Araya Phuphanich, SCB first executive vice president for bancassurance, said that in general, savings policies were the mainstream bancassurance products because of their simplicity - they are easy to describe to customers. Life insurance is a more sensitive matter, so it needs more explanation to prospective customers. The bank is training staff to strengthen the special sales team.
Ideally, complex products should handled by agencies, but there is demand from SCB's business customers for them, so it needs to be prepared to accommodate their requirements.
With savings insurance, policyholders receive the insured sum when their policy matures. However, with life insurance, the beneficiary will receive the insured sum when the policyholder dies. That is why premiums for life insurance are higher than for savings insurance.
At SCB, life insurance accounts for a small share of premium income. This year, the bank targets new business premiums from life insurance of about Bt2 billion out of total new business premiums of Bt14 billion.
Most premiums will continue to come from savings insurance. The minimum annual premium for life insurance is Bt700,000, which is regarded as a big-ticket item, so the bank must boost the expertise of staff at its branches.
SCB has 20 special staff focusing on life insurance. SCB has witnessed rising demand for life insurance from large companies and corporations since late last year.
Business owners have told the bank that they want financial security for their families.
The inheritance tax is among the considerations for business owners. Last year, new business premiums from bancassurance surged 24-25 per cent to Bt1.05 billion at the bank.
To offer a wider variety of life products, the bank is joining with two partners - SCB Life Assurance and ACE Life Assurance - to design policies to deliver to the bank's customers in all segments.
SCB expects non-life insurance premiums of Bt4 billion this year, the same as last year. However, the bank will focus more on personal accident and health insurance and less on property insurance and auto coverage, Araya said.
Ideally, complex products should handled by agencies, but there is demand from SCB's business customers for them, so it needs to be prepared to accommodate their requirements.
With savings insurance, policyholders receive the insured sum when their policy matures. However, with life insurance, the beneficiary will receive the insured sum when the policyholder dies. That is why premiums for life insurance are higher than for savings insurance.
At SCB, life insurance accounts for a small share of premium income. This year, the bank targets new business premiums from life insurance of about Bt2 billion out of total new business premiums of Bt14 billion.
Most premiums will continue to come from savings insurance. The minimum annual premium for life insurance is Bt700,000, which is regarded as a big-ticket item, so the bank must boost the expertise of staff at its branches.
SCB has 20 special staff focusing on life insurance. SCB has witnessed rising demand for life insurance from large companies and corporations since late last year.
Business owners have told the bank that they want financial security for their families.
The inheritance tax is among the considerations for business owners. Last year, new business premiums from bancassurance surged 24-25 per cent to Bt1.05 billion at the bank.
To offer a wider variety of life products, the bank is joining with two partners - SCB Life Assurance and ACE Life Assurance - to design policies to deliver to the bank's customers in all segments.
SCB expects non-life insurance premiums of Bt4 billion this year, the same as last year. However, the bank will focus more on personal accident and health insurance and less on property insurance and auto coverage, Araya said.
No comments:
Post a Comment