Thai Life Insurance - Company of the Year
Company: Thai Life Insurance Plc., Bangkok, Thailand
Company Description: Thai Life Insurance Plc is proud to be a leader in providing unique products and services. It’s the first Thai-owned life insurance to support Thai people by offering products to meet the client needs. These are confirmed our mission to be “More Than Just Life Insurance”.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Insurance - Large
Nomination Title: Thai Life Insurance Plc.
Tell the story about what this nominated organization has achieved since 1 January 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Thai Life Insurance is the first life insurance company of Thai people which was established over 75 years ago. With the solid financial standing and has increased its registered capital to 10,600 million baht which is the largest in the Thai life insurance industry. Operates its business under the vision “To be an iconic brand inspired by the people, for the people” with the aim of becoming a “People Business” The Company has developed the organization in all aspects including products, services, distribution channels, human resources, work systems, management and branding, and is prepared to offer total life solutions to create financial security for families.
Thai Life Insurance is committed to creating a different kind of excellence by developing a diverse portfolio of over 200 insurance and special contract products to meet the needs of every group of consumers at every stage of their lives, from newborn to old age. The company has analyze the needs of the target groups to create an insurance that covers all the aspects and has continuously innovated new kinds of insurance and services to give better value and care to policyholders. The company has continuously innovated new kinds of insurance and services to give better value and care to policyholders as follow
Thai Life Insurance is a leader in innovative insurance products which have been a model for other insurance companies to develop similar products. We designed the product for “Retirement”, product for “the Disabled” and product with “Refund” for the life insurance market, product to cover from birth with “First Step” The First and the only Life Insurance Company in Thailand to cover the medical expenses with Stem Cell treatment. In addition, Thai Life Insurance is the first and only life insurance company in the world to provide coverage for military officers since 1987.
To create a great experience and impression to customers and to become the love and commitment to the brand in procedure as follows:
2.1 The company has continuously developed the quality of its after-sales service, by setting up a department with the task of providing information and looking after the benefits of policyholders, the Thai Life Insurance Care Center to give advice, solve problems and provide information for policyholders. It is able to provide service through every contact channel with the Multimedia Contact Center, the first of its kind in the Thai life insurance industry. Contact can be made on the Hotline 1124 as well as other channels such as email (firstname.lastname@example.org), webpage (http://www.thailife.com/">www.thailife.com), chat or fax to 02 246 9575, 24 hours a day.
2.2 Thai Life Easy Pay: developed the payment channels to bring convenience to policyholders and continuing to increase more payment and receiving compensation channels such as Big C Supercenter, Counter Service at post offices and 7-Eleven stores nationwide.
2.4 Thai Life Insurance iService the service system that gives convenience to policyholders to check the terms of policies, premiums, dividends or refunds, or ask for their own compensation on http://www.thailife.com/">www.thailife.com
2.5 MDA or Mobile Digital Agent, application is the primary application for digital agents. The tools is transparency protects customer by allowing them to see from the start to the end of selling process based on full and accuracy because all the data has been call from Head Quarter.
On top of this, Thai Life Insurance has also expanded its service channels to reach customers in every area, by growing its branch network and Customer Service Centers (CSC). At present Thai Life Insurance has the most branches in Thai insurance industry with over 322 branches nationwide, which cover Greater Bangkok and the country’s regions to enable convenient and efficient service.
Meanwhile, the company is also committed to show responsibility to society by being the first company to prepare a master plan for social responsibility with three core strategies of Giving, Caring and Inspiring
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2016 (up to 150 words).
- Thai Life Insurance has financial stability and capability. In 2016, total assets stood at Baht 346,525 million, growing Baht 51,411 million or 17% year-on-year.
- Reserves amounted to Baht 258,574 million, increasing Baht 39,176 million or 18% from 2015
- Funds of 329,273 million baht
- Rated BBB+ credit rating for the financial strength internationally. (International Insurer Financial Strength (IFS)) And AAA (tha.) credit rating for its solid financial standing in the country (National Insurer Financial Strength) by FITCH rating.
- Maintain risk-based capital ratio (RBC) at 313% well above the office of insurance Commission’s regulatory minimum of 140%
- Receiving Best Life Insurance Company of the Year 2014 and 2016 from World Finance Insurance Awards, UK,
- Company Of the Year 2016 and Most Innovative Comapny Of the Year, Bronze level for Insurance Industry Large size from International Business Awards (Stevie Awards)
Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2016?