Central Retail expands new business into financial services

Stocks and Financial Services Press Releases Friday December 3, 2010 17:45
Bangkok--3 Dec--Central Retail
Central Retail expands new business into financial servicesand cooperates with Muang Thai Group
to launch “Central Smart Insure”

Central Retail Corporation Ltd. joins hands with Muang Thai Group, an insurance professional alliance with over 60 years of experience, to expand a new business into financial services in the last quarter of 2010 under a project “Central Smart Insure” – Guaranteed Happiness, after over 3-year of research. The project would offer insurance policies in department stores and specialty stores under Central Retail chain, through 400 outlets nationwide, so as to fulfill customers’ lifestyle in every segment, leveraging its leadership in Thai retail industry and customer loyalty.

Mr. Tos Chirathivat, Chief Executive Officer – Central Retail Corporation Ltd. (CRC), says that “According to a nonstop growth in Central Retail, we continuously plan to extend our arm’s length and seek new businesses. The company already opened “Central Hangzhou” - our first overseas department store last April. Domestically, we just opened “Robinson Lifestyle Center Trang” which is the 24th Robinson Department Store branch. A new service that we are ready to offer today is “Central Smart Insure”, providing insurance sales and service. This is considered as our new line of business: financial services in Central Retail’s chain.”

After the analysis on data of The1Card and SPOT Reward Card, totally seven-million members, we believe that Central Retail’s customers desire different styles of insurance policies and they are also ready to acknowledge it very well. For the reason that our daily life has to confront with greater risks, so we could not avoid some expenses that cost us dearly such as medical treatment or even assets maintenance. Supposing that we put our minds into that and wisely study how to manage such risk s, we could live a happy and secured life with freedom. That’s why Central Smart Insure has been created to satisfy the customers’ need. I am also certain that the collaboration between Central Retail Corporation Ltd. and our key alliance ‘Muang Thai Group’, would bring a new phase for both retail and insurance industries in the near future.” Mr.Tos says.

Mr.Sara Lamsam, President and Chief Executive Officer – Muang Thai Life Assurance Company Limited, adds that “With our expertise in both life and casualty insurances, understanding in Central Group customers’ lifestyle, and being a financially strong group who offer various product innovations; we are confident that we can properly meet the customers’ needs in terms of protection, savings, financial planning, tax saving as well as family protection.”

The company has prepared a variety of products such as Central All for Health, or financial planning products like Central Smart Protection 99/20, Central Smart Saving 20/8 and Central Smart Planner 10/4, or savings for child’s education like Central Smart Education 21/21, and retirement product like Central Smile/Smart Retirement.

“Besides, customers buying our insurance policies under “Central Smart Insure” project can subscribe for Muang Thai Smile Club membership for free to get many privileges through this project, for instance to join activities, to get a special discount from nationwide stores, restaurants, hospitals, hotels and resorts, or to get special discount of domestic and international shows.” Mr.Sara says.

Miss Nualphan Lamsam, President - Muang Thai Insurance Public Company Limited, also adds that “Muang Thai Insurance is confident that our experiences in insurance business would help fulfill every customer’s desire and can promote business expansion for both Central and Muang Thai Groups.”

The products for Central Smart Insure are categorized by Mass Customize model to fit in a modern lifestyle, which needs the product to be simple and easy to buy. It includes motor insurance, and personal accident insurance in from of “Insurance in the box”, where clients can take it home instantly and call to activate the protection after their new experience in department store shopping. Apart from protection, we also add our service value with PA Medical Card. With this card, our clients can claim their medical treatment instantly in over 240 leading private hospitals nationwide. Apart from above-mentioned insurances, we also offer many other choices of protection like Central All for Home, Golf Insurance, Pet Insurance and etc.” Miss Nualphan explains.

Miss Pornchanok Tanskul, Senior Vice President for Corporate Strategies and Development – Central Retail Corporation Ltd., a person in charge of Central Smart Insure project concludes that “We are ready to launch our insurance products together with a promotion campaign for The1Card point collector. Customers can collect with a maximum of 120,000 The1Card points when purchasing a total insurance premium of 5,000 baht and over from today until March 31 next year. Regarding the service point, our target is to expand Central Smart Insure counters in 27 branches by the end of this year, where recently they are under the process of getting approval as branch. The five pioneer stores that are Central Rama 2, Central Rama 3, Central Bangna, Robinson Ratchada and Robinson Sri Racha. We have also set a target to generate 2 billion baht sales volume in the next few years.”

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