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Competitive Climate Prompts Bangkok Insurance Firm to Change Its Approach.
Byline: Walailak Keeratipipatpong
Nov. 8--The world is getting smaller by the day. Especially when it comes to drumming up business in Thailand's highly competitive insurance market.
After five decades in the business, Bangkok Insurance Co, a non-life insurance company has become acutely aware of the need to welcome small clients.
As an affiliate of Bangkok Bank Ltd, Bangkok Insurance (BKI) has focused on providing industrial and corporate insurance, mostly to borrowers from the bank.
BKI president Chai Sophonpanich conceded that the company had paid less attention to small clients and young customers, but now it must change its approach.
"It's necessary to have more clients under 30 years of age as they might become big customers in the future," he said.
To meet the challenge, the company began restructuring its organisation two years ago by hiring Accenture consultants to draft a plan. The plan went into effect on Oct 31.
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