Bangkok Insurance PCL

Bangkok Insurance Head Office in Bangkok
Type	Public company
Traded as	SET: BKI
Industry	Insurance
Founded	15 April 1947 (1947-04-15)
Founder	Chai Sophonpanich (President)
Headquarters	Bangkok Insurance BLD., 25, Sathon Tai Road, Bangkok , Thailand
Area served	Thailand
Key people	Dr. Apisit Anantanatarat: Chief Executive Officer (CEO) and President
Revenue	TH฿ 11.99 billion (2014)
Net income	TH฿ 2.3 billion (2014)
Total assets	TH฿ 53.57 billion (2014)
Number of employees	Approximately 10,000 peoples
Website	www.bangkokinsurance.com

The Bangkok Insurance Public Company Limited is a highly reputable insurance company based in Thailand. With over 70 years of experience in offering non-life insurance services, the company has established itself as a leader in the industry. Founded by the visionary Mr. Chin Sophonpanich, Bangkok Insurance Public Company Limited (BKI) has been providing top-notch insurance services since 1947. The company has a registered capital of 1,064.7 million Baht and has been listed on the Stock Exchange of Thailand (SET) since 1978. BKI boasts an extensive network of branches and offices throughout Thailand, making it easily accessible to customers from all regions. The company's management philosophy revolves around efficiency, global outreach, and customer satisfaction, which has earned it a loyal customer base. Bangkok Insurance Public Company Limited is a reliable choice for anyone looking for high-quality non-life insurance services in Thailand.^[1]

History

Bangkok Insurance was founded by Mr. Chin Sophonpanich, Bangkok Insurance Public Company Limited (BKI) has officially engaged in the non-life insurance business since 1947. The company initially registered a capital of Baht 5 million and an office situated on Anuwongse Road, Samphanthawong District. It was granted its first license to conduct non-life insurance business on 1 January 1947.^[2]

Bangkok Insurance Company Limited replaced Asia Insurance Company Limited as the new name in 1964. The Company raised its registered capital and kept growing its company. The Company was listed on the Stock Exchange of Thailand in 1978. It was renamed Bangkok Insurance Public Company Limited when it became a public limited company in 1993. BKI has been in business for more than 70 years with a current registered capital of Baht 1,064.7 million. The Company provides a full range of non-life insurance services based on the management concepts of efficiency, going global, and creating maximum satisfaction for customers. At present, the Company possesses branches and offices throughout every region of Thailand.^[3]

The Board of Directors of Bangkok Insurance Public Company Limited strongly believes that good corporate governance and value are crucial factors in elevating the Company's operational standards and enhancing transparency, reliability, and competitiveness. Beyond that as such, corporate governance policy has been provided to all directors, executives, and employees as a guide for their regular implementation.^[4]

Finances

As of 2022, Bangkok Insurance is Thailand's largest insurance company with 73,556.83 Million baht in assets according to SET. For the fiscal year 2022, Bangkok Insurance reported earnings of 73,556.83 Million Baht, with an annual revenue of 10,076.75 Million Baht, an increase of 13.72% over the previous fiscal cycle.^[5]

The year 2562 (2019) as of 31  Dec 2562: 57,327.08  Million Baht

The year 2563 (2020) as 31  Dec 2563: 59,503.79  Million Baht

The year 2564 (2021) as 31  Dec 2564: 63,499.85  Million Baht

The year 2565 (2022)  as 31  Dec 2565: 71,534.95  Million Baht

The year 2566 (2022 Q2/Second quarter) as 30 June 2566: 73,556.83 Million Baht

Operations

BKI's operations are divided into two main segments: Personal Lines and Commercial Lines.

The Personal Lines segment includes motor insurance, home insurance, travel insurance, and personal accident insurance. This segment is responsible for the majority of BKI's revenue and profits.^[6]

The Commercial Lines segment includes property insurance, marine insurance, and liability insurance. This segment is smaller than the Personal Lines segment, but it is growing rapidly.^[7]

BKI has a network of over 100 branches in Thailand, as well as representative offices in several other countries. It also has a number of subsidiaries and joint ventures, which offer a variety of insurance-related products and services.

BKI is well-positioned to benefit from the continued growth of the Thai insurance market. The company has a strong brand, a wide range of products, and a nationwide distribution network. BKI is also investing heavily in technology to improve its operational efficiency and customer service.

Bangkok Insurance Public Company Limited (BKI) is the largest non-life insurance company in Thailand by market share. It is headquartered in Bangkok and has a network of over 1,000 branches and offices across the country. BKI offers a wide range of insurance products and services, including motor insurance, property insurance, personal accident insurance, and travel insurance.

BKI's insurance operations in Bangkok can be divided into two main categories:

Retail insurance: This includes insurance products and services sold to individuals and families. Retail insurance is the largest segment of BKI's business, accounting for over 70% of total revenue.

Commercial insurance: This includes insurance products and services sold to businesses and organizations. Commercial insurance is a growing segment of BKI's business and now accounts for over 30% of total revenue.

BKI's insurance operations in Bangkok are supported by a team of over 10,000 employees. The company has a strong focus on customer service and innovation. In recent years, BKI has launched several new products and services, such as online insurance and mobile apps.

Here are some of the specific insurance operations that BKI conducts in Bangkok:

• Motor insurance: BKI is the leading motor insurance provider in Thailand. The company offers a wide range of motor insurance products, including comprehensive insurance, third-party liability insurance, and personal accident insurance for drivers.^[8]
• Property insurance: BKI offers a wide range of property insurance products, including home insurance, office insurance, and factory insurance. The company also offers specialized property insurance products for businesses, such as construction insurance and business interruption insurance.^[9]
• Personal accident insurance: BKI offers a variety of personal accident insurance products, including individual accident insurance, family accident insurance, and group accident insurance. These products provide financial protection in the event of accidental death or disablement.^[10]
• Travel insurance: BKI offers a variety of travel insurance products, including single-trip insurance, multi-trip insurance, and annual travel insurance. These products provide financial protection against unexpected events while traveling, such as lost luggage, medical expenses, and trip cancellations.^[11]

BKI is a major contributor to the Thai economy. In 2022, the company generated over 100 billion Thai baht in revenue and employed over 10,000 people. BKI is also a socially responsible company and is involved in some charitable and philanthropic initiatives.

Senior Management

The senior management of Bangkok Insurance Public Company Limited (BKI) is as follows:^[12]

• Dr. Apisit Anantanatarat is the Chief Executive Officer (President of Bangkok Insurance). He has over 30 years of experience in the insurance industry and has held senior positions at a number of leading Thai insurance companies. Dr. Apisit is a graduate of Chulalongkorn University and the University of Pennsylvania.
• Mr. Suphat Yookongbandhu is an Executive Vice President of Bangkok Insurance. He has over 25 years of experience in the insurance industry and has held senior positions at several leading Thai insurance companies.
• Mr. Yookongbandhu is a graduate of Chulalongkorn University.
• Mr. Jakkrit Chewanuntapornchai is an Executive Vice President of Bangkok Insurance. He has over 20 years of experience in the insurance industry and has held senior positions at many leading Thai insurance companies.
• Mr. Chewanuntapornchai is a graduate of Thammasat University.  
• Miss Paveena Juchuan is a Senior Vice President of Bangkok Insurance. She is responsible for the company's life insurance business.
• Miss Juchuan has over 20 years of experience in the insurance industry and has held senior positions at many leading Thai insurance companies. She is a graduate of Chulalongkorn University.  
• Mr. Chawan Sophonpanich is a Senior Vice President of Bangkok Insurance. He is responsible for the company's non-life insurance business.
• Mr. Sophonpanich has over 25 years of experience in the insurance industry and has held senior positions at a number of leading Thai insurance companies. He is a graduate of Thammasat University.  
• Miss Lasa Sophonpanich is a Senior Vice President of Bangkok Insurance. She is responsible for the company's corporate finance and investment functions.
• Miss Sophonpanich has over 20 years of experience in the financial services industry and has held senior positions at several leading Thai financial institutions. She is a graduate of Chulalongkorn University.  
• M.L. Piyachakr Krishnamra is a Senior Vice President of Bangkok Insurance. He is responsible for the company's bancassurance business.
• M.L. Krishnamra has over 20 years of experience in the financial services industry and has held senior positions at some leading Thai financial institutions. He is a graduate of Chulalongkorn University.
• Mr. Yingyot Sangchai is a Senior Vice President of Bangkok Insurance. He is responsible for the company's underwriting and claims functions.
• Mr. Sangchai has over 25 years of experience in the insurance industry and has held senior positions at many leading Thai insurance companies. He is a graduate of Thammasat University.
• Mr. Pan Rodloytuk is a Senior Vice President of Bangkok Insurance. He is responsible for the company's information technology and operations functions.
• Mr. Rodloytuk has over 20 years of experience in the information technology industry and has held senior positions at a number of leading Thai companies. He is a graduate of Chulalongkorn University.
• Mr. Anek Keereesathien is a Senior Vice President of Bangkok Insurance. He is responsible for the company's marketing and sales functions.
• Mr. Keereesathien has over 20 years of experience in the marketing and sales industry and has held senior positions at several leading Thai companies. He is a graduate of Thammasat University.

This team of experienced and qualified professionals is responsible for the day-to-day operations of Bangkok Insurance, one of the leading insurance companies in Thailand. They are committed to providing their customers with the best possible products and services, and to helping them manage their risks effectively.

Award and Recognition

Bangkok Insurance has won numerous awards and accolades for its exceptional performance and contributions to the insurance industry. The following are a few of the company's most notable awards and recognitions^[13]

• Non-Life Insurance Company of the Year (2002, 2003, 2004, 2009, 2010, and 2011): The Office of Insurance Commission (OIC) of Thailand bestows this award on the non-life insurance company with the most outstanding management performance in terms of financial performance, corporate governance, and risk management. Bangkok Insurance has won this award six times, demonstrating the company's strong management team and commitment to best practices.
• Top Corporate Governance Report Awards (2015): This award is given to the insurance companies that have produced the best corporate governance reports by Insurance Awards, a publication of CFI.co magazine. The corporate governance report of Bangkok Insurance was recognized for its transparency, comprehensiveness, and adherence to international best practices.
• Asia Insurance Industry Awards (2016): Asia Insurance Review, a leading insurance industry publication, presents this award to the insurance companies that have made the most significant contributions to the development of the Asian insurance industry. Bangkok Insurance was honored for its innovative products and services, strong financial performance, and dedication to customer satisfaction.
• The European Best Practises Award (2022): The European Society for Quality Research (ESQR) bestows this award on organizations that have demonstrated excellence in their business practices. Bangkok Insurance was honored for its dedication to continuous improvement, emphasis on customer satisfaction, and strong corporate social responsibility initiatives.

Bangkok Insurance has also received recognition for its excellence in a number of other domains, in addition to these awards:

• Financial Strength and Stability: Bangkok Insurance is one of Thailand's most financially stable insurance companies. It has a strong track record of profitability and is consistently rated by leading rating agencies as one of the most financially stable insurance companies in the country.
• Product Innovation: Bangkok Insurance is renowned for providing cutting-edge services and products related to insurance. A group of skilled and informed product developers work tirelessly for the company to develop new products that satisfy the demands of its clientele.
• Customer Service: Bangkok Insurance is dedicated to giving its clients the greatest support available. Customers can get assistance with their insurance needs from the company's team of committed customer service representatives.
• Corporate Social Responsibility: Bangkok Insurance is dedicated to giving back to the community as a conscientious corporate citizen. In addition to its own CSR projects, the company supports numerous nonprofits and social welfare organizations.

Advertisement

Bangkok Insurance has a long history of using advertising, and over time, its campaigns have changed to better meet the requirements and values of their target market. In the past, Bangkok Insurance's commercials frequently highlighted the company's extensive offering of goods and services in addition to its sound financial standing. The business has, however, switched its emphasis in recent years to more sentimental appeals, emphasizing the value of family, security, and mental tranquility.

One of Bangkok Insurance's most memorable past advertising campaigns is the "มั่นใจ...ทุกช่วงชีวิต" (Confident...at every stage of life) campaign, which aired in the early 2000s. The campaign featured a series of vignettes that showed how Bangkok Insurance could help people at every stage of their lives, from childhood to retirement. The advertisements were heartwarming and emotional, and they resonated deeply with Thai viewers.

The "ประกันภัย...เพื่อคนสำคัญที่สุด" campaign, which ran in the middle of the 2000s, is another noteworthy Bangkok Insurance advertisement. The ad emphasized the value of purchasing insurance to safeguard dear ones. The commercials told true-life tales of individuals who had profited from the insurance services and goods provided by Bangkok Insurance. The campaign was successful in bringing attention to the value of insurance and establishing Bangkok Insurance as a reputable insurance company.^[14]

Here are some specific examples of past Bangkok Insurance advertisements

• มั่นใจ...ทุกช่วงชีวิต (Confident...at every stage of life): This campaign featured a series of vignettes that showed how Bangkok Insurance could help people at every stage of their lives, from childhood to retirement.
• ประกันภัย...เพื่อคนสำคัญที่สุด (Insurance...for the most important people): This campaign focused on the importance of protecting loved ones with insurance.
• ประกันภัย...ให้ชีวิตมั่นใจ (Insurance...for a confident life): This campaign featured a series of short films that highlighted the importance of insurance in helping people to achieve their dreams and goals.
• ประกันภัยรถยนต์...ขับขี่ปลอดภัย หายห่วง (Car insurance...drive safely, worry-free): This campaign focused on the importance of car insurance in helping people to protect themselves and their vehicles from financial loss in the event of an accident.
• ประกันภัยสุขภาพ...คุ้มครองครบถ้วน ให้คุณอุ่นใจ (Health insurance...comprehensive coverage, for your peace of mind): This campaign focused on the importance of health insurance in helping people to pay for medical expenses in the event of an illness or injury.

The commercials for Bangkok Insurance have always been imaginative, educational, and captivating. The business knows exactly who its target market is and how to craft messaging that will appeal to them. The company's success can be largely attributed to Bangkok Insurance's advertising initiatives, which have also made Bangkok Insurance one of Thailand's most reputable and trustworthy insurance companies.

References

External links

• Homepage of Bangkok Insurance