IF Advertorial - Bangkok Insurance
The versatility of Bangkok Insurance With 74 years of industry presence,
Bangkok Insurance Public Company Limited (BKI) is recognised as Thailand’s leading non-life insurer with 2020’s direct written premium of up to $708.3 million. Among companies with the premium balance of over $300 million, BKI achieved the highest premium growth rate at 20 percent in 2019. Moreover, BKI gained an impressive growth rate of 5.6 percent in 2020, which is about twice higher than that of the market despite the adverse impact of Covid-19, with the solid financial position backed by the ratings of A- (Strong) by Standard & Poor’s (S&P) and A(Excellent) by A.M. Best Company. BKI’s achievements in the premium growth rates and satisfactory performances were owing to its strategy to further expand the retail customer base. Under the strategy, a focus was placed on the development of a very user-friendly digital platform that is easily accessible to retail customers for their insurance purchase decisions. The platform allows customers to get immediate coverage, pay premiums efficiently and enjoy a secure international standard system.
Products designed to cover seasonal health issues
At present, due to consumers’ growing concern over health risks from changing environments and disease outbreaks as well as higher costs of medical expenses, BKI has issued insurance products to cover seasonal diseases that are frequently found in Thailand—such as influenza, dengue fever, or other mosquito-borne diseases. Insurance coverage options have been designed 62 | March 2021 | International Finance
The platform allows customers to get immediate coverage, pay premiums efficiently and enjoy a secure international standard system to ensure appropriate compensation limits and affordable insurance premium rates for low-income earners who may find general health insurance options unaffordable. BKI is the first insurer in Thailand to offer this type of insurance. With the outbreak of Covid-19 globally, consumers still express concerns over possible losses of income caused by the infection with lengthy quarantine and treatment processes, despite the government’s efforts to offer subsidies on medical expenses. In this context, BKI has issued Covid-19 insurance policies with a lump-sum payout—a first of its kind in Thailand—aimed at maximising benefits and relieving consumer concerns, despite the losses. The premium rates for such policies start at only $3, to ensure access for medium-income and low-income earners, who will be financially impacted if infected. Customers can conveniently make insurance purchases through various online channels, easily pay premiums through a 2C2P system under security international standards and immediately receive coverage confirmations. Also, BKI can make claim payments quickly within three days. Such policies have received a warm welcome from customers with 600,000 policies bought within two months. The insurer has diversified relevant
