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Hot News: 'Bank' Aim Insurance Market
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'Bank' Aim Insurance Market

Thanachart Bank - Prudential Launched a new life insurance product, "Happy Life Protect", adding new options for money management. Meet different needs Prepare Creating happiness for life after retirement Pay a fixed premium for only 10 years, life coverage up to the age of 99, and cover the top 5 serious diseases that kill Thai people. Jointly develop life insurance products to create a financial life That truly improves the Thai society.

Mr. Chawamon Winittrongchit, Senior Director - Product Development, Thanachart Bank Public Company Limited, revealed that we intend to enhance the Bank Assurance business together with Prudential Thailand by presenting New forms of life insurance products for customers nationwide The key to this alliance is truly enhancing the financial life of clients (Financial Well-being). Because they believe that it is the foundation that will help everyone achieve their goals in life.

New life insurance product "Happy Life Protect" adds new options for money management. Meet different needs Prepare to create happiness in life after retirement. Pay a fixed premium only 10 Years of life coverage up to the age of 99 and covers the top 5 serious diseases that kill Thai people. Reiterating the commitment of Thanachart Bank and Prudential Jointly develop life insurance products to create an official life Better money for the Thai society.

Mr. Aman Kapua, Chief Executive Officer Distribution Channel Division Prudential Life Assurance (Thailand) said, Through this collaboration in creating products together Introducing understanding and approaching Thanachart Bank's customers in Thailand Combined with world-class expertise in life and health insurance Prudential To give Thai customers access to the best life insurance products And answers to questions covering family and loved ones protection We are delighted to work with Thanachart Bank to help them improve their financial lives.

Life Insurance "Happy Life Protect" is a life insurance that helps you plan a stable long-term future. Pay 10-year fixed premium for life and critical illness coverage up to the age of 99. This covers five of the most serious diseases that kill Thai people: 1) Acute myocardial infarction from ischemic stroke, 2) stroke, 3) chronic renal failure, 4) metastatic cancer, and 5)Coma under 1 month - 50 years of insurance, can bring the insurance premium to a tax deduction of up to 100,000 baht as specified by the Revenue Department. More importantly, this plan is designed for policy holders flexibility.

To withdraw some of the cumulative dividends for use after retirement. (Withdrawable from the age of 60 years or more) is ideal for target groups that are business owners. Individual customers Or a wealthy family (Upper Affluent & High Net Worth)With the merger agreement between TMB and Thanachart announced at the end of 2019, Prudential has entered into a strategic life insurance partnership. To offer life insurance products through different channels of banks by banks and prudential Aiming to offer the best life insurance products to more than 10 million customers of TMB and Thanachart. With the same mission, the goal is to make a difference to customer Lives By understanding and reaching their real needs in order to enhance their financial life (Financial Well-being), TMB and Thanachart have carefully selected various products and services with consideration to the benefits.

The highest customer is the principle. To deliver a good experience and support to customers according to their goals, Happy Life Protect products are ready for sale today at all Thanachart Bank branches. And TMB joint branches and Thanachart (Co-Location), all 52 branches open nationwide.

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KTC P BERM advances to gain market share for vehicle title loans

Ms. Rueankeaw Kasemsavatsri, Vice President "KTC P BERM Loans Business, Krungthai Card Public Company Limited, reveals how the vehicle title loan business came to be: KTC has been searching for business opportunities to generate a new source of income for the Firm, and to cater to the business world that changes at a fast pace, KTC consolidated a small team of six people from different KTC core departments to work together like a startup in accordance to the Firms strategic plan to operate as an agile organization. The goal of the team was to create a new option for loans as a solution for perseverant individuals who would like to fulfill their dreams, wishes, and have their own burden-free vehicle or motorcycle as a possession, but lack financial opportunity and access to a legal source of funds. This group of individuals has a high ratio and is dispersed across Thailand. For these reasons, we became interested and began to intensely study a loan business model with vehicle title as collateral, which eventually lead to the formation of the KTC P BERM brand, with the Option for Perseverant Individuals concept. This also marks KTCs major step in advancing into the loans business with collateral for the first time.Based on the aforementioned concept, we created unique selling points and established a different way to operate the vehicle title loans business by endorsing the Digital Twin principle. Digital Twin is the act of combining technology with the workforce in loan services to make the loan approval process easy, convenient, fast, safe, and with enhanced customer experience. This includes applying for loans on an application on a tablet, allowing KTC personnel to perform loan service processes for the customer right at the desired location. Customers do not have to waste time visiting the branch, and will receive approval results and cash transfers into their accounts within a processing time of only 2 hours.

The overall outlook of the vehicle title loan business has a high potential growth level. Per information from the Bank of Thailand, according to July 31, 2020, there are a total of 3,392,032 accounts in the personal loans business marked as loans with vehicle title as collateral, with a total of up to in 137.637 billion Baht outstanding credit balance in the system. As a Firm who is trying to penetrate a business, there are considerable major challenges in establishing market share in this industry, given economic factors and regulatory measures. But with multidimensional study and analysis of data, constant scrutiny of the needs of target customers, along with the business structure, operational and network management systems which are considered KTCs strong points, we believe that these factors will help us develop products and services that will achieve business growth goals in the near future. We expect that by the end of 2021, there will be approximately 1,000 million Baht in port of receivables.

Ms. Thida Bunyalekha, Senior Manager "KTC P BERM Loans Business, explains in regards to business strategy: KTC P BERM utilizes KTCs strength in its distribution network to advance in the market by prioritizing on the spot registration and loan approval or P BERM Delivery, instead of using a branch expansion model like other companies. This allows us to approve loans for customers everywhere, whether it is at home, the workplace, or at a meeting point that is convenient for the customer, anytime even during the weekend. Customers will receive approval results and instant cash transfers into their accounts within 2 hours, which is considered the products core strength for the marketing plan in this initial phase. The business will focus on targeting members in Bangkok and vicinity and will expand to major districts by region. This will be done along with searching for business alliances to create opportunities to yield access to target customers who wish to request for KTC P BERM loans. Recently, the Firm partnered with Lalamove in allowing freelancers who drive motorcycles and cars under the Lalamove Thailand network to have convenient and fast access to loans with vehicle title as collateral and cash loans, simply by providing their Lalamove work information as supporting documents for loan application instead of payslips and financial documents for loan approval which generated excellent feedback. KTC also plans to expand its collaborative efforts to other business alliances to create further business opportunity.

What is outstanding for KTC P BERM vehicle title loan is how it simplifies everything and reduces burden and complications when it comes to gaining access to loans on the customers end. This includes three strengths that are different from the market, which includes: a high credit limit of up to 700,000 Baht and a low fixed interest rate starting at only 0.98% per month or 21% annual effective rate, fast and on the spot approval within 2 hours, and instant cash, with simple document requirements without the need of payslips and commercial registration certificates. Moreover, loan applicants may use their vehicle right away without disrupting their lives.

Mr. Vorrapong Vonggapan, Manager "KTC P BERM Loans Business, discusses the loans target customer and details: The target customer group for KTC P BERM is people of all occupations, whether it be permanent staff, business owners, traders or freelancers with Thai nationality, aged 20-65 years with earnings of 8,000 Baht or more, at least 4 months of work experience, or 6 months for business owners and traders. Applicants are required to own a vehicle or motorcycle with a vehicle ownership booklet under the name of the loan applicant. Interested patrons can apply for the loan at any KTC Touch service centers or by contacting P BERM Delivery Tel. 02 123 5300.KTC P BERM vehicle title loan is for vehicle owners regardless of the vehicle age with a credit limit of up to 700,000 Baht, starting annual interest rate of 21%, and a maximum installment period of 60 months. Applicants are required to use their vehicle ownership booklet under their name as the owner and to bring their vehicle for a check-up to apply."

KTC P BERM motorcycle title loan is for motorcycle owners regardless of the vehicle age with a credit limit of up to 150,000 Baht, with an annual interest rate not exceeding 24%, and a maximum installment period of 60 months. Applicants are required to use their motorcycle ownership booklet under their name as the owner and to bring their motorcycle for a check-up to apply.

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