are gearing up to offer unit-linked products and compete more in complex products, said Mr Wichai.
Insurance companies also offer insurance rider products to take care of customers and financial consultants in case of digital disruption or technological displacement, he said.
"Insurance agents can be compared with traditional taxis, which are being disrupted by Grab drivers," said Mr Wichai.
"In three years, the market will change based on technology and customer behaviour, as customers no longer have brand loyalty.
"Insurance brokers will gain an advantage [over insurance agents] in terms of product variety."
