Local non-life insurer Viriyah Insurance is aiming to achieve total written premiums worth 43 billion baht this year, up from 40.9 billion last year.
Adopting a customer-centric strategy, the insurance firm aims to achieve 6% overall growth this year, executives said on Tuesday.
Targeted premiums from motor and non-motor insurance are set to reach 37.6 billion and 5.7 billion baht, respectively, this year with percentage growth of 5% and 11%.
Thavikan Techataveesup, assistant managing director, said the company will continue to expand personal line products for non-motor insurance, offering protection for travel, property and health as well as auto parts.
"We will focus on expanding sales channels through agencies for non-motor insurance this year, while aiming for simplified products such as personal accident insurance," said Mrs Thavikan.
Viriyah's roadmap to drive business operations this year will involve implementation of artificial intelligence technology to achieve three objectives, comprising digitalisation of sales channels, claims processing and product development, said managing director Amorn Thongthew.
"It is our mission and challenge to design products that provide complex coverage, as well as develop technology to ensure good experiences at every touch point," he said.
Last year Viriyah reported growth of 5.78%, up from 1.6% in 2021. Of the total, motor insurance premiums accounted for 35.8 billion baht, with non-motor tallying 5.1 billion.
The company's total assets were 69.9 billion baht.
"Last year was full of challenges because of the gradual recovery of the economy after several years of severe outbreaks of Covid-19," said Mrs Thavikan.
Mr Amorn said the overall insurance industry growth was 3.5-4.5% last year.
"In recent years, people have become more aware of risks and turned to insurance to help mitigate them, causing the overall picture of the insurance business to post a higher growth rate," he said.
