Bangkok Insurance transforms into BKI Holdings, aiming for sustainable growth by developing service capabilities and personnel, and strengthening its team with a new generation of executives.

The insurance industry is undergoing a significant transformation. Previously focused on product and price competition, the major challenge now revolves around "sustainability," amidst increasingly complex new risks including natural disasters, pandemics, economic volatility, and the wave of AI technology that is transforming the industry's structure.

The restructuring of Bangkok Insurance Public Company Limited (BKI) to BKI Holdings Public Company Limited (BKIH) Therefore, it's not just about restructuring the organization, but about implementing a long-term strategy to create new growth, diversify risk, and strengthen the business in the long run.

For Bangkok Insurance, success is not just about profit figures or business growth, but about taking the best possible care of all stakeholders in every sector: shareholders, investors, customers, business partners, agents, brokers, financial institutions, and most importantly, employees. The organization believes that employees are the heart of sustainability and the driving force that enables the company to move forward in any situation.

Transform to Holding 
Create a more secure future.

Dr. Abhisit Anantanatharat, Director and Chairman of the Executive Committee of BKI Holdings Public Company Limited (BKIH) and Bangkok Insurance Public Company Limited (BKI) Give a special interview bank finance This reflects BKIH's new concept and direction, encompassing leadership thinking, organizational culture building, risk management, and full preparation for the AI ​​era.

From the initial restructuring plan approved by shareholders on October 6, 2566, a tender offer was made to existing shareholders (ratio: 1 BKI share to 1 BKIH share) from March 25 to June 5, 2567. BKIH shares were listed and began trading on the Stock Exchange of Thailand on June 18, 2567, replacing BKI shares. Bangkok Insurance Public Company Limited now operates as the sole insurance company, making its financial performance directly dependent on its core business.

However, as the world faces increasingly frequent and severe disasters such as tsunamis, major floods, earthquakes, and pandemics like COVID-19, it becomes clear that relying on a single business is no longer sufficient. While insurance is a risk-averse business, some years may be successful, while others are impacted by various disasters. Therefore, in any business, one should not be overly dependent on a single core business.

Therefore, restructuring into BKIH involves expanding the investment framework and creating new, complementary businesses. If one business is affected, several others can step in to support it, ultimately benefiting shareholders and all stakeholders. On the other hand, becoming a holding company provides greater investment flexibility, allowing it to expand investments into businesses or assets with higher potential returns, while managing risk appropriately.

The results are beginning to reflect this clearly in the Q1 2569 financial figures. Bangkok Insurance had a net profit of 1,077 million baht, while BKIH had a net profit of 1,154 million baht, almost 80 million baht higher than its core business. This is due to the additional return on investment, reflecting that the holding company can generate higher returns than if it relied solely on its core business.

Synergy built from expertise.

Dr. Apisit stated that while BKIH now has more investment freedom, the company will not expand haphazardly to cope with the fragile and volatile economic conditions. Investments must be in areas where the company is confident and has expertise. Over the next 1-2 years, BKIH will focus on investing in businesses that build upon and create synergy with Bangkok Insurance, such as online platforms, telemedicine, claims management systems, and exploring the establishment of a new insurance company to expand the retail insurance market specifically through online channels. The goal is to create a new "Blue Ocean" while reducing long-term operating costs.

Another key aspect is developing a Customer Data Platform to conduct in-depth customer behavior analysis. This involves understanding what type of coverage each customer segment needs and what price range suits their economic circumstances. All of this will be integrated with an online platform to increase efficiency, reduce costs, and create stronger profit margins.

"Profit" is the security of the customers.
On the day of a crisis.

Dr. Apisit stated that regarding the generation of "profit" in the insurance business, it must be acknowledged that Bangkok Insurance, as a listed company, must generate returns for shareholders and therefore must also generate profits. These profits must be "sufficient and appropriate," and the insurance business needs to have a strong financial position because no one knows when a major catastrophe might occur.

"For example, a customer takes out fire insurance to cover their entire house, paying a premium of only 1,000 baht per year. But if damage occurs, the company has to pay the customer 3 million baht in compensation. Or, the lessons from COVID-19 clearly show that companies that are not financially strong may not be able to survive."

If a company does not have sufficient and stable accumulated profits, and one day massive damage occurs to the insured's assets, the company may not have enough money to compensate the customers. Therefore, the insurance business needs to have sufficient profits and reserves to cope with unpredictable risks.

The victory of the insurance industry lies in its "service".

Dr. Apisit stated that the insurance business has now reached a point where products are virtually indistinguishable. Because when one company designs new coverage, another can quickly develop a similar product to compete. Therefore, the differentiator is not the insurance policy itself, but the customer experience, particularly the speed of service and claims payment. If all documents are complete and the customer files a claim, payment should be made immediately, not delayed.

Therefore, the company has adopted AI and OCR (Optical Character Recognition) technology to quickly extract information from documents such as ID cards, insurance schedules, accident reports, and claims processing. In addition, users can manage their own data instantly through the company's application, including making payments to repair shops, hospitals, and partners as quickly as possible. Because speed is not just about customer service, but also about building trust.
Building trust with business partners.

Another key element is "flexibility." If an organization doesn't adapt to the rapidly changing global situation, it won't be able to move forward. This concept is clearly reflected in the management of the insurance business portfolio amidst increasingly fierce price competition. While acknowledging that both customer poaching and price cutting occur constantly in the market, the crucial aspect is for organizations to differentiate between "which portfolios to compete in" and "which portfolios to let go of." If the company assesses a portfolio as high-quality with clear risk data, it's ready to use flexible pricing to compete. However, if the competition is deemed too risky, or if accepting business for unsustainable rapid growth is inappropriate, the company is prepared to back down.

"Because some projects don't need to be held onto if they're ultimately deemed unsustainable. This is a growth philosophy that prioritizes portfolio quality over chasing short-term numbers."

"AI Execution" - The Agenda of the Future
Organizations need to keep up.

Dr. Apisit stated that for 2570, the company has designated it as the year of full "AI Execution" and will officially announce the policy by the end of this year. He explained that if organizations cannot implement AI quickly enough, they may fall behind competitors in a short period of time. Therefore, investing in AI is not just a cost, but an "investment in the future," encompassing cost reduction, increased efficiency, and the creation of long-term competitiveness.

"AI is not just a technological tool, but a 'organizational agenda' that all parties must work together on, especially in a time when many organizations are still in the process of..."
"In its experimental phase, the 'AI Execution' concept could become a major turning point for the Thai insurance business in the coming years."

Leaving no one behind is the DNA of Bangkok Insurance.

Dr. Apisit stated that amidst the insurance business world facing economic volatility, natural disasters, pandemics, and fierce competition, Bangkok Insurance has consistently maintained growth and profitability. This has made it one of the leading insurance organizations, recognized for its key strengths in "stability" and "sustainability." This success stems not solely from its products or financial performance, but also from its deeply ingrained "corporate culture," which has become the core DNA of every Bangkok Insurance employee.

This concept, therefore, does not focus solely on short-term profits, but rather on laying the foundation for an organization capable of adapting and growing in every era. A key factor in achieving this is "organizational culture," where everyone is ready to work together, embrace change, and cope with any fluctuations. Bangkok Insurance's personnel are instilled with a flexible mindset, always ready to help each other, no matter how difficult the situation. Everyone can overcome crises together.

The clearest reflection of this was during the COVID-19 crisis between 2563 and 2565, when the company had to handle a massive number of claims—hundreds of thousands of claims. Instead of leaving the burden solely to the claims department, Bangkok Insurance mobilized employees from all divisions, departments, and even support units to help manage claims, ensuring customers received compensation as quickly as possible. As a result, the company was able to pay claims to customers within an average of 11 business days, faster than the 14-day timeframe stipulated by the Office of the Insurance Commission (OIC). This reflects the power of collaboration and teamwork within the organization.

Another interesting point is the perspective on AI and the future of labor. It must be frankly acknowledged that many jobs in the future will inevitably be replaced by AI. However, the company is choosing to prepare its workforce rather than reduce staff, because its policy is clear: it will not cut employees. Furthermore, they have communicated to employees at all levels that they don't need to worry about AI replacing them, but everyone needs to "upskill" and be ready to learn new tasks.

One key mechanism is job rotation, which allows employees diverse experiences and enables them to move to other roles when certain tasks are automated. This concept is not just about retaining employees, but about creating a new generation of workers ready for the AI-driven organization. Even if the company can grow in the future without significantly increasing its workforce as before, because AI will improve efficiency, our people must grow alongside it.

Dr. Apisit stated that even though organizations are increasingly adopting AI, company personnel still have significant opportunities for growth, particularly in neighboring countries where there is still considerable room for business expansion and can serve as future growth hubs for employees. Therefore, the future vision for organizations is not about reducing workforce, but about leveraging technology to enhance capabilities while expanding new opportunities for employees to grow together.

“For Bangkok Insurance, success is not just about profit figures or business growth, but about taking the best care of all stakeholders—shareholders, investors, customers, business partners, agents, brokers, financial institutions, and most importantly, our employees. The organization believes that employees are the heart of sustainability and the driving force that enables the company to move forward in all circumstances.”

Passing the baton to a new generation who must be "more skilled than the previous one."

Dr. Apisit stated that another important mission of BKIH is to pass on the organization to the next generation. The transition from one generation to another is a natural part of business, but the key is that the younger generation must always be more skilled than the older generation. If the younger generation isn't more skilled than the older generation, the business won't grow. He likened developing people to raising children, where the children must be more skilled than their parents, and the grandchildren must be more skilled than the children, for the organization to continue moving forward.

For these two young executives, Lasa Sophonpanich and Pavina Chuchuan, Managing Directors of BKI Holdings Public Company Limited and Bangkok Insurance Public Company Limited respectively, they are highly knowledgeable, capable, visionary, and experienced in management. They are able to work effectively with employees at all levels, across all core business lines.
The support functions represent a seamless collaboration, creating a perfect blend that will drive Bangkok Insurance's continued strong and sustainable growth.

Navigating the economic storms towards tangible sustainability.

“We are not just a provider of insurance policies and claims payments. Bangkok Insurance’s ultimate goal is to be a business partner, ready to stand alongside and grow with our partners and customers every step of the way.” This is our unwavering commitment. Lasa Sophonpanich, Managing Director of BKI Holdings Public Company Limited (BKIH) and Bangkok Insurance Public Company Limited (BKI). From the very first step in taking over the management of Bangkok Insurance's key portfolio, including brokerage, financial institutions, retail clients, reinsurance, as well as investment, regulatory compliance, statistics and data management, and actuarial affairs.

We are not just a provider of insurance policies and claims; Bangkok Insurance's ultimate goal is to be a business partner, ready to support customers every step of the way and grow alongside our partners.

Enhance the Single Customer experience.

The company stated that it has defined its organizational driving strategy through a customer-centric approach, transforming products into "Lifestyle Insurance," and leveraging its strong fundamentals to turn every crisis into an opportunity for sustainable growth.

Starting with the most important principle: customers must receive maximum benefit. Therefore, the company drives its organization with a Customer-Centric Architecture concept. Regardless of the channel through which customers come in, the company always views each customer as a Single Customer. It utilizes Customer Data Platform (CDP) technology to integrate customer data from all touchpoints, including mobile applications, websites, contact centers, agents/brokers, and bancassurance.

This encompasses policy data, claims, interaction history, risk profiles, and behavioral data, allowing for accurate analysis and responsiveness to the needs of individual and organizational customers.

For retail customers, the focus will be on creating personalized experiences, such as recommending suitable insurance plans, simplifying the application process with OCR technology, and facilitating a convenient, fast, and fair claims process through the application. For corporate customers, the focus will be on connecting systems via APIs and partner platforms to access real-time data, conducting risk analysis, and delivering security improvement plans to ensure the efficient and sustainable operation of partner businesses.

In terms of Channel Management, the company prioritizes the interests of its partners, continuously developing platforms such as BKI WEB Partner, which facilitates agents/brokers by providing them with information on insurance products to offer clients, enabling them to submit work and view results more easily. For the financial institution channel, we connect via API to process data and help partners submit large volumes of work quickly, with the goal of developing AI and API Gateway to maximize speed and efficiency.

Decoding Multi-Segment Management Strategies 

Lasa stated that the key is to understand the nature of the business, market conditions, and the factors that influence customers to choose Bangkok Insurance through each channel. For partner channels such as brokers and financial institutions, the focus is on building and maintaining strong relationships (Relationship Management), combined with providing prompt insurance services. Employees must be highly skilled in presenting solutions that address each customer's specific risks and be able to provide professional advice to partners.

Meanwhile, the retail customer channel will focus on a Lifestyle Insurance strategy, developing products and sales strategies that align with evolving consumer behavior and risk profiles. This includes enhancing coverage in existing policies or creating separate, specialized policies to offer affordable and targeted insurance options.

For example, Pet Parents & New Gen Travel: Car insurance that covers dogs and cats traveling in the vehicle, and other insurance policies.
International travel insurance that covers pet boarding costs in case of flight delays, as well as compensation for missing important events such as concerts or amusement parks. Health & Environment insurance that supports telemedicine, and insurance specifically covering illnesses caused by PM 2.5 dust and office syndrome.

This includes the Aging Society & Economic Shift, offering car insurance for seniors that includes coverage for home care services (nursing at home) after an accident to address the needs of those living alone, as well as extending the age for 2 Plus car insurance to a maximum of 25 years and reducing the minimum sum insured to 50,000 baht to accommodate consumers who keep their vehicles for longer amidst slowing purchasing power.

“The key to the success of this strategy is data readiness. Bangkok Insurance's data management system can process various statistics in real-time and multi-dimensional formats, enabling every business unit to respond promptly to partners and customers as a true business partner.”

Leading our team to soar towards our goals.

Lasa stated that the main obstacles stem from uncontrollable external factors, including the economy, politics, and increasingly severe natural disasters. However, she is confident that the company can overcome these challenges and achieve its goals, as it has proven in every crisis, such as COVID-19 or the great floods, because it has a strong fundamental foundation and highly resilient personnel. The key strategic advantages that form the basis of its competitive advantage include:

• • Financial Strength: A strong financial position and high liquidity build maximum confidence with business partners and customers.
  • Brand loyalty is high; customers are highly attached to brands and relatively less sensitive to price. This means there's no need to engage in price wars, but rather the focus can be on coverage that reflects actual risk.
  • Global Reinsurance Partners, a strong network of reinsurance partners, enables the company to undertake a wide range of large-scale specialty insurance projects, such as Trade Credit or Aviation.
  • Powerful Ecosystem: Strong relationships with strategic partners like Bangkok Bank provide the company with a stable customer base.
  • Tech & People Investment: Investing in technology to reduce costs and increase efficiency, coupled with caring for employee well-being both physically and mentally. This includes benefits such as mental health counseling through the OOCA application for online mental health consultations and programs to prevent office syndrome.
    To ensure employees are ready to deliver the best possible service to customers.

"Because the challenge today is not just about selling insurance, but about managing risk and collaborating with partners as trusted advisors to grow together sustainably."

Driving Bangkok Insurance forward with empathy and understanding.

สำหรับ "Paveena Chuchuan," Chief Executive Officer of BKI Holdings Public Company Limited (BKIH) and Bangkok Insurance Public Company Limited (BKI). Bangkok Insurance's multifaceted mission encompasses corporate client business, branches, agents and brokers, international joint ventures, product development, corporate risk management, and ESG consulting—all interconnected from upstream to downstream.

Paweena stated that the company's top priority is collaboration across all departments, believing that today's strong growth is not driven by a single dimension, but rather that everything must be interconnected. This includes sales channels, product development, claims services, and enterprise risk management. All departments must move in the same direction to ensure customers receive comprehensive coverage, excellent service, and long-term confidence.

"For us, providing excellent customer service starts from day one: listening to market needs, designing products based on those needs, supporting sales channels, and providing after-sales service. This ensures that every customer touchpoint maintains high standards and truly meets their requirements."

Another area we strongly emphasize is the development of our claims service. Because on the day customers suffer damage, that's when insurance companies must clearly demonstrate the value of their service. Therefore, we prioritize speed, fairness, and clear communication to assure customers that we are ready to stand by them when unexpected events occur.

Furthermore, in the dimension of enterprise risk management, the company has clearly defined key risk indicators (KRIs) to provide the organization with an early warning system and allow for proactive management before problems arise. This helps create a sustainable balance between business growth, customer care, and organizational stability.

With its strong organizational foundation, adaptable team, and focus on seeking new opportunities amidst change, Bangkok Insurance is confident that it will overcome these challenges and achieve its goals sustainably.

Paveena stated that the management strategy focuses on understanding the differences within each business unit, as customers and partners in each group have unique contexts and needs. Therefore, the company doesn't adopt a one-size-fits-all approach, but rather designs strategies tailored to each dimension, ensuring all aspects remain interconnected and move in the same direction.

For the retail customer segment, the company focuses on designing products that cater to customers' lifestyles, making coverage easily accessible, practical, and appropriately offered across all channels. For the corporate customer segment, the emphasis is on acting as a solution provider, thoroughly understanding clients' business risks and designing suitable coverage. This is achieved through a professional, efficient, and personalized approach, ensuring clients receive high-quality advice and service. Finally, for partners, agents, and brokers, the company supports them in working and growing effectively with the company.

In terms of environmental, social, and governance (ESG) development, the company will develop products that support the micro-insurance concept for groups that lack access to insurance, and expand insurance coverage for alternative energy businesses.

At the same time, the company will use data to manage risk in a disciplined manner, including determining premium rates, selecting segments, and monitoring loss rates, so that the company can grow confidently while maintaining portfolio quality and long-term stability.

Pavina stated that under volatile economic conditions, challenges are multifaceted, including slowing purchasing power, rising costs, and uncertainty in the business environment. However, for Bangkok Insurance, these challenges are not something to wait for to occur before addressing, but rather require a comprehensive assessment of the situation and close monitoring of risks at all times.

The company prioritizes disciplined risk management, utilizing both data and situational assessments to inform decision-making, enabling timely plan adjustments and maintaining a balance between growth and organizational stability. Simultaneously, a resilient mindset is shared within the organization, because in a rapidly changing environment, everyone must be ready to adapt, learn, and move forward with confidence.

"The key to coping with volatility is that every employee in the organization knows the goal and is focused on the same goal. Because when the direction is clear, decisions become clear, and when everyone works together, challenges become a driving force for the organization's progress."

Paveena stated that the current challenges inevitably include the economic and political situation, as well as the risks from a rapidly changing environment, which puts customers at greater uncertainty. However, from the company's perspective, the faster the situation changes, the further the role of insurance companies must evolve.
Rather than simply bearing the risk, companies must be solution providers who understand their customers' perspectives, putting themselves in their shoes. They should look at the insured's point of view, understand what they are facing, and determine how to help them continue their businesses with confidence. Insurance should not be a burden, but a tool to manage uncertainty and move forward steadily.

Therefore, Bangkok Insurance operates under the concept of a Fast and Flexible Mindset, adapting quickly, making timely decisions, and working flexibly. Data is used to help make more accurate decisions and identify risks more rapidly, while maintaining strong financial stability and liquidity. This allows the company to stand by its customers reliably when they need assistance.

Crucially, the company focuses on its employees, providing them with continuous training and development in professional skills, service, and well-being, ensuring their physical and mental well-being. People are the ones who translate this philosophy into service. Simultaneously, the company has integrated technology and AI to enhance work efficiency—not through reducing staff, but by speeding up processes and allowing employees to focus on tasks that create greater value for customers.

“With a strong organizational foundation, an adaptable team, and a focus on seeking new opportunities amidst change, we are confident that Bangkok Insurance will be able to overcome these challenges and achieve its goals sustainably.”