SET-listed Ayudhya Insurance Plc, an affiliate of the Bank of Ayudhya, is set to capitalise on the Bank of Ayudhya's branches and the strong presence of GE Capital, the US shareholder of the Bank of Ayudhya, in auto leasing to expand next year into bancassurance and motor insurance.
According to Adisorn Tantianankul, the president of Ayudhya Insurance, the company would work more closely with the bank partner next year to jointly outline not only business target and strategy, but also advertising, public relations, corporate image and rebranding to raise awareness among local consumers.
Ayudhya Insurance has aggressively embarked on expanding its bank channel in 2006, generating about 84.5 million baht in written premiums.
The company expected its premiums from bancassurance to increase to 150 million baht at the end of this year and 200 million baht next year, as the bank focused on insurance products.
According to Mr Adisorn, the company also plans next year to expand into motor insurance, particularly through increasing distribution channels to tap into used cars from finance companies, agents and worksite marketing with corporate workers and employees of affiliated companies. Currently, motor insurance makes up 30% of the company's premium portfolio, with the remaining 70% from non-motor business.
According to Mr Adisorn, the company is studying establishing direct marketing jointly with the company's affiliate companies including the Bank of Ayudhya and Ayudhya Allianz C.P. Life.
Direct marketing is expected to be put in place this year and contribute premiums next year, he said.
Ayudhya Insurance is currently the country's 14 th ranked non-life insurer.
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