Thai Life Insurance pursues digital mindset to transform its culture | World Finance


World Finance: I’m with Chai Chaiyawan, President
of Thai Life Insurance. He has embedded humanism at the core of Thai
Life’s brand values, and with it a focus on building trust and growing sustainably. Why is sustainability so important for Thai
Life? Chai Chaiyawan: Well, in Thailand at the moment,
there’s a business environment change. Customers now have less patience, and also
they demand better products and services. Apart from that, there’s a demographic change;
Thailand now is a rich, ageing society. Also, multi-channel distribution disrupts
the business. Technology changes the behaviour of the customer. Now the customer can learn everything by themselves
through the internet, make any decisions through the internet; also even pay their premium
through the internet. So the company has to transform the competitive
competency; that means we need to transform our people’s attitudes, because now they have
to understand about digital technologies. So we have to transform them, to have a digital
mindset. World Finance: How have you embedded sustainability
in your long term strategy? Chai Chaiyawan: First of all we have to run
the business, secondly we have to transform the business, and third we have to build the
business. Run the business – this means that the business
must be lean, and then optimise profit and optimise sales volume. And the business must have the financial staying
power and sustainability. Transform – this means that we have to transform
our corporate culture, to make our people have a new attitude and new mindset. Make them result-oriented, and understand
about agility. On building the business – we have to build
business innovation. Be customer-centric. And understand customer insights. We have to create dynamic pricing products,
that if the policy holder has good health, then we reduce their premium. World Finance: You also see your customer
relationships and responsibilities as a key part of your sustainability? Chai Chaiyawan: Mmhmm. We offer products that improve quality of life
for our customers, such as dynamic pricing products that I just mentioned, and also offer
products that make people live longer, healthier, and better lives. Also we invented policies for the military,
and then invented policies for disabled persons. World Finance: And how are you expanding your
CSR activities? Chai Chaiyawan: We have a masterplan, and
this has three strategies: giving strategy, caring strategy, and fulfilling strategy. On the giving strategy, we do things such
as blood and stem cell donation, occupational training for disabled persons, for single
mums, for underprivileged women in rural areas. On the caring strategy, we do environmental
conservation such as the mangrove forest conservation. And then on the fulfilling strategy, we improve
and enhance quality of life of ageing persons and underprivileged people in the rural area. World Finance: Now overall you hope that your
work will contribute to the UN’s sustainable development goals? Chai Chaiyawan: So we set up a new masterplan
on the SDG. First is a promise strategy, secondly is protect,
and the third one is a prosperous strategy. The promise strategy concerns human capital
development, workforce wellbeing, and also anti-corruption. And also corporate governance. On the protect strategy, we have a policy
that incentivises responsible behaviour. For example a product for wellness persons
or impaired persons. And then also we invent digital technology
for the policyholder to give a better product and better services. On the prosperous strategy, we manage the
financial risks, insurance risks, technology risks – to prevent any risks that will happen
to the business. And apart from that we also do the corporate
citizenship and philanthropy, and accessibility and insurance education. World Finance: Chai Chaiyawan, thank you very
much. Chai Chaiyawan: Thank you very much. Thanks for watching. Learn more at thailife.com. Click through for more videos with insurance
and pension providers, and please subscribe for the latest international business insights
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