Ngern Tid Lor may be known and acclaimed as Thailand’s leader in vehicle title loan services. However, when you walk into any one of our branches today, you will find that we not only provide vehicle title loans but also offer auto insurance, accident insurance, cancer insurance, and compulsory insurance services.
Athitaya Phoonwathu, Head of Insurance Broker Department, told us about the idea that took Ngern Tid Lor on the path of insurance broker.
“This idea came up when we observed that 60-70% of our customers were motorcycle loan clients, self-employed, market vendors, and farmers who used vehicles as a means of making a living. When they were injured in a road accident, they needed a big chunk of money to pay for medical bills and vehicle repairs while losing income because they couldn’t work.
When we got to know their lives, we understood that ‘insurance’ was what they need and what they should have to provide a financial safety net for them and their families in unexpected events and to help get their life roll forward.”
Helping customers to understand the importance of insurance through hands-on experience
Once we understood why grassroots people were not buying insurance even when they knew of its benefits, we launched the ‘Free Personal Accident Insurance ’ program to offer free personal accident insurance coverage for motorcycle loan customers in 2015 because this group of customers were at higher risk of road accidents. It was free because we wanted our customers to experience and understand for themselves the benefits of being insured. To date, Ngern Tid Lor has given away more than one million free accident insurance policies to customers. We will continue this program to help customers experience insurance products and understand that insurance can lighten their burden when faced with unexpected events.
The fact that customers continue buying the insurance after using our free samples reassure us that we are on the right track. Many of them even buy for their family members, attesting that grassroots people are starting to see the importance of insurance.
Creating accessibility through a 0% interest cash installment plan
“When customers understood, we then made insurance products more accessible. Many customers might find it difficult to pay tens of thousands of baht in full for a first-class auto insurance because there are always other things in life that require money. In fact, many companies offer monthly installment payment plans to allow you to use your credit cards to pay your insurance premiums, however, our customers do not own credit cards. That is why we came up with Ngern Tid Lor insurance products to allow customers to pay in 0% interest cash installments. As we pay the insurance company first, our cash installment plan provides insurance coverage immediately after the first premium is paid. So, when they have opportunities to choose the best product, more customers are turning to first-class insurance.”
Offering the right products through professional service providers
“In addition to finding the right products that truly meet customer needs, Ngern Tid Lor also pays great attention to choosing insurance companies with the same vision and an efficient back-office system. This ensures that our customers receive the best products and after-sales services.
We also make sure that our branches have uncomplicated work procedures, allowing our employees sufficient time to explain to customers.
Ngern Tid Lor takes the insurance broker license very seriously. We provide training and require more than 4,000 staff at Ngern Tid Lor branches across the country to have insurance broker licenses. Not only does it assure customers that our staff have the knowledge and training needed to provide correct information and services, it also indicates that our staff have sales ethics.
Our after-sales services also make our insurance stand out. We understand that customers do not always remember the company they buy their insurance from or their coverage details because they are not what they use every day. Therefore, having branches across the country differentiates us from other competing broker. When customers remember “Ngern Tid Lor,” they can call our branch staff or Call Center for inquiry and assistance 24/7. Recently, we have launched a Ngern Tid Lor application, allowing customers to easily view their information, find an auto repair shop near them, and buy compulsory insurance in just a few minutes.”
Developing an insurance sales platform to make products more accessible
Ngern Tid Lor has strived to develop insurance products and services that are accessible to grassroots people over the past five years. Today, we have an insurance sales platform that is efficient and easy to use. Most importantly, it allows customers to easily compare insurance premiums and privileges offered by multiple insurance companies on one screen, not only making it easier for customers to make their decisions but also helping insurance agents to sell insurance conveniently, and to respond better to customer needs. This development marks another step towards our goal of making insurance products more accessible for grassroots people and the general public.