Honorary Award for Best Company of the Year 2568, Insurance and Life Insurance Business Category, Bangkok Insurance Public Company Limited
This award is a source of pride for us. It is not easy to obtain, but the result of the hard work and dedication of everyone. Being selected means that our results and performance meet our rigorous standards. This is a true reflection of success.
In 2566, Bangkok Insurance Public Company Limited (BKI) underwent a major restructuring by establishing a holding company under the name BKI Holdings Public Company Limited (BKIH). The aim was to increase flexibility in expanding investments into other potential businesses outside of insurance, which would help diversify risks and further generate sustainable returns for shareholders in the long term. BKIH was listed on the Stock Exchange of Thailand on June 18, 2567, with BKI shares delisted on the same day.
This restructuring results in BKIH becoming the parent company of BKI, which still operates as a core non-life insurance business. Currently, BKIH has not expanded its investment into other companies due to the unfavorable economic situation. Due to BKI's outstanding performance, its parent company, BKIH, received the prestigious award for Best Company of the Year 2568 – Insurance and Life Insurance Business Category.
Open the vision for quality growth
A winning formula for sustainable growth
Dr. Abhisit Anantanatharat, Director and Chairman of the Executive Committee of BKI Holdings Public Company Limited (BKIH) and Director and Chairman of the Executive Committee of Bangkok Insurance Public Company Limited (BKI). Regarding the Money & Banking Awards 2025 Company of the Year award, he said, "This award is a source of pride for us. It wasn't easy to win, but the result of everyone's hard work. Being selected means that our performance and results meet our stringent standards. This is a true testament to success."
The key to Bangkok Insurance's success and distinctiveness lies in its management philosophy, which avoids pursuing price competition to expand its market. In the insurance business, growth isn't always about the better. As evidenced by many companies in the past, they experienced rapid growth in the short term and then collapsed. This is because insurance isn't about selling products that immediately generate profits, but about taking on risk over the next 12 months. Therefore, the company's management approach must always focus on quality and balanced growth.
Dr. Abhisit stated that a concrete goal is to manage the combined ratio, which represents the total cost of insurance, at an appropriate level. For example, managing the combined ratio to no more than 90-92% means that the company must maintain approximately 8% of its underwriting profit, regardless of the premium amount. For example, if a premium of 100 baht is received, the company must manage to maintain 8 baht of profit. This is a balance that must be planned and maintained at all times.
Raise the flag of service quality
Above the price war
Dr. Abhisit stated that amid intense competition, Bangkok Insurance has chosen not to engage in price wars, particularly in the auto insurance market. Instead, it has adopted a strategy of building trust through excellent service quality, from the underwriting process to the quality of the repair shops in the contracts that customers will receive in the event of an accident.
“We always tell our customers not to base their insurance premiums on the quality they receive in the event of an accident. We build trust and ensure customer satisfaction. Our company prioritizes this, starting with selecting contracted repair shops that meet quality standards and monitoring repair standards through customer satisfaction surveys. This has resulted in a 94.53% customer satisfaction rating.
The company also oversees the standards of its contracted repair shops, with a team of engineers providing inspections and risk assessments. The company also provides knowledge and recommendations on environmentally sustainable business practices, as well as promoting fire prevention awareness.
This strategy has proven results in tangible figures, with car policy renewal rates reaching 80%, compared to the industry average of 60-70%. The company's performance in 2567 saw direct premiums grow by 6.4%, compared to the overall industry growth of only 0.6%. Behind this excellent service lies a strong and quality-of-life workforce.
The company places great importance on taking care of its employees, such as through a provident fund where employees can choose their investment plan according to their suitability. The company also contributes up to 15% of employees' provident funds to ensure long-term employee security. This results in the company having an employee turnover rate of only 3%, which is among the lowest in the industry.
Powering your organization with AI
product innovation
Regarding future plans, Dr. Abhisit stated that 2568-2569 will be the time for a full-fledged digital transformation. The company will introduce Artificial Intelligence (AI) and Robotic Process Automation (RPA) to enhance work efficiency. This is not intended to replace people, but to free up employees' time for more value-added work, such as meeting customers and deepening customer engagement. Furthermore, the company has allowed employees to present AI projects from their own work areas, ensuring practical application and simultaneous organizational development.
In addition to enhancing internal operations, the company is also focusing on developing innovative products to meet new lifestyles, such as 2+ car insurance, which offers more comprehensive coverage, accessible microinsurance plans, and travel insurance that adds pet coverage.
By 2568, the company has set a growth target of 8%, which is admittedly an extremely challenging target amid a fragile economy and sluggish purchasing power. However, despite the lack of fish in the pond, BKI is confident that the trust our partners and customers have in us will enable the company to continue its growth.
Dr. Abhisit emphasized BKIH's role as a holding company, saying, "BKIH's primary source of income comes from dividends from Bangkok Insurance (BKI). Therefore, BKI's key mission is to maintain stable and sustainable performance to ensure consistent returns for all BKIH shareholders, as promised. This reflects BKIH's image as a leading non-life insurance company committed to creating a balance of success for all stakeholders."
