Ocean Life Insurance announces its performance of the “Big Year” plan with an achievement of set target worth Bt. 6.106 billion in the first half of 2011. The company has also written a new page of history when 2 out of 3 winners of TNQA for 15 consecutive years are insurance agents from Ocean Life Insurance. Continuing with its plan for the second half as the “Life Partner … and Beyond” concept, Ocean Life Insurance is setting off to open the new flagship branch in Bangkok in Asoke, along with organizing a caravan to campaign for new insurance agents recruitment to fulfill the strength of the company’s agent channel. With Ocean Life’s comprehensive product line that caters to discerning needs for all lifestyles, the company is confident to achieve the total premium of Bt. 13.142 billion by this yearend.
Mrs. Nusara (Assakul) Banyatpiyaphod, president of Ocean Life Insurance Company Limited, reveals: “Following Ocean Life Insurance’s core concept for 2011 entitled ‘Big Year’, executed from the beginning of the year onwards, the company has yield satisfying results in the past 6 months. We have fruitful success in achieving targeted amount of insurance premium, developing channel of new agents, building new image of the branches, as well as launching new exciting products. For the insurance premium, the company has a total income from the first-year premium payment of Bt.1.419.47 billion, an increase by 27.30% compared to the same time of last year which had totaled the amount of Bt.1.115.07 billion. As for the total amount of latter-year insurance premium, the company has pocketed Bt.4.686.62 billion, an increase of 9.62% compared to the same time of the past year which totaled Bt.4.275.34 billion. Ocean Life Insurance; thus, has a total income of Bt.6.106.10 billion this year, a 13.28% growth from the first half of 2010 which totaled Bt.5.390.41 billion. 90% of the total income this year comes through the company’s insurance agent channel”.
For the insurance agent channel, this year the company has been bestowed with honour from 2 TNQA award-winning agents who receive this prestigious prize for 15 consecutive years out of the total 3 winners. The award-winning agents from Ocean Life Insurance are Mr. Samruay Mayura from Suphanburi 2 Branch in Suphanburi province and Mr. Surat Munintarawong from Sam Roi Yod Branch in Prachuab-Kirikhan province. Apart from this, there are 9 insurance agents from the company who receive the TNQA award for the 10th consecutive year (out of 24 agents nationwide). This year, Ocean Life Insurance has a total of 380 insurance agents who were bestowed with the TNQA award for their excellent performance, making the company come forth of the country for having most award-winning agents.
Meanwhile, Ocean Life insurance has developed its agent channel through the restructuring of career path and financial compensation for each agent. The company has also developed the sales tools and content for the sales workshop in all levels in order to drive forth the career progress for insurance agents. In addition to these improvements, the company has carried out a campaign entitled “Big Chance” featuring a caravan to recruit for new insurance agents in 20 locations nationwide. The campaign is further endorsed by a new TVC to reflect true stories of successful insurance agents of Ocean Life Insurance who are now enjoy their stable financial status. With the combination of the company’s improvement and the campaign, the company is able to recruit 3,000 new insurance agents within the period of six month in this year.
For the part of investment, Ocean Life Insurance has achieve 6.7% revenue, more than the previously-set target at 6.2% - a result of the company’s thoughtful investment in stocks and increased interest rates.
For the image adjustment, Ocean Life Insurance has opened the flagship branch in Asoke with a focus on convenience and spacious location for the usage of customers and the company’s insurance agents. The flagship branch is decorated under the company’s theme colors – ocean blue and white.
Mrs. Nusara continues about the company’s strategy for the second half of the year: “Ocean Life Insurance is committed to further our development of all aspects in order to propel the sales and create brand awareness to achieve the position of a top insurance brand in the customer’s mind. For our agent channel, we plan to carry out a more aggressive recruiting caravan project to procure new insurance agents for the company. We will roll out the full-scale activity with mini-caravan activities in between to keep up with the pace and to better reach potential locations throughout the country. We will also expand the age range of our prospects who are interested to work with us as an insurance agent from 25-35 years to 25-40 years. All this will enable the company to accomplish our goal in recruiting new agents within this yearend.”
To improve the potentiality of the company’s newly-recruited insurance sales procured from the caravan project in the first half of 2011, ocean Life insurance has rolled out concentrated seminars about product information and well-rounded skills in sales in order to create strong warriors for the insurance sales channel. At the same time, the company continues organizing seminars for the company’s 13,000 existing insurance agents with adjusted programs to suit the needs of agents in all levels. The seminars share the same goal to create productivity under the moral principles and the company’s motto: “Life Partner … and Beyond” for the clients. Furthermore, Ocean Life Insurance has also improve its sales tools such as the “Smart Sale” manual and the “Sales tool Kit” to achieve more convenience in use for the company’s insurance agents.
With the flagship branch of Ocean Life Insurance at Ocean Life Insurance Building in Asoke, the company plans to use it as the prototype for the image change for all branches in Bangkok. The flagship branch is spacious with over 500 square meter area, utilizing an allocated budget of Bt.6 million for the reformation. The branch is equipped with areas for customer service and insurance agent’s usage. Previously, the company has opened a flagship branch in Pitsanulok province as a prototype for other branches in the new image renovation.
This year, the company will invest Bt.120 million for the construction of 3 new conference centers, as well as the reforming of 30 branches nationwide. At the same time, the company plans to open 30 more branches to service the insured clients and agents in all parts of Thailand in order to better cater remote locations.
As for the marketing activities this year, Ocean Life Insurance continues creating brand awareness among new generations and people of lower income through road show activities, advertising media and local media. While new products are to be offered, the company prepares to launch new interesting products to answer customer’s discerning lifestyles. These products will focus on short-term saving insurance, long-term life insurance and individual accident insurance (PA) with additional benefit in funeral arrangement. In June and July 2011, the company has launched the ‘Ocean Life 85/55 (Pension for tax purposes)’ and the “Ocean Life 85/60 (Pension for tax purposes)’ and additional DAB2 to cater the customer’s needs. Moving on in August 2011, the company will introduce “Ocean Life Insurance Saving 6/2” – an insurance scheme that pays out certain annuity throughout the insured period with short-time premium payment and no physical check-up required.
“From all the aforementioned strategies, Ocean Life Insurance is confident to achieve the total income according to the set target of Bt.13.142 within this yearend. Moreover, with the positive benefit from the insurance industry, such as tax benefit for the pension scheme, as well as the new table of death effective as of August 1st, resulting in lower rate of premium payment for the customers. Recently, people have become more interested in buying insurance policies due to uncertainty of the world situation including natural disasters. From this, this year’s insurance industry will enjoy the increase of around 15% to 16% from the sales of the past year,” Mrs. Nusara concludes.
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