Allianz Ayudhya posts strong agency channel with 20% in FYP while moving forward to create digital insurance agent for infinite growth

Stocks and Financial Services Press Releases Tuesday July 3, 2018 14:40
Bangkok--3 Jul--ideaworks communications
Allianz Ayudhya posts strong agency channel with 20% in FYP while moving forward to create digital insurance agent for infinite growth

Allianz Ayudhya Assurance has delivered another strong performance in the agency channel in the first quarter with a 20% growth in the first year premiums of 420million baht, reflecting the success of the clear strategy for the agency channel. The company is moving forward to the infinite growth aiming to create the agency of the digital age with an aim to enhance the efficiency of the sales force and the customer experience. It also vows to move forward with its key strategies to achieve first year premiums of 2 billion through the agency channel by the end of the year and to maintain its market leadership in digital marketing and life and health protection insurance products.

Virong Patanakumjorn, Chief Agency Officer (CAO), Allianz Ayudhya Assurance PCL, unveiled that the agency channel has delivered another strong performance in the first quarter of 2018, achieving the first year premium of 420 million baht, up 20% year-on-year. This reflects the successful implementation of this channel's clear strategy.

Regarding the agency channel's strategy for this year, Virong revealed that the company is aiming to move forward its infinite growth while creating the age of digital agency through three main approaches:

1. Professional Agency The company is focused on recruiting new agents with emphasize on quality, effectiveness and continuation to create a new team with unique personality, the Allianz Ayudhya style, who focus on achievement and clear goals. This shall be accomplished through the company's training process that was laid out step by step. Moreover, the company has added new projects Blue Star Academy to recruiting full-time agents as it is believed to be the cornerstone of business growth. The Blue Star Project has been initiated to select people of the next generation to join the programmer to train as a professional insurance agent. It offers a plan for earning money during the first period of the career. There is also an up scaling programmer called Step up for agents who have a clear and disciplined goal to be more motivated to create more value to their jobs so they can advance alongside with the growth of the company.

2. Digital Agency. We encourage our agents to emphasis on the use of digital tools for performance enhancement. In particularly, we see the increased frequency of the utilization of Allianz Discover. Thanks to the Allianz Discover application that features the Expert Underwriting System, the insurance policy can be approved at the point of sale from 3 business days to approximately 5 minutes for those with standard health and completed the payment. This tool has helped the customer to get quicker results and help support the agent to work faster. In addition, under the Social Media for Sales programmer, which is the innovation that Allianz Ayudhya is the first to use to help salespeople communicate and build relationships with their customers via online. It helps the agents to reach out to more and more customers, stay in touch with them at any time. It is also a tool to help recruit new agents into the business. The pilot programmer began in mid-2014 with only 22 salespeople took part with. Currently, there are 1,375 salespeople taking part in this Social Media for Sales programmer.

3. Health & Wealth Protection products. We have products that meet every need of our customers. This is a clear advantage. Our agents can choose products to meet the needs of the customers for every rhythm of their lives. This has helped them offer sales effectively. Recently, we have launched "My First Class @BDMS" to underscore our leadership in life and health protection insurance products while expanding customer base to cover a group of customers with high purchasing power and to meet the demand for superior medical services covering all medical treatment. It also focuses on Holistic Care, which is a holistic health care for clients where it will not play as a role of an insurance company that just pays medical bills.

And another strategy that is equally important for sustainable growth of the agency channel must come from a strong team. That is to raise the standards of the managements of each area where responsible for areas are divided effectively across the nation making it 7 areas. We provide teams to support the agent to work systematically and work closely with the company to help agents work more efficiently.

"We are confident that with all of these aggressive strategies, Allianz Ayudhya should be ready in every direction and be the best choice for agents as business partners. We can increase the number of quality new agents and become a life insurance company with the highest number of quality agents to offer excellent health and life insurance products and services that impress the Thai customers. The second half of the year is an important period of time that we must accelerate our performance. Everyone in our agency channel is dedicated to hard work to reach the target of a first year premium of 2 billion baht. We are confident that the agency channel will be an important channel to contribute to the company's achievement of a total premium of 34,000 million baht," Virong concluded.

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