3. “Orange Garages with Professional Repair Standards” Orange garages are affiliated car repair service providers whose service quality meets the standards imposed by TNI. Putting in place the Orange Garages was the offshoot of the concept of focusing primarily on customer satisfaction in quality car repairs. Repair shops are carefully selected and subject to strict testing and assessment of their quality, ensuring that they meet the established standards. The “Orange Garages” serve as a guarantee of high quality services. Customers using the services of these garages receive special treatment as their cars are repaired right away without having to wait in queue. The repaired car is offered a one-year service guarantee. For customers who want to use the “Meet and Care” services together with the services of the Orange Garages, TNI’s supporting teams provide them with convenience at every pickup and drop off point. Their cars are repaired right away and they can rest assured of the repair service quality. Emphasis is placed primarily on the convenience which customers should receive. In this connection, TNI is confident that the service potentials integrated with its expertise and technological tools used for linking customer experience to the use of digital services through the above 3 types of fully integrated services are not only satisfactorily answer customer needs during the prevailing COVID-19 situation but also elevate the customer experience to a higher level. As a result, TNI finally achieved the established target growth of 8,334 million baht in 2021 in terms of total premiums received. Thanachart Insurance’s Competitive Strategy The year 2022 is another one in which businesses will continue to be faced with challenges as Thailand still grapples with COVID-19 pandemic and its economic recovery is gradual. Based on the Thai General Insurance Association’s forecasts, the non-life insurance industry will grow by 1.5-2.5 percent with total premiums received amounting to 267,100-269,800 million baht which grows at a reduction rate from the growth rate in 2021 of 4.2 percent. This is due to the absence of COVID-19 policies of around 6.2 billion baht that is no longer available and does not accept the renewal of the policy from the risk limitation of each insurance company. TNI has set a target growth rate of 10 billion baht in terms of total premiums received, representing a growth rate of 22 percent when compared with the year 2021. TNI have a credit rating of AA-(stable) assigned by TRIS Rating Company Limited, thanks to its stable financial position and strong financial liquidity. TNI is at the top in the non-life insurance industry in terms of financial strength, with its Capital Adequacy Ratio (CAR) amounting to 1,318 percent as at the end of December 2021, which is well above the standard level imposed by the OIC. Thanks to its strong financial capital, TNI is well prepared for achieving the target growth established for 2022. In this connection, it has adopted the following five main proactive strategies: 1. Increasing Business Distribution Channels TNI forms business alliance with a number of partners, aiming at creating new opportunities and growing business from a different perspective. It increases the number of distribution channels through brokers, enabling customers to access TNI’s products more conveniently. In this connection, its products are made available for sale through the digital platforms of its trading partners. The purpose is to expand business and attract new customer groups. 2. Development of Insurance Products In developing insurance products, TNI ensures that they will match the lifestyle of its customers. It offers a wide range of products and new alternatives which are different, aiming at fulfilling all the changing needs at the prices most appropriate to each customer group, using a customer segmentation approach. The products include, among others, Auto Insurance Thanachart 2+ Fit, accident and health insurance products for family customer groups under one single insurance policy, and 36
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