Ocean Life Insurance highlights “Big Year” concept in 2011, expecting 25% premium growth and speeding up to expand new agent base along with
ongoing activities and products with close emphasis on grass roots to remind the brand image as “Life Partner … and Beyond”
Ocean Life Insurance, “Life Partner … and Beyond” highlights its “Big Year” concept of 2011 targeting first-year premium income
through the agent sales channel to grow by 25% worth over 3.5 trillion baht. Speeding up to make the future of 4,500 new agents across the
country while organizing marketing activities and intensively presenting a diverse range of lifestyle-responding products, the company
stresses on the customers’ needs and looks forward to continuously emphasizing on its insurance company’s image as a “Life Partner … and
Beyond” for new generation customers and closely maintains its large grass root customer base.
Mrs. Nusara (Assakul) Banyatpiyaphod, President of Ocean Life Insurance Company Limited, reveals that the company has been well
accepted prior to the company’s image rebranding implementation in order to modernize its insurance company brand prompting to response the
new generation consumers and closely maintain its grass root customer base since 2009 in the meanwhile.
This is witnessed by the fact that the customers including the general consumers are able to more recognize the company’s new
brand image and its existing customer base has expanded more into new generation as well.
In 2011, the company has a strategy for increasing the awareness of Ocean Life Insurance’s image perception as a more modern brand
which is prompt to respond to customers including potential new generation as well as its existing customers by proactively implementing
multiple procedures consisting of setting up a caravan for recruiting new agents nationwide, standardizing branches’ structures,
inaugurating agent offices, organizing marketing activities to penetrate into more professional workers and students and presenting a
diverse range of products.
The setup of a caravan for recruiting new agents focuses on new generation who graduated at least the vocational diploma, aged
between 25-35 years old and who also have potentials to enrich and develop their knowledge and understanding of financial and life insurance
business. As such, the caravan activity for new agent recruitment will take place across the country until March 2011. The company targets
to reach a total of 4,500 new agents this year, from its total of 13,000 agents at present.
In addition, with an aim to educate new agents on knowledge and understanding toward the business and develop the current agents’
know-how and skills, Ocean Life Insurance organized a curriculum on selling skills sharpening, team building and management along with more
than 10 exclusive product insight courses to be held at Ocean Life Insurance Training Center at Khaw Yai, which is the company’s main
training center. It will also hold a field trip to 12 regions to provide customers with financial consultancy by emphasizing on skill and
expertise-oriented trainings with strict ethics philosophy toward ultimate professionalism in order to proficiently meet the customers’
needs.
In terms of the branch office and meeting premise refreshment, the company has rectified a total of 11 offices the year earlier.
It also has an objective to adjust 30 more premises all over the country and inaugurate a number of new-branded agent offices in every
region in the second quarter of this year in order to support potential agents who intend to work hard and have adequately strong teamwork
by keeping an eye on inaugurating offices in communities so that agents can provide closer services to their customers who can also more
conveniently travels for the services. Moreover, the agent offices will take part of supporting multiple attributions to the communities on
behalf of the true insurance company of the communities. In addition, all of the agent offices countrywide will conform to the standardized
services and decoration in harmony with Ocean Life Insurance’s modern image refreshment.
In terms of marketing communication, Ocean Life Insurance gives more precedence to advertising and public relations activities by
focusing on brand awareness through media inclusive of press, central and local television broadcasting and radio. In addition, the company
will move forward to continuously organizing new campaigns penetrating into new generation covering professional workers and university
students in collaboration with GMM Grammy to make the music video titled ‘Friend for Life’ sung by Techin Chayuti. The company also
accentuates on social attribution activities with Office of Insurance Commission (OIC) for “Life Insurance on the Road”, “Life Insurance
Week” - for instance -, internal and external sales increasing activities together with sales and promotions duties getting into consumers
in communities and active on-field social setups with an aim to give back as a true “Life Partner”.
Performance of the year 2010 and business objectives of the year 2011 are as follows
Unit: million baht
2010 Growth 2011 Growth
1st-year premium 2,861 16.2 % 3,577 25.0 %
Total premium 11,608 8.1 % 13,142 13.2 %
For the overall of life insurance business of the year 2011, Mrs. Nusara expects that the business will continuously expand by
15% from last year which expanded by 14.3% thanks to many supporting factors such as development of product lines of many life insurance
companies to more prominently respond to consumers’ needs with the course of the time, government’s tax-promotion policy which increases tax
deduction from retirement premium, which results in a wide array of retirement plan insurance, competitiveness and sales enhancement through
banks and agents, new death insurance rate implemented in the middle of 2011 which will lower life insurance rates for women in particular
and urges people to savetheir money more through life insurance as well as the support of the OIC in expanding more marketability into grass
root and people in provincial areas.
However, it is expected that an ineligible factor that would affect on life insurance business is higher living costs at the
present time and consumers’ careful spending behavior caused by oil prices and political situation.
Press Contact
Marketing and Corporate Communications Division
Ocean Life Insurance Co., Ltd.
Khun Adisak Srichan (Tor)
Tel: 0-2261-2300 Ext. 1627
Verve
Khun Wongchan Tangsongsak (Chan)
Tel: 0-2204-8221
Khun Nitida Asawanipont (Nida)
Tel: 0-2204-8226