While the insurance industry has experienced losses, it has proven its reliability and assurance for customer spending on products once considered exclusive to the affluent market.
Now, as both global citizens and the insurance industry come to terms with these losses, a change in perspective is expected to pave the way for a fresh start.
Thalit Promnart, the newly appointed Managing Director at PhillipLife Thailand, recognises the challenging global outlook in the post-Covid era, marked by uncertain interest rates and living costs. In order to thrive in the coming decade, insurance policies are relied upon for their traditional value as assets for beneficiaries and as a steady investment return for insurers.
Phillip Life Assurance Plc., along with Phillip Securities Thailand and Phillip Capital Asset Management, has been successfully operating in Thailand since 1999, offering customers comprehensive products and services that cover investment, fund management, and insurance.
"Our goal at PhillipLife is to achieve 50% of the Value of New Business (VONB) during these years of economic recovery. To reach this target, we must undergo a business transformation that encompasses people, products, processes, and platforms, in order to meet shifting demands and achieve our company goals," explained the Managing Director of PhillipLife Thailand.
Thailand is already experiencing an aging society, with the number of senior citizens on the rise. Meanwhile, the next generations are considering retirement plans, particularly those with middle incomes who are thriving. Under Thalit Promnart's new directive, three key drivers for business growth have been established: expanding distribution channels, adjusting key measurements, and reshuffling flagship products.
"Our existing products will be categorised into three main channels: sales agency, direct marketing platform, and B2B brokerage agents. By focusing on consumer purchasing decisions and behaviours, we can better cater to specific customer needs. For instance, the Sales Agency channel will sell products that respond to customers requiring tax deductible options, critical illness health policies, and high guaranteed returns insurance. We also have sales forces that can stimulate spontaneous demand, such as long-term savings products that offer over 20 years of returns after retirement," elaborated the Managing Director.
For existing customers who prefer privacy and self-observation, a new highlight is the Direct Marketing channel, which utilises YouTube influencers to provide information and enable customers to make online decisions based on their own knowledge of insurance.
"While PhillipLife has been Thailand's first insurance company to launch an online sales platform since 2015, we continuously implement security measures to address concerns about online security and scams. Additionally, we provide AI technology options for customers to gather information through chatbots or call centres, in addition to sales agents," assured the Managing Director.
PhillipLife's commitment to delivering exceptional products and services places a strong emphasis on its people, making it a priority for the business to grow amidst economic recovery. With a customer-centric approach as a major strategy, the company's operational transformation is bolstered by a dedicated staff and strategic partnerships that possess capability, flexibility, and competitiveness.
"Our sales forces are supported by insure tech, which fosters sales growth and enables efficiency by offering transparency and accurate services to customers. Online approval, claims requests, premium payouts, and more can all be conveniently accessed through our digital platforms," added the Managing Director.
With extensive experience in the insurance industry and expertise in affiliate marketing, Thalit Promnart, the Managing Director at PhillipLife Thailand, affirms that new cross-industrial business collaborations will be the next strategic move. These collaborations will raise public awareness and expand sales channels to present unit-linked insurance plans to a wider range of customers, addressing emerging needs during times of crisis.
