For helping its partner insurer maintain its strong growth over the last few years; for transforming its salespersons into insurance and financial products specialists; and for launching initiatives that have helped its partner insurer reach untapped segments and bring more complex products to market.
Krungthai Bank (KTB) and Krungthai-AXA Life Insurance (KTAXA) have jointly operated over the past two decades, bringing synergy and value to Thai society by leveraging each other’s expertise. KTB’s commitment to customer-centricity, nationwide presence, strong sales force, and professionalism have helped the insurer become one of the top life insurers in Thailand – KTAXA’s total sum assured has grown 12% annually over the past five years and the in-force sum insured accounted for 10% of the market at THB2,428bn ($78bn).
In mid-2019, KTAXA and KTB co-ordinated a revamp of their sales staff from salespersons to financial planners (FPs) with the aim to offer better customer satisfaction by providing comprehensive financial solutions.
Since then, salespersons from more than 1,000 KTB branches have received intensive training from KTAXA to focus on providing protection advice, as well as tools to become insurance and financial products specialists. KTAXA also launched ‘AXA Prime FP’ brand and campaign that offers additional privileges and rewards to FPs who have performed well and passed KTB’s customised health & protection products training. In 2020, AXA Prime FPs accounted for 30% of all FPs but generated 50% of the bank’s fee income.
Last year also saw the launch of KTB’s new customer acquisition platform on tablet, e-Solutions, that allows FPs to comprehensively explain products to customers, reducing time per acquisition and strictly follow compliance regulation. And in response to the COVID-19 pandemic, KTB began offering KTAXA products on Krungthai NEXT, its mobile banking app. It also shifted its product portfolio mix from traditional savings policies to investment-linked products and health & protection.
The FP model and new platform have helped KTB differentiate its product categories and extend health & protection products to untapped customers who are either uninsured or under-insured. Since mid-2020, the bank’s customers have been able to purchase insurance through its branches using tablet or its mobile banking platform.
The initiatives have also been successful in helping KTAXA offer more complex products in the Thai insurance market, with the annualised premium equivalent contribution from investment-linked and health & protection products increasing from 21% to 51% of its portfolio total.
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Check out the other winners:
Winners crowned at the 6th Asia Trusted Life Agents & Advisers Awards
Rookie Insurance Agent of the Year 2021- Chan Fun, Nicholas
Rookie Insurance Agency Leader of the Year 2021 - Nguyen Thi Van
Financial Adviser of the Year 2021 - Lee Zi Yi, Michelle
Download the winners' booklet here.