Allianz Ayudhya Assurance aims to achieve 34.7 billion baht in gross written premiums this year through the expansion of all distribution channels.
Thomas Wilson, chief executive and president of Allianz Ayudhya Assurance, said the company maintained a strong position in the market in 2021.
Despite it being a challenging year for the insurance industry, the company achieved 4% growth in operating profits last year, spurred by 7% growth in profits from agency channels and a 28% gain in profits from its bancassurance partnership with Krungsri Bank.
Allianz Ayudhya attributed its success to its accessible health products, positive company foundation, and the "Plus X" campaign that utilised cross-selling and upselling strategies.
"We are confident the situation will improve, particularly as pandemic containment moves in a positive direction. The market is still volatile and Allianz Ayudhya will remain prudent in running the business and focusing on driving sustainable growth," said Mr Wilson.
He said the company expects improvement in 2022.
Allianz Ayudhya targets gross written premiums of 34.7 billion baht and total annualised new premiums of 6.5 billion baht, of which 3.4 billion are for health insurance.
Mr Wilson said the company followed a roadmap titled "Strategy 2025" that consists of four pillars -- growth, products, operating profit and franchise -- in 2021 and will continue in 2022.
The first pillar, growth, is developed through the company's distribution channels, he said. Agency channels will be endorsed with its "Elite Program", an initiative to encourage talented agents, said Mr Wilson.
For bancassurance, agents will cooperate with Krungsri to offer more credit life and health-related products, he said.
The second pillar promises new products throughout the year. A new unit-linked insurance plan provides health insurance protection with exposure to investment, including foreign bonds and new unit-deductible riders, said Mr Wilson.
Operating profit refers to its existing "Plus X" campaign and by analysing customer data to find and fulfil customer needs.
Finally, the franchise pillar promises improved employee engagement and the provision of better services to customers.
He said at some point society should stop regarding every Covid-19 case as an emergency, treating some mild cases similar to the flu.
This mindset shift is important for economic recovery to preserve medical resources for those in critical condition, said Mr Wilson.
