Insurance firm in sustainability drive

Thai Life’s corporate governance principles are strengthening business development

 
August 20, 2010

After the reign of King Rama V, the concept of life insurance was introduced by foreign companies which came to establish representative offices selling life insurance. After World War II,  a group of high–ranking officials and Thai businessmen founded Thai Life Insurance Company Limited in 1942, the first Thai owned life insurance company, with an initial registered capital of 1,000,000 Baht.

Over the years, Thai Life Insurance Company Limited has accumulated experience, expertise and public confidence. The company has become a leading Thai Insurance company with the policy of ‘not aiming to maximise profit, but optimise profit’ together with Corporate Social Responsibility.

Vision
1 Offering excellent benefits and quality services to maximise customer satisfaction on the basis of social connection.
2 Taking care of all Thai lives through frequent development of new products and services.
3 Promoting knowledge, skills, experience and quality of life for employees. The company provides opportunities for permanent employees and sales staff to enhance their career capability, and also encourage them to become CSR volunteers and continuously take part in activities that benefit society.

Currently, Thai Life Insurance still keeps the principles to strengthen the corporate in order to support business development, grow through any changes as well as overcome any obstacles the company may face. In 2008, the company started paving the way to the future with a customer centric approach under the slogan, ‘More Than Just Life Insurance’. The customer centric approach is applied as an array of effective marketing mechanisms to deliver the right offer to the right customer at the right time. This approach inspires the customers to develop brand loyalty, which is why Thai Life Insurance is unique among others in the insurance business.

Five strategies of ‘more than just life insurance’
Continuous branding: Thai Life Insurance keeps producing TV commercials and visual media under the concept ‘the value added of living’ to strengthen Thai Life’s brand.

Signature services: special services beyond expectation of the policyholder: ‘Thai Life Insurance Hotline’ providing the insured with medical care and emergency evacuation assistance 24 hours a day, ‘Thai Life Insurance Care Centre’ providing the insured with full benefits as stipulated in the Insurance policies and consultancy  services, and ‘Thai Life Insurance Medicare’ providing exemption to the policyholder from paying admittance expenses to a hospital. To date, over 190 hospitals have joined this programme.

Human resource efficiency enhancement: educating the human resources is important for Thai Life Insurance Company Limited to keep its status as the leader in the industry. Especially for the sales representative, the company encourages them as ‘Life Planner’ with seven goods and seven smarts:

– Good acting
– Good mind
– Good belief
– Good wish
– Good thought
– Good knowledge
– Good standard
– Smart in insurance
– Smart in finance
– Smart in investment and tax
– Smart in technology
– Smart in education
– Smart in basic public health care
– Smart psychology and service mind

Innovation of Thai Life Insurance policies and services: international standard policies and services, plus special services are provided to meet every individual’s need.

Public contribution: Thai Life Insurance Company Limited is dedicated to improving the quality of life for Thais and keeping continuous connection with other organisations and public sectors to support activities for the benefits of society.

In spite of economic, political and social problems in the last few years, Thai Life Insurance Company Limited has managed to move forward  in the business. The company can continue to operate potently, faithfully and in good governance on the basis of Thai social culture with love, social relationship and good heart. As the first life insurance company run by Thais for Thai people, Thai Life Insurance Company Limited wishes to take care of Thai lives and hopefully to operate our business with stability and integrity in order to reinforce Thai society  to be sustainable and strong.