Ocean Life rebrands, adds agents
Ocean Life Insurance, locally known as Thai Samut, is targeting a 5% increase in total insurance premiums this year, supported by recruitment of new agents and a rebranding strategy.
The company aims to recruit 4,000 new agents this year to add to its existing 13,000 agents.
Agents are the core distribution channel, contributing to 70% of total premiums and about two-thirds of firstyear premiums, said president Nusara Assakul Banyatpiyaphod.
First-year premiums are expected to grow by 15% this year, Mrs Nusara said.
The company reported total premiums of 12.7 billion baht in 2017, up 9.2% yearon-year, outstripping the overall industry, which saw a contraction of 6.4%.
First-year premiums were worth 2.39 billion baht, up 9.2% year-on-year, and premiums deriving from new customers were valued at 2.57 billion baht, up 9.5%.
Group insurance, meanwhile, grew 22% year-on-year, topping industry growth of 11%.
The company generated return on investment of 6.23% and has set a targeted return on investment of more than 5% this year, Mrs Nusara said.
Ocean Life Insurance plans to spend more than 100 million baht for a rebranding strategy, with celebrity Mario Maurer arranged as the company’s first brand ambassador.
The move aims to penetrate the firsttime worker market, which is the target segment for the company’s insurance policy, with first-year premiums targeted to grow by 15%, Mrs Nusara said.
The rebranding strategy is considered a major change for the 69-year-old insurance company.
The company used to be one of top market leaders until the bancassurance distribution channel was introduced in Thailand, subsequently diluting the company’s market share.
Ocean Life Insurance, however, has retained a market in provincial areas.
At the end of 2017, the company ranked 10th in the insurance industry, with a market share of 2.11%.
The company is changing its business strategy to penetrate urban areas and prepare for digital transformation, as insurance businesses have been disrupted by technological changes, Mrs Nusara said.
Mr Mario will be the presenter for an insurance product called “Kumthawee”.
The product provides coverage of up to 450% of the insured sum in the case of accidental death.
At the end of the insurance period, customers will receive 150% of the insured sum.
Mrs Nusara said the firm is using a dual branding strategy as Ocean Life penetrates the urban segment and Thai Samut retains customers in provincial areas.