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Published on September 20, 2007

GSB Life's 10- and 15-year savings and insurance schemes come with a maximum Bt2-million ceiling. The terms of coverage vary according to the options taken. For instance, to qualify for an annual Bt100,000 life coverage, customers must deposit at least Bt11,000 to Bt12,000 in that year.

However, GSB Life does not offer a hospital income plan or health-insurance options, and this is where the new partners Prudential and Dhipaya will fill in. Prudential CEO Ted Ridgway said his company would pay its hospital-income-plan policyholders on a daily basis for accidents or illnesses that put them in hospital.

Ridgway said the partnership with GSB Life was in line with Prudential's business strategy of positioning itself as a provider of customised insurance products for the country's various financial institutions.

It has already made seven such partnerships, and although Ridgway says there will be no more this year, he is bullish about next year's outlook, saying Prudential expects sales growth of 50 per cent.

Dhipaya managing director Charuek Kungwanphanich said his company was seeking to offset a 5-per-cent drop in premiums from its core businesses of motor, fire and marine insurance by entering the health-insurance field, which has grown 20 per cent this year.

Dhipaya expects at least Bt30 million to Bt50 million in premiums by the end of this year, Charuek said.

The company is currently working towards forming more alliances such as that with GSB Life. It expects bancassurance to be a strong growth area, and telesales should also play an important role in boosting its sales.

The two new partners will be able to tap into the GSB's 80,000-strong customer base for a potential Bt32 billion worth of premiums.

With the new alliance, GSB senior executive vice president Woravit Chailimpamontri wants GSB Life's figures to grow 10-15 per cent. He believes the partnerships are vital in that they will make GSB Life's services more comprehensive.

Ki Nan Tsui

 The Nation