One of Thailand’s largest lenders, Siam Commercial Bank (SCB), is set to launch a life and non-life insurance brokerage business through its subsidiary, SCB Protect Co.
The subsidiary is seeking to fill a market gap by focusing on value protection and insurance products covering life risks in the mass market, according to a statement posted by SCB.
SCB Protect focuses on four main protection products and services: life insurance, health insurance, asset protection, and savings protection, to cover every stage of financial planning – income, spending, saving, and passing the money to loved ones for everyone’s happiness at every life stage.
The broking company also seeks to offer job opportunities to young people nationwide as protection consultants.
According to Ms Poramasiri Manolamai, SCB senior executive vice president and chief insurance business officer, and SCB Protect CEO, the COVID-19 pandemic has led to increasing awareness of the importance of health and financial planning and consequently rising demand for protection.
She said, “Out of some 16m customers, only 3% of the bank’s mass segment have insurance products. So, SCB Protect has been established to drive the bank’s mass market expansion. With advanced technology and digital tools, and our well-trained protection consultants nationwide, we are confident that SCB Protect can quickly respond to customer needs. We offer a comprehensive range of value protection products and quick and easy-to-reach after-sale service for customers seeking protection that suits their needs with the security that SCB Protect offers.”
Referring to the advisor network, she said,“At a time when lay-offs are very likely, we are employing a lot of people.
“This year we aim to have at least 500 protection consultants, and we expect to kick off business under SCB Protect by the third quarter.”