New channels help lift insurance sales

New channels help lift insurance sales

New distribution channels including telephone and direct mail have played a significant role in the growth of Thailand's insurance industry this year, experts say.

The direct-sale channels generated 5.47 billion baht in premium income in the first six months this year, a 25% increase from the same period last year.
Though the volume was only 3.5% of the total market, the healthy growth reflected new product development to meet demands of consumers, said Busara Ungphakorn, director of the Thai Life Assurance Association.
Post offices and brokers are now popular channels, especially in the provinces.
Sales by agents and bancassurance remain core premium contributors at 92 billion and 53 billion baht respectively, representing 60% and 34% of total premium income of 156.5 billion baht.
Mrs Busara noted that consumers who buy policies through banks normally choose single-premium life products.
AIA remained the leader in distributing insurance via agents, SCB Life led the bancassurance segment and Ayudhya Allianz CP led in direct marketing.