Rabbit Life Insurance (Rabbit Life), a life insurance firm under BTS Group Holdings (BTS), aims to rank among the top 10 life insurance businesses within the next three years by leveraging its customer base and big data.
The company expects total premiums to reach 10 billion baht by year-end, significantly exceeding its target of 2 billion baht.
Keeree Kanjanapas, chairman of BTS, said Rabbit Life aims to improve customers' quality of life with a product that provides simple, quick, and cost-efficient solutions. It aims to become a leader in the life insurance industry by meeting customers' diverse needs and life changes.
Rabbit Life aims to achieve growth by using data compiled from customers of BTS and partners' other businesses -- including 3 million BTS Skytrain passengers and 15 million Rabbit card holders -- to design and develop products that meet the needs of each target group.
Mr Keeree said this was a long-term investment in Rabbit Life and it may take a while to break even. The company currently does not have plans to expand into other related businesses such as non-life coverage, and the company will proceed step-by-step to expand its business in the insurance industry.
Over the past few years, BTS Group has invested more than 120 billion baht in new skytrain projects such as the Pink Line and Yellow Line monorail projects, participated in SET-listed Kerry Express, Jay Mart, Singer (Thailand), and acquired several companies to create a platform for other infrastructure projects, including the U-tapao International Airport City Project and Eastern Airport City Project, valued at around 500 billion baht.
Rabbit Life is the group's latest investment, Mr Keeree said.
He said that although BTS normally invests in infrastructure projects, it is now operating under the 3M strategy.
The first 'M' is "Move", referring to the company's participation in the country's mass transit systems in Bangkok, including the Green, Pink, Yellow and Gold lines, covering a total of 140 kilometres of traffic route.
The second and third 'M's are "Mix" and "Match", referring to the company's engagement in various businesses through partnerships that enable the company to match their businesses and create synergies that best serve customers' needs.
Mr Keeree said BTS continues to expand its businesses even amid a slowdown in the global and local economies following the pandemic. BTS has managed a quick turnaround thanks to the strength of its businesses, which have high growth potential and strong finances, he said.
Korn Chinsawananon, managing director of Rabbit Life Insurance, said the life insurance industry in Thailand remains stable and has high growth potential as a large proportion of the population is still uninsured.
"While we are a newcomer in the industry, our team is highly qualified and has over 25 years of experience and know-how in the insurance business. As such, we aim to be the number one insurance broker in the hearts of consumers, providing exceptional experience that places clients at the centre of our solutions, with the philosophy 'to listen', 'to learn' and 'to create' the best solutions for our clients' diverse needs," Mr Korn said.
Based on the company's market research, Mr Korn said the new generation is living a "new mindset" life, where they are considering their needs in a variety of dimensions when selecting their insurance plan. This is also due to rapid changes in the global situation over the past 2-3 years, which has led people to seek greater flexibility to adapt to changing circumstances and be more particular in selecting an insurance policy that is suitable for each of their life stages.
In response, the company has developed various products to cater to clients' distinct needs under the concept "customixed" (customise and mix), offering comprehensive and cost-effective coverage through speciality insurance programmes, including 'Level Up Protection', a life insurance policy, 'Level Up Saving', a savings insurance policy, 'Level Up Health', a health insurance policy, 'Level Up Wealth', an investment insurance policy, and 'Level Up Life Reward', a post-retirement annuity insurance policy.
The company also aims to offer seamless customer experience through an omnichannel distribution channel with experienced advisers on hand to offer expert advice, said Mr Korn.
