Thai Life eyes Cambodian market

February 7 2018 by InsuranceAsia News Staff

Thailand’s third-largest life insurer, Thai Life is looking at the possibility of expanding into the Cambodian market.

At present, the firm is conducting market research for Cambodia, Laos and Myanmar, which is expected to be finished within the year, according to a report by the Bangkok Post.

Under Thai Life’s 10-year strategic plan, the company hopes to flex its muscle overseas and make the big leap to digital space.

Part of the goal is also to become one of the top five life insurers for first-year and total premiums in the region.

Thai Life president Chai Chaiyawan said digital technology has changed customer behaviour immensely.

Therefore, he added, the company must set time-sensitive business plans to achieve sustainable growth.

Despite the low penetration level in the insurance sector in Thailand, many local insurers there are making inroads into other markets within South-East Asia.