New Allianz Ayudhya-BDMS insurance plan targets working professionals

The new insurance plan, known as "Exclusive Care @BDMS", aims to attract working professionals by offering lower premiums.

The move comes after the success of their prestige insurance plan, "My First Class @BDMS”, which targeted the high-net-worth income group in 2018. 

Lars Heibutzki, president and CEO of AAGI, one of Thailand's leading insurers, told a press conference that the new insurance plan is expected to collect 1 billion baht in total premiums over the next five years. 

"We would like to take the partnership with BDMS to the next level. By combining our expertise as a world-class insurer with BDMS’ capacity as a world-class healthcare provider, we are introducing a new health insurance plan aimed at the working professional segment, which aligns with our plan to grow in the mid- to upper-tier segment due to its significant potential," he stated.

He said that this insurance plan would mark the first time both companies would focus on an O2O (online to offline) sales journey, integrating business across online and offline platforms for maximum sales efficiency and customer convenience.

"We are confident that this collaboration would serve the needs of Allianz Ayudhya customers as well as patients at BDMS network hospitals," he noted.

BDMS chief financial officer Narumol Noi-am lauded the partnership with Allianz Ayudhya, and expected it to help both parties increase their customer base.

"Regarding this collaboration, we have jointly developed a health protection product and cooperated on marketing strategies, in order to promote and publicise the product in our hospital network," she said.

Napha Trirattanawongse, AAGI's country chief health officer, assured customers that the plan would meet their needs, such as the pre-authorisation service, which allows customers to check and manage their rights and coverage prior to receiving hospital treatment, and the health concierge service, which helps coordinate and facilitate customer access to medical specialists for consultations.

Exclusive Care @BDMS offers two plans with medical coverage amounts of 1.5 million baht and 5 million baht per year, with a pay as you go scheme.

The move comes amid fierce competition in the country's insurance and healthcare sectors. Both markets are expected to grow amid rising demand for healthcare services and insurance. 

According to Statista.com, Thailand's life and health insurance market is expected to generate US$20.18 billion in gross written premiums this year. Meanwhile, the average spending per capita in the life insurance market is expected to be $280.80 (around 10,000 baht).

The market is experiencing strong growth as a result of increased awareness of financial protection benefits, the development of new product offerings tailored to specific needs, and rising disposable income, which allows for higher insurance premiums.

In order to strengthen their market presence and expand their customer base, some insurance companies have collaborated with potential partners to differentiate their products with new offerings.

For example, FWD Life Insurance collaborated with True Group, Thailand's leading mobile network provider, to launch a marketing campaign, while CoverGo, an insurance platform provider, partnered with AXA Insurance to revamp AXA's health insurance ecosystem in Thailand.