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  • Regulations and Strategy now aligned for greater customer centricity

Regulations and Strategy now aligned for greater customer centricity

January 19, 2017

Ms. Kelly Yong, CEO, Aegon Insights (Thailand) Limited shared her view on the new and stricter regulations in Thailand on selling insurance products through financial institutions and via mobile phone channels.

In an interview with Post Today newspaper on 23 December 2016 (Finance section), Ms. Yong shared that the latest change to tighten the regulations is actually a good thing and is aligned to Aegon Insights' business direction. Aegon Insights' marketing consulting business is about helping business partners to acquire each customer according to their needs and not focusing only on closing sales quickly. This allows customers more time to consider which insurance product is best suited for themselves and their families.

She said that the latest change to tighten the regulations is actually a good thing and is aligned to Aegon Insights' business direction. Aegon Insights' marketing consulting business is about helping business partners to acquire each customer according to their needs and not focusing only on closing sales quickly. This allows customers more time to consider which insurance product is best suited for themselves and their families.

With this change in regulations, insurance companies are not allowed to hard-sell and push insurance products to customers, making marketing consulting services more essential than ever. This is also an opportunity for us to provide even better solutions to our business partners. "We have learned that pushing customers to buy insurance won't last very long because customers will cancel the policies in the next day or month when they realize this is actually not what they wanted after understanding the conditions in the policy," says Ms. Yong.

Also, more and more insurance companies are moving to nurture their existing customers for a longer relationship than acquiring new ones as brand loyalty cannot be assumed and acquisition costs are getting higher. They would rather focus on providing good customer experience to their own customers. Moreover, in the digital world, customers can easily influence the brand by leaving either a positive or negative review online about their experience with the company.

According to Ms. Yong, while several marketing consulting businesses in Thailand, most of provide specialized services such as online marketing or the provision of data systems. Aegon Insights, however, is able to provide an end-to-end service for its business partners that enables it to maintain long term partnerships with leading insurance companies in Thailand.