Bangkok Life Insurance has announced its policies and operational direction for 2025, building on the successes of the past year from the growth of life insurance premiums across all channels. The company has unveiled its 6Ps corporate strategy under the theme ‘2025 The Year of Care,’ continuing its vision to become the number one brand in care, focusing on creating sustainable happiness for Thai society.

Mr. Chon Soponpanich, the CEO and Managing Director of Bangkok Life Insurance Public Company Limited, revealed an overview of the life insurance business in 2024, stating that it managed to grow amidst economic challenges, driven by a rising awareness of health and an understanding of life insurance and financial planning in preparation for an aging society. Bangkok Life Insurance has seen success with a 2% increase in first-year premiums, totaling 7,037 million baht, and total premiums of 34,837 million baht, also growing by 2%. The company added 2,546 new agents, an increase of 18%, with 7,360 active agents, up 6%. Additionally, the number of unit managers achieving over 200% of their targets increased by 23%. Popular insurance products included savings plans, whole life insurance, and various riders, especially health and critical illness insurance. The company also received a claim satisfaction score (NPS Fax Claim) of 76%, a customer service center satisfaction score (CSAT) of 95%, and a 31% increase in users of the Happy Life Application.

Mr. Chon stated that this success reflects customers' confidence in products that meet their needs for savings, life protection, and health security. Despite high competition, the company focuses on offering differentiation through products and services, as well as financial consulting that aligns with customers' goals, all under a new vision to be the number one brand in “care” or “The Most Caring Life Insurance Company.” This vision aims to embed a culture of care within the organization, believing that attention to customer needs and a commitment to creating the best will be key strengths that enable Bangkok Life Insurance to maintain sustainable growth and effectively meet customer demands in the long term.

“Demonstrating care through tangible actions is the foundation of the project “Finding You Until We Meet,” where a dedicated team follows up with customers to deliver benefits as promised, tracking down beneficiaries to ensure policyholders receive their full entitlements. From April to October 2024, the company successfully tracked and delivered benefits to 387 cases, totaling over 26 million baht. In 2025, from January to February, there were 10 cases with a total of over 4 million baht, bringing the total benefits delivered to 493 cases, amounting to over 30 million baht,” Mr. Chon said.

Looking ahead to 2025, the life insurance business will continue to face economic challenges and changing consumer expectations. This necessitates a deep understanding of each customer segment for product, service, and benefit design. Bangkok Life Insurance remains committed to growth through all channels, emphasizing the new vision of “care” under the theme ‘2025 The Year of Care,’ supported by six pillars of commitment (6Ps) to create sustainable happiness for Thai society: Products, Professionals, Policy, Privileges, People, and Planet. Each of these six Ps is crucial for managing the life insurance business effectively, requiring collaboration to achieve success under the new vision of care.

Mr. Chon further elaborated that in the 6Ps, every aspect is important. The first P is Product, where we focus on designing products that meet life goals and provide value to consumers in terms of security and financial risk protection, including health insurance, critical illness insurance, and pension plans. Our life insurance products aim to enhance quality of life and reach all customer segments. The second P is Professionals; 2025 will emphasize quality and strengthen the agency channel, focusing on the professionalism of agents, financial advisors, and sales staff across all channels. We will provide attentive service and product advice with customer benefits as a priority, fostering a culture of care through our successful SML policy and driving the strategy of “Accelerating Team Growth” with a target of 3,000 new agents, representing a 20% growth from 2024, and the “Total Solution” strategy that meets customers’ life goals through banking and partnerships.

The third P is Policy, which aims to elevate service delivery to provide memorable customer experiences (Customer Experience) through 2C4S: Customer Centricity, Convenience, Speed, Staff Attitude, Security, and Seamless connectivity in service delivery. The fourth P is Privileges, which means offering more than just coverage under the policy, including additional services like BLA EveryCare focused on health, such as Driving Home, Home Health Care, Health Partner, Telemedicine, and Health Butler, launched last year to assist the elderly during illness. Additionally, there are various benefits designed to meet the diverse lifestyles of customers and create differentiation, including benefits and services tailored for specific groups like mothers and children and the elderly.

The fifth P is People, referring to all our employees who play a crucial role in driving Bangkok Life Insurance towards its goals. We prioritize employee care to ensure their happiness (Happy Life) in four main areas: Health, Wealth, Mind, and Lifestyle, including Upskilling and Reskilling to help employees adapt to current and future situations. We also instill the DNA of care in our employees through promoting organizational values: C-A-R-E: Care, Assistance, Reliability, and Empathy, to create a culture of excellence in customer service.

The final P is Planet, which emphasizes care for sustainability in society and the environment through the Happy P approach, which includes Happy Place “a joyful home,” operating with good governance and prioritizing treatment of employees, partners, and business allies; Happy Peace “a peaceful mind,” providing customers with peace of mind regarding financial burdens; and Happy People “we are happy,” emphasizing the importance of improving societal well-being by promoting financial literacy and life insurance as a mechanism for enhancing the quality of life for all citizens.

“Despite the challenges facing the life insurance industry this year, we believe that the strategies mentioned will achieve the expected goals, supported by the strength and potential of our team, life insurance agents, and financial advisors, along with partners who will collectively reflect our work under the new vision and create positive experiences rooted in care, sharing this care with others in society, leading to Bangkok Life Insurance being recognized as a brand and advancing to become the number one brand in care,” Mr. Chon concluded.