TQM Corporation, a SET-listed insurance broker, plans to extend the coverage of its new home insurance to all insurance risks, in addition to fire, to penetrate the home insurance market of over 20 million units.
The company expects to gain 500 million baht in revenue from the product this year and aims to reach 15.93 billion baht in the next five years.
Unchalin Punnipa, TQM chairman and president, said the new home insurance will offer more than 100 plans for customers to cover all perils that have the potential to cause damage to a house and other assets, including natural disasters, robbery, theft, as well as protection for homeowners and guests with the concept "home insurance that is more than fire insurance".
The product is aimed to help the company penetrate the home insurance market of over 20 million units at present.
TQM is also preparing to expand it sales distribution channel via InsurTech, the online platform that allows customers to contact the company, buy products and check risks associated with their neighbourhood before buying insurance so it really caters to their needs.
Mr Unchalin said the home insurance market still has plenty of room to grow as last year there were reportedly only 3 million households with home insurance. The figure accounts for only 12% of all 27 million households in Thailand.
He said TQM aims to gain 25 billion baht in revenue from all products this year.
The majority of sales are expected to be done through the online system in which the company currently has a customer base of over 2 million people.
To achieve the sales target this year, the company will try to boost revenue through the sales of home and health insurance that continue to be in demand during the worsening pandemic.
"Even though the economy is heavily affected by the Covid-19 pandemic, insurance remains a necessity for customers because when people's lives are in turmoil, insurance will help reduce the mental burden caused by these uncertainties," he said.
