- All stakeholders have been looked after during the COVID-19 pandemic
- Strong business performance in 2020 in all aspects
- 4 pillars of "Strategy 2025" as a key lever to stay competitive despite a strong headwind
Allianz Ayudhya Assurance PCL today introduces its new CEO highlighting company's solid foundation to grow long-term business and protect all Thai despite the challenges. "Strategy 2025" comprising of 4 pillars is announced to drive growth in all channels, maintain health leadership as well as reinvigorate saving products, create long-term profit and develop talent to run a world-class organization.
Thomas C. Wilson, CEO and President of Allianz Ayudhya Assurance, stated that "I have been taking a leading role as CEO for 4 months and witnessed the strong professionalism of our Thailand team which is the strength that will drive the business growth. In 2021, the headwind remains not only for insurance sector in particular but for all. Especially the COVID-19 situation, Allianz Ayudhya has been doing our best to take care and support our stakeholders;
- Customers - Our health riders cover the medical treatment of COVID-19 and weensure customers can access to our 24/7 services including online platform and telemedicine. Allianz Ayudhya also organized the "Care Day" activity, giving an opportunity for the team to express their care for customers during the time when social distancing is a norm.
- Agent/Partners - We provide digital tools to allow non-face to face selling that will help reduce the risk from meeting physically for both customers and agents.
- Employees - Health and wellbeing of our people is our top priority. The company has a policy to drive over 90% employee to WFH. All meeting and training will be conducted in virtual format only.
Despite the headwinds, in 2020, Allianz Ayudhya continued to perform well. The growth of Net Income was driven primarily by our strong expense management, a conservative investment portfolio, good performance of our health business and the benefit from the diversified business in terms of products and channels of the company. In terms of ANP, all distribution channels delivered solid performance relative to the strong COVID headwinds. This enabled us to retain our strong financial position with the Capital Adequacy Ratio (CAR) increasing 32 pp. In terms of customer solutions and services, our health product showed a strong growth as the share of health sales was the highest in the industry. We also ranked no. 1 as a loyalty leader in terms of Net Promoter Score from our customers. The high usage of digital sales tool - Allianz Discover (AZD) as high as 97% - also indicates the readiness of our agents and customers to embrace digitalization. All of these achievements reflect our solid foundation to grow in the future.
In 2021, the challenge remains. We have seen the ongoing pandemic situation, the low interest rate, and the volatile capital market. To tackle this, "Strategy 2025" was developed to set priorities and secure sustainable and profitable growth for Allianz Ayudhya. This is a long-term plan not only for 2021 but beyond. All business units will work together on the strategy, which comprises of 4 pillars:
- Growth 2025 focuses on driving growth in all distribution channels. Agents will promote greater franchise growth by using best practices and successful business models to scale up their agency teams. For non-agency channel, including Bancassurance, Group Business, and Telesales, the company will focus on generating New Business Value (NBV) from protection business, as well as explore cross-selling opportunities and continue growing partnerships.
- Product 2025 focuses on maintaining Allianz Ayudhya' s health leadership but also reinvigorating its investment and savings products - creating a well-balanced and profitable portfolio.
- Operating Profit 2025 involves creating long-term value by leveraging the company's digital tools for both back-office operation and customer front-end to ensure efficiency and effectiveness.
- People 2025 is focused on ensuring that Allianz Ayudhya continues to attract, develop and retain the best talent in the industry, building the next generation of Allianz Ayudhya leaders, as well as ensuring that the firm continues to run a world-class business.
"2025 is marked as a key milestone for the Group and Regional to step up our footprint globally. In Thailand, we recognize that the seeds of a sustainably profitable business planted today will need time to germinate and deliver fruit. Our goal is to take the steps and make the investments today that will secure our business, partners', employees' and customers' futures in the longer term. Thailand still has a high potential. With strong professionalism and commitment of our team, I'm confident that we will successfully drive Allianz Ayudhya to the next level" Mr. Wilson concluded.
Source: Idea Works Communications