KPI Marks Its 70th Anniversary with "Serving Friendly Insurance Services" Vision to Become the Top 10 Insurance Company with the Gross Premium of 10 Bilion in the next 5 Year
Krungthai Panich Insurance or KPI is moving into its 70th year under the vision "Serving Friendly Insurance Services aiming to deliver friendly insurance services" and carries on its mission to address the needs of its esteemed customers. With the slogan "KPI stepping into the future, for the world, for you", KPI aims to become a non-life insurance company offering insurance products and services that are easy to access, convenient, and fast, while paying attention to society and the environment. KPI plans to achieve the gross premiums of 5,526 million baht in 2023 and yearly growth of 15% with the aspiration to reach 10 billion gross premiums and to be among the top 10 non-life insurance company in the next 5 years.
Dr. Pongpanu Damrongsiri, President of Krungthai Panich Insurance Public Company Limited or KPI, said that for the year 2023 the company has planned a business strategy in line with the company's vision, Serving Friendly Insurance Services - Focus on excellent service delivery by giving importance to best practices for all sectors involved being Customers / Consumers, Business Partners, Staff & Families, as well as Community, Society, and Environment.
"Such vision will drive us to move forward in our exciting journey and achieve our goals and at the same time be ready to cope with all competitive changes in the insurance industry. The impact of natural disasters and clients' expectations have led us to develop suitable business models both Offline and Online and come up with various marketing policies by collaborating with business partners, agents and brokers in order to bring to the clients of all groups the most superior service delivery, innovative solutions and responsiveness tailored for their needs. "said Dr. Pongpanu.
From the annual report as of 31 December 2022, the company has total assets of 14,886 million baht. The total revenue in terms of insurance premium was 4,885 million baht, 7.59% increase from 2021 (miscellaneous 48.99%, motor 40.23%, fire 10.46% and marine 0.32%), with a net profit of 758 million baht.
"As the broader economy recovers, we have confidence that despite a number of challenges, various businesses will see new opportunities to adjust and expand their businesses in line with the economic growth and hence the purchasing power of the public sector will also be increased. In 2023, the target of our gross premiums is 5,526 million baht, an increase of 15% compared to the previous year. If we can keep this growth rate annually, we will reach gross premiums of 10 billion baht in the next 5 years or by 2027. This will bring us to be one of the top 10 in the non-life insurance industry." said Dr. Pongpanu.
On August 31 this year, KPI will celebrate its 70th anniversary and it is considered another important step to move forward in an exciting journey while caring for society and the surroundings in various dimensions in line with the company's Step for Tomorrow Sustainability concept. The 5 aspects to be focused according to international standard SDGs are: 1) Quality Education 2) Good Health & Well Being 3) Climate Action 4) Responsible Consumption & Production and 5) Reduce Inequality.
"The insurance industry stands on a number of challenges that surely brings both risks and opportunities. It is inevitably that we must move forward to adjust and develop ourselves. Amidst these constant changes, the industry has to extend beyond its core products and services if it is to retain its customer base. KPI's development towards sustainability is therefore an 'important' aspect that we must integrate and drive concretely apart from having a good governance corporate system and effective risk management. This year is therefore considered to be one of the most challenging years. If we move quickly and smartly, change will bring significant opportunity and KPI is ready to embrace those opportunities to deliver insurance services that are friendly to all." said Dr. Pongpanu.