Natdhanai Mankosol on Thailand insurance | Viriyah Insurance | Video
World Finance interviews Natdhanai Mankosol, Assistant Department Manager, Marketing Department with Viriyah Insurance, on how Viriyah has adapted to the Thailand insurance market after the 2011 floods
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Transcript
As of mid-2013, it has become clear that Thailand’s floods of 2011 had a profound impact on the country’s non-life insurance segment. Natdhanai Mankosol, Assistant Department Manager, Marketing Department from Viriyah Insurance, talks about how motor insurance is growing off the back of the Thai government’s First Car Buyer scheme, as well as how Viriyah expanded its product range to better serve those affected by the 2011 floods.
World Finance: Thailand’s insurance market has been undergoing a transition. Tell us more.
Natdhanai Mankosol: The insurance market in the last year was growing tremendously, because of our two segments in motor insurance and non-motor insurance. In motor insurance, the industry is being affected by the government’s First Car Buyer project. The First Car Buyer project is the project the government is trying to stimulate the market, by boosting our sales in the car industry. And the motor insurance industry is growing along with the growth of the car sales.
The other reason is, after the flood, a lot of people realised how important insurance is in helping with their losses. So they’re looking for more insurance, because they realised the risks they face, and their insurance needs. So we could tailor our products to fit the customer needs in different areas in Thailand.
“After the flood, a lot of people realised how important insurance is”
World Finance: So tell me more about what happened after the floods. How were you able to meet your customers’ needs?
Natdhanai Mankosol: The flood in 2011 was one of the biggest losses we have in our history. We didn’t expect that to happen, but a lot of people lost their lives and properties. And now a lot of people in Thailand realise how important insurance could benefit their lives.
And so we developed some products to serve their needs, because our business is concentrated in motor insurance. So, the comprehensive insurance which we sell, it covers almost everything, including the flood itself. But not so for our non-comprehensive insurance. So we launched our products, called the Two Plus Extra and Three Plus Extra. Two Plus Extra is the fire and theft insurance, and the Three Plus is the third party insurance, and the Extra means we added more coverage for the flood.
World Finance: You have recently experienced tremendous growth, tell us about the numbers.
Natdhanai Mankosol: In the last year we grew over 28 percent. Which is above the market industry standard. I’d say the most successful story about our company last year is our people. We’re trying to improve our processes and recruit more people that have special training throughout our people. And fortunately, our turnover rate for our employees is not high at all. A lot of people stay with us, and are happy to be with us, and when our people are happy, they serve our customers happiness.
The renewal rate from our brokers and agents is over 80 percent, and we’ve been revising our training, and we’re trying to recruit some new technologies to use in our processes. The GPS is used with our claim surveyors, to use the smartphone to go to an accident site. And our claim surveyors will check in all through the process so we can collect all the information, and use it to improve our service level.
“We’re looking for more business partners in our neighbouring countries, to serve our customer needs”
World Finance: And finally, are there any plans for expansion?
Natdhanai Mankosol: The expansion is in the near future. Currently we have over 100 branch locations, which is a lot more than other insurance companies in Thailand. But it doesn’t cover every area in Thailand. We’re trying to expand more branch locations, and we will recruit more insurance agents and brokers to get in touch with our customers everywhere in Thailand.
Since the Asian economy communities are coming in the next few years, we will be seeing a lot of different kinds of people, and different kinds of businesses, coming over and through the regions. So, we’re trying to look for more business partners in our neighbouring countries, to work together and to serve our customer needs.
World Finance: Natdhanai, thank you.
Natdhanai Mankosol: Thank you.
