Bangkok, Thailand – Allianz Ayudhya General Insurance (AAGI) has announced the launch of a new insurance plan in partnership with Bangkok Dusit Medical Services (BDMS), aimed at attracting working professionals with reduced premiums.
The newly introduced plan, named “Exclusive Care @BDMS”, follows the success of their prestige insurance product, “My First Class @BDMS”, which targeted the high-net-worth income group back in 2018.
Lars Heibutzki, President and CEO of AAGI, expressed confidence that the new insurance initiative would generate 1 billion baht in total premiums over the next five years. “We aim to elevate our partnership with BDMS by leveraging our expertise as a world-class insurer with BDMS’ capacity as a leading healthcare provider,” Heibutzki explained during a press conference.
He emphasized the strategic focus on the mid- to upper-tier market segment due to its substantial potential. This marks the first joint effort by both companies to embark on an O2O (online to offline) sales journey, integrating online and offline platforms for enhanced sales efficiency and customer convenience.
Narumol Noi-am, Chief Financial Officer of BDMS, welcomed the collaboration with Allianz Ayudhya, anticipating mutual benefits through an expanded customer base. “We have jointly developed a health protection product and collaborated on marketing strategies to promote this product within our hospital network,” Noi-am stated.
Napha Trirattanawongse, Country Chief Health Officer at AAGI, assured customers that the new plan would cater to their needs with services like pre-authorisation for treatment rights management and health concierge assistance for specialist consultations.
Exclusive Care @BDMS offers two plans with medical coverage amounts of 1.5 million baht and 5 million baht per year under a pay-as-you-go scheme.
The launch of this initiative takes place amid intense competition in Thailand’s insurance and healthcare sectors, driven by increasing demand for healthcare services and insurance coverage. According to Statista.com, Thailand’s life and health insurance market is projected to generate US$20.18 billion in gross written premiums this year, with an average spending per capita in life insurance estimated at $280.80 (approximately 10,000 baht).
This growth is attributed to heightened awareness of financial protection benefits, innovative product development tailored to specific needs, and rising disposable incomes supporting higher insurance premiums.
To bolster their market presence and expand customer outreach, insurance companies have pursued partnerships to introduce differentiated product offerings. For instance, FWD Life Insurance collaborated with True Group, Thailand’s leading mobile network provider, for a joint marketing campaign, while CoverGo, an insurance platform provider, partnered with AXA Insurance to enhance AXA’s health insurance ecosystem in Thailand.
