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TSI Insurance enters Digital Technology Strategy

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Bangkok--29 Apr--PRDD

The company is bringing digital technology for developing its business in long-term growth, And strengthens partnership with GT Dollar to set up TSI Laboratory by focusing on products and services research development to meet the customers' needs.

Mr. Tanaphol Bunwarut, Chairman of the board of directors of Thai Setakij Insurance PLC (TSI) revealed its business direction after changing new shareholders structure in early of this year. A group of new shareholders consists of various businesses in both domestic and international levels such as real estate, tourism, airline, and digital banking, including GT Dollar Pte. Ltd. The company is a subsidiary of GT Group located in Singapore, recognized as the world's leading FinTech company covering Insurance, Payment, Artificial Intelligence, Assets Management, Airline, Blockchain, etc. GT Dollar Pte. Ltd has partners and business network not only in Singapore but around the world. These factors enhance TSI Insurance, with a rich history over 78 years, to steady grow in the future.

In the past year, TSI Insurance's operation resulted in a net loss of Baht 71 million, compared with Baht 116 million in 2017, caused by the underwriting expense decreased which derived from the selection of portfolio in line with the company's risk and it made the insurance premium reduced subsequently. Gross Written Premium (GWP) for the year 2018 was approximately Baht 480 million decreased by 40% compared with the prior year, resulted in the amount of reserve liability insurance decreases along with the amount of insurance premium. The selection of portfolio in accordance with risk policy and capital availability enable TSI Insurance to maintain the capital adequacy ratio (CAR) as of 31 December 2018 at 227%.

For business direction in 2019, apart from approaching to digital phenomenon TSI Insurance also continues to strengthen the internal management and human resources for a better quality of service. Moreover, TSI Insurance continues to build relationships with stakeholders including brokers, agents and corporation. The company plans to expand market to other provinces with a proportion of 70% of motor insurance and 30% for non-motor. However, TSI Insurance still prioritize to quality of work. TSI Insurance has set a target of GWP approximately Baht 800 million in 2019.

"Nowadays, the world is moving towards digital technology as part of the new generation. We believe that Thai society is moving towards cashless society in the near future. Companies across all industries including insurance must adapt to this aspect. The high costs of operation will accelerate all companies to focus on developing technology in order to compete in the future." Mr. Tanaphol said.

In this regard, the company plans to develop the organization for sustainable growth by moving towards the insurance technology business or InsurTech, having an idea of bringing technology to develop business operations in all aspects to achieve efficiency and reduce operating costs, resulting in maximizing benefits for customers, partners, and insurers.

Mr. Bauluo Zhang, Chief Executive Officer of TSI Insurance said that the company has set up TSI Lab team in collaboration with GT Dollar for its achieving in technological development. TSI Lab will operate as InsurTech R&D to design and develop new business models. It also encourages employees, agents and partners to develop and create ideas for better services to consumers.

"Based on the experience of GT Group, we foresee the opportunities and challenges of InsurTech trend in Thailand which will be an absolute role in the future. The initial guidelines for TSI Insurance focus on big data management, analyze customer behavior and offer products and services that truly meet the customers' needs. The company also plans to develop new applications in the next phase to support and facilitate brokers and agents to offer products to customers more conveniently as they are considered a key person to communicate directly with consumers. In addition, we have plans to use AI to meet the internal and external work systems in the future," Mr. Bauluo said.

The company is prompt to create knowledge and understanding of modern insurance technology to consumers that convenient, fast, safe and requiring transparency supervision with innovative and advanced intelligent technology. The operations are still being studied and developed in order to comply with the laws and regulations to protect consumer interests.

"We are focusing on personal development to keep pace with technological changes and create interesting and differential products. After the technology development completed, it will enable our services to meet the needs and trust of brokers, agents, and insurers. Moreover, we are ready to work and exchange our know-how with the experts in order to comply with rules and increasing the transparency to the insurance industry." Mr. Bauluo concluded.


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