TQM, a leading Thai insurance broker, has launched a new home insurance product, 'TQM Home Insurance', designed to provide coverage beyond just fire or theft. The insurance plan offers over 100 coverage options that consumers can choose from, covering various risks that may affect homes, including water damage, storm damage, natural disasters, burglary, cash theft, as well as personal liability for individuals within the home and third-party liability. With the concept of 'home insurance that goes beyond fire insurance', TQM aims to target the 'home-conscious' market of over 20 million households that currently lack home insurance. The company plans to expand its customer base through all channels, utilizing InsurTech to develop a platform https://home.tqm.co.th/ that allows customers to assess risks before purchasing insurance based on their location, with a goal to become the leading home insurance broker, aiming for sales of 500 million baht in 2021 and a total sales target of 15,927 million baht within five years.

      Dr. Anchalin Phannipha, President of TQM Insurance Broker Co., Ltd. stated that last year, the home insurance market had only 3 million policies held, representing just 12% of the total 27 million households in Thailand. A survey by the TQM Data team revealed a misunderstanding regarding the coverage conditions of home insurance, as most Thais still perceive home insurance as solely fire insurance, which makes them feel disconnected and less inclined to prioritize purchasing insurance. This understanding is not comprehensive.

      Given the overall low penetration of home insurance among Thais, TQM sees an opportunity to penetrate the market by designing a new home insurance strategy based on the concept of 'home insurance that is more than just fire insurance'. The aim is to reach out to all segments of home-conscious individuals with insurance products that provide diverse coverage tailored to the specific risks of each home, such as areas prone to natural disasters, proximity to industrial zones, and burglary risks. Initially, the focus will be on educating consumers about the broader coverage options available in home insurance beyond just fire protection, allowing them to select coverage based on their home's specific risks.

      Dr. Napasanan Phannipha, Chief Executive Officer of TQM Insurance Broker Co., Ltd. mentioned that 'TQM Home Insurance' is a new home insurance product offering a variety of plans for customers to choose from, allowing them to select the insurance plan that best covers the risks their home may face. InsurTech is utilized as a tool to develop and create https://home.tqm.co.th/ to help assess the risks associated with each home, serving as the first step in enabling home-conscious individuals to evaluate the risks in their area before deciding to purchase insurance. Additionally, this announcement reinforces TQM's leadership in InsurTech, which will be used to enhance the tools for TQM's operations across all insurance products. The platform https://home.tqm.co.th/ collaborates with Baannia to provide information on the size of each home, making it easier for customers who are unaware of their home's area to purchase home insurance, along with Nostra, which provides statistical data on various risks in Thailand, helping customers understand the risks surrounding their homes. This technology fulfills and responds to customer needs more effectively.

      On this platform, the new home insurance will offer over 100 plans targeting the 'home-conscious' three main groups: the heads of families concerned about their homes and family members, individuals with a lifestyle of traveling and not often at home who worry about theft, fire, or various disasters, and the younger urban lifestyle individuals who are concerned about their valuables at home. This new home insurance covers all risks for different lifestyle groups, including protection against risks from earth, water, wind, and fire such as lightning, explosions, leaks, flooding, storms, and earthquakes, protection against theft, robbery, and burglary, including cash or money insurance, protection against glass breakage from accidents, liability for third parties, and protection in case of accidental death within the insured's residence .

      This marks a new experience for Thais and the home insurance industry that has never been seen before, with a goal to expand the customer base for this new home insurance, aiming for a total premium of 15,927 million baht within five years.