Bangkok--Jun 29--Muang Thai Insurance
Muang Thai Insurance has announced that it will step in as the Leader in the General Insurance Industry, by introducing the innovative marketing plan with various premium payment channels and full service which will truly meet the needs of the clients, including the Re-branding under the concept of “SERVICE” which will focus more on the servicing rather than on the underwriting. It will also expand more agency offices throughout the country. The Company is confident that it will be able to produce the premium of more than THB 1.7 Billion this year with more than 17% growth rate.
Mrs. Nualphan Lamsam, President of Muang Thai Insurance reveals that, from the second half of 2005, the Company has made the Re-branding by changing the color for the logo of Muang Thai Insurance under the concept of “SERVICE” to correspond with the corporate policy which has been laid down since the beginning of this year, that is, to be the Service Provider rather than the Insurer.
“This Re-branding of the Company is to increase the color to correspond with the logo which is still unchange. This will ease the level of learning and memory which will reflect the modernness , the identity and the quality. The colors to be used will be blue, light blue, white and red. The use of these new colors have been done through the process of thinking which corresponds with the marketing strategy which aims at meeting the clients’ requirements” Mrs. Nualphan said.
At the same time, the Company has also set the target to step in as the Leader in the General Insurance Industry by using the innovative marketing strategy which aims at meeting the clients’ requirements as much as possible and expanding the individual clients base. The Company has developed various distribution channels, premium payment channels and several new products from the beginning of this year.
For the corporate plan of the Company for 2005, it has set the growth rate of 17% or the premium written of THB 1.7 Billion, with the proportion for Motor Insurance of 35 % and the Non Motor Insurance of 45%. It also plans to expand more agency offices in every region of the country. At the moment, there are 15 agency offices in Bangkok and vicinity, 20 in the Central Region, 9 in the Northern Region, 17 in the North Eastern Region, 9 in the Eastern Region and 28 agency offices in the Southern Region. These agency offices are considered as another distribution channel with high potential of business growth for the Company.
For the operating result during the past 5 months, the Company had the total written premium of THB 730.56 Million, representing 10.63% growth from the previous year. This can be classified according to the class of business as Miscellaneous Insurance Premium of THB 189.99 Million, Motor Insurance Premium of THB 395.63 Million, Fire Insurance Premium of THB 117.34 Million and Marine Insurance Premium of THB 27.60 Million. The Company had the profit before tax of THB 103.97 Million.
“The operating result during the past five months is considered as satisfactory up to certain level and is expected that the Company will be able to achieve the planned target by the end of 2005”. Mrs. Nualphan said. End.