Tokio Marine Sri Muang Insurance to open 4 new branches in 2010
and enhances customers’ greater satisfaction
Tokio Marine Sri Muang Insurance Co., Ltd., a part of the Tokio Marine Group, one of the largest insurance groups in the world, is confident in the continuous growth of their business in Thailand. The company will be more focusing on their services including the expansion of branch network and upgrading of claims systems.

Tokio Marine Sri Muang Insurance to open 4 new branches in 2010 and enhances customers’ greater satisfaction

Mr. Youichi Tamagaki, President of Tokio Marine Sri Muang Insurance Co., Ltd., disclosed that the company’s performance of 2009 was heavily affected by the economic recession, although it has been turned into positive trend as from 4th quarter.
In 2009, the company reported total direct written premiums of 3.3 billion baht, which was 4% decrease from 2008.

“We heavily rely on Japanese-related business, especially Automobile industry. Our clients’ productions were significantly dropped in 2009, which directly affected our Marine Cargo business and Motor business. We are on the same boat with our clients and we can not be the exception. In this connection, the impact of economic recession was much heavier for us than the other local insurance companies, because of the nature of our portfolio. We understand that Thai general insurance market recorded steady growth around 3% in 2009. It was a remarkable success under this tough environment, and we pay utmost respect to the efforts made by the whole Thai general insurance industry. We were left behind in 2009, but we wish to catch up in 2010. The economic situation has been changed as from 4th quarter 2009. We expect that the market growth will be around 5% in 2010, and we target a bit higher at 6%, or direct premium of 3.5 million baht in 2010,“ he said.

The company has changed its name from “The Sri Muang Insurance Co., Ltd.” to “Tokio Marine Sri Muang Insurance Co., Ltd.”, as from January 2010. There is no change in share-holding structure or management structure of the company, but this is a firm commitment by the Tokio Marine Group to enhance its operation in Thailand by putting their world-wide brand “Tokio Marine”.
“There are about 70 general insurance companies in Thailand, and we must establish a solid position to be recognized and selected by the customers. In this respect, we focus on Quality of Management and Service.

We strongly support the direction of OIC (Office of the Insurance Commission) to introduce international standards to govern the insurance industry. We are proud of being a part of Tokio Marine Group, and our Quality of professional management, including financial stability, should be our edge.

Traditional business style of insurance companies is just to pay claim when it happens. But we go several steps beyond. We work together with the client to prevent the accident, or to minimize the loss even an accident happens. Such Risk Consulting services are widely recognized and valued by our corporate customers. We have established our reputation as the first-class insurer in commercial lines of business, especially in Marine Cargo. Our challenge is to extend our reputation to the individual customers. Continuous expansion of branch network and Upgrade of Motor Claim system are examples of our efforts to improve our services. Insurance is a service industry and the quality of service shall be the key success factor,” he said.

Mr. Lhuckchai Suttichujit, Executive Vice President of Tokio Marine Sri Muang Insurance Co., Ltd., added more detailed strategy.
“This year, we open new branches in Trang, Lampang, Ayutthaya and Krabi. It means that we now have 20 branches nationwide. We also plan to open 4 sub-branches around Bangkok, which will serve for Motor Claims.  We hope that the addition of 4 branches and 4 sub-branches will enhance our services especially in Motor Claims. We also upgrade our IT system for Motor Claims, and we will provide faster and better services to our customers.

On personal lines business, we will focus on the development of non-motor products. We follow the policy of OIC to promote the insurance penetration ratio by launching easy-buy products, or so-called micro insurance products. We also enhance the training of our staff and agents, in order to enable them to have enough knowledge and skill of those non-motor products,” he explained.
He also touched upon the company’s CSR (Corporate Social Responsibility) activities including his own experience in joining the Tokio Marine Group’s Mangrove plantation in Ranong.

“We wish to serve for and grow with society. In line with our corporate philosophy, we conduct CSR activities such as Mangrove Plantation, Support to the Don’t Drive Drunk Foundation, and Scholarship with NCSWT (National Council of Social Welfare of Thailand). On this occasion, I wish to share my own experience in Ranong Province. Tokio Marine Group has been conducting Mangrove plantation in Ranong for 11 years. This year, it was held in early February, and volunteers from Tokio Marine Group’s world-wide operations including Japan, USA, and UK came to Thailand. We planted 20,000 trees together with villagers in the area in 3 days. It was an extraordinary experience for me, and I realized Tokio Marine’s firm commitment to the natural environment,” he said.

Lastly, Mr. Tamagaki added that Tokio Marine Sri Muang Insurance would continue to be determined and contributed to the development of the Thai economy and Thai society by offering security to the communities through its line up of insurance services. “Everyone at Tokio Marine Sri Muang Insurance is ready to give the best and most satisfactory services to our customers,” he concluded.
For more information:
Tel. 0-2686-8888 #1962
Mobile: 081 851 2088 ; 081 917 0810    
www.tokiomarine.co.th

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