Sompo Insurance eyes retail customers

Sompo Insurance (Thailand) is embracing innovation and digital channels as key strategies to build brand awareness among individual Thais, who are a new customer base for the Japan-based firm, which aims to be in the top 10 in Thailand’s |insurance market by 2020.

Sompo Insurance eyes retail customers

Sompo Insurance, formerly known as Sompo Japan Nipponkoa Insurance (Thailand), is focusing more on retail customers after securing a strong corporate base, mainly Japanese firms operating in Thailand.

The company has been in Thailand for 19 years, tapping only corporate clients before starting to expand |its customer base to |individuals three years ago with motor insurance by partnering with Japanese auto companies.

Chief executive officer Isorasak Thesratanavong said yesterday that motor insurance was the largest |segment for the insurance business in Thailand, so if his firm wants to expand its retail base, it needs to offer such policies.

Another strategy is travel |insurance. This year Sompo’s retail customers are expected to generate 30 per cent of total premium income of Bt3 billion, but if the company wants to promote its brand |awareness to Thai customers, |travel insurance should help, because Japan is the No 1 destination of Thai tourists.

The company yesterday |introduced a travel-insurance policy called Sompo Go Japan. Customers can buy the policy at traveljoy.sompo.co.th, after which the company will send an SMS link to |their mobile device. The |customers will then receive the |policy in a PDF file on their mobile.

The company has added |threefeatures to its travel insurance. Sompo Assist helps policyholders contact hospitals in Japan and make appointments with them. Thai policyholders are not required to pay medical expenses to the hospital when they use its services, Isorasak said.

Recognising the growing digital trend in Thailand and as a new player in the retail market, Sompo believes that innovation and digital channels will help it rise into the top 10 and sustain annual premium-income growth of 15 per cent. Its corporate-customer base might not grow much as before, and the company estimates that premium income from corporate clients will grow by no more than 5 per cent as Thailand has been spared any major disasters, reducing premiums of industrial all risks (IAR) by 20 per cent in 2017.

Cyber insurance considered

The company is discussing with its headquarters in Japan the possibility of offering cyber insurance to |corporates in Thailand as the risk of cyber-attacks rises from the growing use of digital technology, Isorasak said.

Premium income from retail customers is expected to grow by 15-18 per cent a year, and if Sompo can retain this growth, its retail base will be contributing half of its premium income by 2020, he said.

Sompo Group in Japan sees Thailand as a hub for its business in Cambodia, Laos, Myanmar and Vietnam, so it is ready to inject |investment capital to use this country as a springboard for investment in those countries, he added.

Sompo Thailand has been assigned by its headquarters in Japan to cover Japanese investors in Laos.

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