Insurance Broker TQM Working On Full Digitalisation

Insurance broker TQM Corporation PLC., a provider of health insurance in Thailand, will be launching eight projects in 2019 as part of their digitalisation strategy, which is aimed at increasing their efficiency at dealing with customers.

TQM President Unchalin Punnipa spoke at a press conference early March, saying that making the company fully digital would improve their sales and services channel, and would go a long way to making them the leader of the industry in the online insurance market.

As part of their strategy, the company’s launching eight new projects; Big Data, life insurance platform, non-motor insurance platform, product segmentation, affiliate/strategic partner, financial broker, using technology to promote sales volumes, as well as a Line Chatbot/AI/Chat Centre.

According to Punnipa, all of the projects  will be done by the end of 2019.

Recently, the firm launched Chat Centre, an inclusive platform that brings in all of the company’s communication channels, its official website, Twitter account, Facebook, and Instagram, integrating all these channels in order to provide their clients 24 hour service. The firm’s customers can buy all sorts of insurance products, including health insurance in Thailand, and even make insurance claims.

The firm also introduced a real-time Chatbot feature via its official Line account for sales and after-sales. According to Unchalin, the move has been successful with around 20 million users.

TQM CEO Napassanun Punnupa says that among their eight big digital projects, Big Data is particularly important, as it gives them needed information for defined customer needs, targeted messaging and communications, as well as improved business efficiency.

Unchalin noted that the company has invested around Bt200 million over the last four years, in digital technology, including AI, Big Data, and other developments.

Back when TQM was first founded in 1996, sales revenue sat at around Bt5 million, which has grown in over the years of operations. Notably, the firm began its investment into digital technology back in 2015, which resulted in their sales figures jumping from Bt8.9 billion to Bt11 billion.

Napassanun says that this age is a mobile-first age, so TQM needed to use more technology in order to bolster its operations. They did, however, note, that they still need people, but won’t be adding any more employees, as they aim to get their sales volume up to Bt15 billion while ensuring management efficiency.

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