Kurnia rebrands as KSK and aims for top 10 in Thai general insurance market

Kurnia Insurance (Thailand) Co., Ltd. has rebranded as KSK Insurance (Thailand) Co., Ltd. with effect from 18 September 2012 and plans a series of campaigns aimed at establishing itself as one of the top 10 general insurance companies in the Thai market. KSK Thailand is part owned by KSK Group Berhad (KSK Group), incorporated in Malaysia, and first made its entry into Thailand in 2001. The company has this year-to-date achieved more than 30 percent growth on top of the 50 percent growth in the previous financial year and is projected to achieve a gross premium income of 1 billion baht for the financial year ending 31 December 2012. KSK Thailand has its head office in Bangkok’s Central Business District, and has 19 branches and service centres located across the country. Ms. Joanne Kua, Chief Operating Officer (COO) and Director – Chairman’s Office of KSK Group Berhad says that by leveraging on the experience gained in building Kurnia Insurance Malaysia Berhad into one of the largest non-life insurers in Malaysia into Thailand, KSK sees far more potential for growth than it had. Ms Kua further added, the focus will be on Thailand now. The general insurance industry in Thailand grew 12.1 percent in 2011 on the back of a market premium of 140 billion baht and there is more growth potential in Thailand. Ms. Kua says that insurance penetration in Thailand, in terms of non-life premiums as percentage of GDP, is only 1.7 percent, considerably low when compared to the European average of 2.99 percent. The outlook for the industry is positive with Swiss Re forecasting growth, in real terms, of 5.7 percent in 2012 and 6.1 percent in 2013. However, the Thai non-life market is highly competitive and fragmented, and insurers need to be innovative in designing products and services to meet the needs of the general public. In order to be a significant player, one has to develop competitive advantage to succeed. Ms. Kua reiterated the commitment of KSK Group to the Thai operations and to its customers and business partners. She went on to say that, the investment in Thailand is done with a long term view and trust and relationship built over the years is a testament of the business philosophy that KSK Group has been practising eversince. Ms. Kua revealed the new logo of KSK Insurance Thailand Co., Ltd.,. She shared what was the rationale behind the new logo and gave key values that represents the brand, Resilience, Trustworthiness, Teamwork, Innovation and Entrepreneurship. “Having introduced many industry firsts in Malaysia, KSK intends to leverage on this innovativeness and IT expertise to transform the operations in Thailand into a recognised industry leader,” says Eugene Foong, chief executive officer of KSK Thailand. “We see the rebranding as being part of developing our competitive strategy.” There are 67 players in theThai general insurance market, with the top five holding just 40 percent of the non-life insurance market share. More than half the companies are small to medium-sized. “A strong brand name backed by high-profile campaigns will therefore enable us to build on our existing success in Thailand and explore the enormous potential here,” says Mr. Foong. “We have launched several new insurance products to increase the current revenue stream, and we are embarking on high-profile campaigns to both launch the rebranding and to spur sales. “To this end, we are investing 1 billion baht into the Thai and Indonesian operations soon in order to promote and grow our business in these two markets.” “Our target is to become one of the top 10 insurance companies in Thailand.” To begin this rebranding exercise, KSK Thailand will be running a series of road shows throughout the country for business partners such as agents and brokers. Mr. Foong says the company will be launching a series of innovative products, including a motor product called V5+. It is a unique product developed with the customer needs in mind. Last year, KSK Thailand went through a major transformation exercise aimed at improving internal efficiency and enhancing customer service. As a result, says Mr. Foong, productivity has increased and customer experience has improved significantly. KSK Thailand will also be undertaking a series of human resources initiatives to build and enhance teamwork and the culture of can-do and entrepreneurship. “This investment in human resources will also see us up-skilling our workforce and increasing their productivity,” says Mr. Foong. “As a leader in product innovation and services we shall be able to achieve sustainable growth and profitable results, and to become an employer of choice in the Thai insurance industry, attracting the top talent into our organisation.” About KSK Group Berhad KSK Group Berhad (“KSK”, formerly known as Kurnia Asia Berhad) is incorporated in Malaysia and its principal activity is that of investment holding. KSK holds the entire equity interest in KurniaInsurans (Malaysia) Berhad (“KIMB”), which is currently among the leading general insurers in Malaysia. In addition, KSK also has presence in the general insurance business in Indonesia and Thailand, via PT. Kurnia Insurance Indonesia and Kurnia Insurance (Thailand) Co. Ltd. respectively. For more information, please visit our website at www.kskgroup.com. KSK Insurance (Thailand) Co.,Ltd. was established in August 2001, it was re-branded from Kurnia Insurance (Thailand) Co., Ltd. in September 2012. It is a general insurance company offering products for individual and business customers. KSK Insurance (Thailand) Co., Ltd.’s headquarter is located at the bustling Bangkok Central Business District, Thailand. To better serve the company’s customers and business partners, the company has established branches and service centres located throughout Thailand. At present, it has 19 Branches and Service Centres nationwide to serve its policy holders and business partners. Strategic partners include more than 1,000 agents and 400 panel garages. A competent workforce of 300 staffs is ready to provide excellent support and services to its valued customers and business partners. For more information, please visit our website at www.kskinsurance.co.th. KSK Insurance (Thailand) Co.,Ltd. www.kskgroup.com. -KPA- Click for photo release at www.thaipr.net

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