Thai Life Insurance Plc has outlined its 10-year strategic plan, which includes flexing its investment muscle overseas and shifting to digital, with an aim at becoming a top-five life insurer for first-year and total premiums in the region.
The company is conducting a feasibility study for investment in Myanmar, Laos and Cambodia, to conclude this year, said president Chai Chaiyawan. Thai Life has a representative office in Myanmar.
Although insurance penetration remains low in Thailand, several insurance firms here are keen to make inroads in other Asean markets.
Muang Thai Life Assurance has a presence in Cambodia through its joint venture, Sovannaphum Life Assurance Plc, and another with Belgium-based Ageas and Vietnam's Military Commercial Joint Stock Bank to set up MB Ageas Life to run an insurance business in Vietnam.
Digital technology has changed customer behaviour substantially, Mr Chai said. The company must set business plans for 10, five and three years to achieve sustainable growth.
Thai Life is the country's third-largest life insurance company by total premiums after AIA and Muang Thai Life.
Insurance agents will be trained as life insurance planners or partners by motivating them to acquire security investment consultant licences.
Thai Life expects first-year premiums of 17 billion baht in 2018, up 15% year-on-year. The agent channel is projected to contribute 11.8 billion baht and non-agent channels 5.2 billion.
Product strategy will focus on protection policies, savings insurance plans and motor insurance.
For the first nine months last year, Thai Life reported revenue of 71.45 billion baht.
