Allianz Asia Pacific aims to increase its customers to 18 million by 2025, up from 11 million, by expanding distribution channels and utilising digital solutions to enhance the efficiency of its services.
Anusha Thavarajah, the regional chief executive of Allianz Asia Pacific, said the Asian insurance industry still has great room for growth because the penetration rate in the region is low, especially in Thailand, where it is only 4%.
Thomas Wilson, chief executive of Allianz Ayudhya, said the company managed to generate higher profits in Thailand than all other Asian countries despite Covid-19 insurance claims reaching 900 million baht. This total was only the seventh-highest for total premiums in Asia.
For the regional market, Allianz Asia Pacific aims to reach 18 million customers across Asia by 2025. For the Thai market, the company is targeting 5-10% growth in new business volume in 2022.
To achieve these objectives, the company wants to develop its distribution channels by recruiting more than 6,000 agents and training them to promote the appropriate insurance products to customers, he said.
The company also plans to invest in technology to fully digitalise services from start to finish, allowing more options for customers. Other technologies are planned, such as healthy living platforms and electronic interfaces for hospitals to ensure claim submission is efficient and convenient.
The final strategy is to make full use of the company's variety of health, life and casualty policies to serve all customers' needs, said Ms Anusha.
She said the firm's wide catalogue can cover a variety of concerns for Thailand's ageing society, with specific products designed for the needs of the elderly, such as a product that covers critical illness.
In March, Allianz Ayudhya acquired the health insurance company Aetna Thailand.
Mr Wilson said the company will leverage Aetna's health expertise to enhance its customer reach, the efficiency of claims management and the underwriting process.
He said the two companies should enter the final steps of integration by the end of 2023.
In Asia, Allianz has 11 million customers in 15 countries, employs 8,000 staff, and has 100,000 agents as distribution channels.
