The insurance market in Thailand has continued to register strong growth as changing socio-demographics, customer awareness and demand for protection solutions rose following the pandemic. This coincided with the entry of new insurtech players, alternate distribution channels and technology-based enhancements that competed for attention among various market participants seeking risk avoidance or transfer options.
Likewise, given the pace at which digitisation, product innovation and service enhancement has been reshaping the Thailand insurance industry, Prudential Thailand, one of Thailand’s leading life insurance companies, deftly considered reimagining the customer journey through an omni-channel framework, essential in providing seamless service interactions across all client-facing touchpoints.
Enhancing digital capabilities to drive market penetration and customer convenience
Prudential Thailand incorporates a multi-channel distribution strategy that encompasses three bancassurance partnerships with a reach of 800 plus branches, an agency network comprising more than 1900 agents, telemarketing team in addition to online and mobile banking channels. Importantly, the insurance provider’s digital propositions are available via digital apps and social media platform “LINE”, enabling access to protection solutions by just a “click” away.
These digital channels in particular have proven to be quite effective as Prudential Thailand emerged second overall among digital insurance players in terms of market share. Importantly, the company’s annual premium equivalent (APE) sales tripled during 2022 driven by the range of products on offer and the company’s significant investments in its distribution channels having digital capabilities embedded to facilitate the 1.9 million policy holder client-base.
Single-view capability essential for cross-channel consistency
Moreover, Prudential Thailand has ensured seamless omni-channel customer experience with single-view capability through its “PRUAwesome Hub” initiative enabling all 120+ users to support customers in availing consistent service interactions reinforced across all channels. Through lead and service management, the hub provides for faster collaboration and shortened response time making customers feel connected and valued as the online and offline experience is aligned with customer requirements and expectations.
Likewise, the one central platform provides for a more consolidated view of the customer capturing all transactional data and engagement behaviour across channels facilitating a streamlined customer journey. This enables Prudential Thailand to gain better client insight, understand their needs and deliver the next best action with real-time support as the company realises operational efficiencies and productivity gains by leveraging the Hub.
“Prudential Thailand has systematically transformed its channel engagement strategy that has contributed to continuous improvement in digital experience through its customer-centric approach.”
Listening to the voice of the customer essential for maintaining service quality
Similarly, Prudential Thailand has ensured that customer feedback is sourced in real-time across the insurance value chain commencing from acquisition and servicing to claims administration. This has also provided for better account management as the company leverages marketing automation to design personalised content that connects with potential customers, while ensuring that all resulting communication remains highly-dynamic.
Indeed, reflecting its efforts the insurance provider recorded NPS scores of +55, +40 and +50 for purchases, claims and servicing with customer satisfaction reaching 97%, 83% and 88% respectively in 2022 as the institution’s total assets and total benefits paid reached THB 118.9 billion and THB 10.3 billion respectively.
Certainly, Prudential Thailand has systematically transformed its channel engagement strategy that has contributed to continuous improvement in digital experience through its customercentric approach. Affirming its institutional achievements, The Digital Banker has recognised Prudential Life Assurance (Thailand) for “Excellence in Omni-Channel Customer Experience – Insurance” and a Highly Acclaimed “Outstanding Digital CX Transformation in Insurance” distinction at the recently concluded Digital CX Awards 2023.