Thailand Life Insurance Firm Modernises to Retain Slot in Top Five.

Byline: Walailak Keeratipipatpong

Dec. 11--In the insurance industry, the number five has a special magic. All new insurers say they want to be among the top five in their industry within five years of opening their doors.

Muang Thai Life Assurance Co is no exception. Now ranked fifth in its segment with 5.24 percent of the market, it hopes that aggressive marketing and technology will help it climb the ladder.

Its latest marketing plan, Mind to Mind, is designed to modernise the 50-year-old firm's business methods. It wants sales agents to able to tailor policies to the demands of each customer, rather than offer pre-set options. Electronic sales tools are replacing traditional brochures and documents.

The process required a whole change in thinking, said company president Poomchai Lamsam.

Usually agents throughout the industry had offered policies without taking into account customers' personal data such as income and future plans and needs. As a result, many customers cancelled or failed to renew policies.

The low rate of renewals, particularly of first-year policies, had stemmed from the recession and ineffective work by sales agents. The retention rate of new business had averaged 50 percent to 60 percent.