Sompo eyes 20% gain in premiums

Sompo Insurance (Thailand), a unit of Japan’s leading insurer, aims to grow its premiums by 20% in 2024 from an estimate of 4 billion baht this year by focusing more on personalised insurance policies, especially travel accident (TA) insurance.

Chief executive Chayanna Siripirom said the company expects growth this year, with premiums on track to reach its target of 4 billion baht.

Policies for Japanese customers represent 56% of the total premiums, with Thai clients accounting for the rest.

“Sompo can maintain its existing customers in the corporate sector, mostly Japanese companies, and we plan to expand to new targeted groups next year,” she said.

The company is also developing a business plan for retail customers through both bancassurance and non-bancassurance channels by focusing on risk management.

As financial institutions are applying stricter lending policies, car loans are expected to decrease as well as demand for insurance, said Ms Chayanna.

“For the non-bancassurance channel, we target 30% growth next year,” she said.

The motor insurance business posted satisfactory growth this year with overall premiums of 1 billion baht, up 20% from 800 million last year, said Ms Chayanna.

Ms Chayanna says premiums are on track to reach its target of 4 billion baht this year.

The TA segment expanded by 60% in 2023 year-on-year, especially for trips to Japan, where Sompo has a nationwide network to serve customers.

Sompo’s market share in this segment is more than 50%, while TA policies for other Asian markets such as Taiwan, Hong Kong and South Korea are also rising.

Of total travel insurance claims, 43% are for medical expenses, 26% luggage damage, 19% flights, 5% trip cancellations (partly because of Covid-19), 2% missing connecting flights, and 5% others.

Sompo offers three types of car insurance, including daily insurance.

“This suits car owners who don’t use their car much because they work from home, driving only during holidays,” she said.

“A daily policy with basic insurance premiums starts at 59 baht per day, available for a maximum of seven days.”

Sompo has more than 1,200 affiliate repair shops spanning every region of Thailand.

The insurer offers claims status updates via SmartNoti, which sends an SMS to notify customers of approval for claims, quotations or repairs.

Shopping Cart

Media Kit

    Data Protection

    Personal Data (“Data”) submitted for Media Kit (“Media Kit”), and/or collected in the form of first name, last name, email address and other contact details may be used for the purposes of inviting you to future events and for reaching out to you with content which may be of interest to you. For these purposes, The Digital Banker will share the Data with our associate companies (including event and content sponsors) to promote their products and services. You will also be automatically subscribed as a user on www.thedigitalbanker.com. If you would like to opt-out, email us at [email protected].

    By clicking Submit, you acknowledge that you consent/ have sufficient informed consent to the collection, use and disclosure of Data as set out above.

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            Registration Form

              Data Protection

              The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

              Registration Form

                Data Protection

                The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                Registration Form

                  Data Protection

                  The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

                  Request Nomination Pack

                  Error: Contact form not found.