Bangkok Life Assurance unveils 5-year plan to double growth its agent channel.

Bangkok Life Insurance has adopted a strategy of building people before focusing on sales, aiming for double growth in 5 years. This follows a 40% surge in new agents in the first two years. By 2026, the theme is "Scale Up Team," accelerating the development of managers and elevating agents from salespeople to "life care partners." The company targets 20% growth in both premiums and the number of agents.

Mr. Chakrapong Saengkaew, Assistant Senior Vice President, Agency and Financial Advisory Division, Bangkok Life Assurance Public Company Limited. BLA (Biohealth Insurance Corporation) revealed its agency channel strategy, stating that by 2569, the company aims for a 20% growth in both premiums and the number of agents, amidst economic challenges and market competition in the health insurance industry. The company is also preparing to promote longevity products, particularly critical illness riders that provide monthly pension benefits, covering brain diseases such as Alzheimer's and Parkinson's, designed to align with long-term spending patterns.

Back in 2567, when I was assigned to be responsible for the agency channel, the first thing was to set clear long-term goals. Then, I planned the annual operations to determine what needed to be done to achieve the 2X target. In the first year, the focus was on building awareness and attracting like-minded individuals to join the team, driving growth in the agency channel. This is reflected in the results, which show changes in many areas, including premiums, new agents, active agents, and managers who met their performance targets.

The second year focused on accelerating the development of new agents, seen as a crucial piece of the puzzle for long-term growth. Throughout 2567–2568, BLA's new agents grew continuously by approximately 40%, from over 2,000 per year to over 3,000 per year. Compared to the industry, the number of new agents obtaining codes moved up to approximately 6th place from its previous 8th place, reflecting a tangible improvement in recruitment efficiency.

In terms of performance in 2568, the agency channel is expected to grow in both "personnel" and "premiums," with total production growing by approximately 9%. While the industry grew by approximately 5% from January to November, new agents grew by about 20%, while the industry contracted by around 10%. Meanwhile, first-year premiums (FYP) for ordinary insurance policies through the agency channel are projected to increase by 9% in 2568, reaching approximately 1,800 billion baht. Currently, BLA has approximately 12,000 agents in total, with 60% being active agents, around 1,500 being financial advisors or IC licensed agents, and 1,200 managers.

The SML formula: From campaign to reality.

Mr. Chakraphong stated that one of the key mechanisms contributing to the improvement in several areas is the SML approach to work, which includes:

• • S – Strategic Campaign Use the theme of competition and qualifications as a driving force; follow the policy to gain both income and prestige.
  • M – Modernization Enhance your tools, applications, and dashboards, especially manager tools, to track career paths and team status in real time.
  • L – Localization Increase engagement in provincial areas through recruitment activities, training, and policy communication by senior management.

Furthermore, in 2569, once the base of new agents becomes strong, it will be a point of upgrading from quantity to quality with the theme of Scale Up Team – Building Teams, Creating Managers. The company will promote high-potential agents to managerial roles, with specialized training and team management tools to ensure that team building is a tangible success, not just a campaign on paper.

From seller to life partner.

Mr. Chakrapong stated that another core element is the Life Care Partner concept, which aims to elevate the image of insurance agents from simply selling insurance to becoming partners in caring for quality of life. This is achieved through three key messages: caring for all aspects of quality of life, caring for every stage of life, and caring for life. This concept focuses on building long-term trust, reducing the problem of "orphaned customers," and shifting the perception from being pressured into buying something to receiving personalized advice. It also aims to propel agents towards MDRT qualification. For the new agent campaign, a "2 Years, 1 Million Baht" project has been designed to increase their chances of success.

In 2569, the company aims for a 20% growth in its agency channel, both in premiums and the number of agents, amidst economic challenges and market competition in the health insurance industry. On the product side, it plans to promote Longevity products, particularly critical illness riders that provide monthly pension benefits, covering brain diseases such as Alzheimer's and Parkinson's, designed to align with long-term spending patterns.

“Overall, BLA's five-year plan doesn't focus solely on sales figures, but on building a strong human base first. Once the people are ready, the team is strong, and the tools are in place, the goal of doubling sales in five years is not just a number on paper, but a plan with a clear rhythm and direction.”

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