"Shield Insurance" or "Prakan Tidloh" (formerly known as "Prakan Tidlor"), the insurance brokerage business of Ngern Tid Lor Public Company Limited (TIDLOR), has been a game-changer in the insurance brokerage industry since its official launch in 2016. Under the leadership of a talented female executive, "Ple" Athitaya Phoonwathu, Chief Insurance Officer at Ngern Tidlor, the company aims to enhance accessibility to comprehensive insurance coverage, including vehicles, personal, and home insurance, through partnerships with over 15 leading insurance companies.
A notable innovation by "Shield Insurance" is the 0% interest installment plan for insurance premiums for up to 10 months, positioning it as a pioneer in the industry. The company's mission also extends to raising industry standards to better support the public during unexpected events.
Shield Insurance’s Industry Breakthrough
For those who have followed the evolution of the "Shield Insurance" brand, it is evident that the team has moved beyond the traditional boundaries of insurance brokerage. Operating with a startup mindset, the company uses technology as the foundation for building its insurance brokerage business. This strategic move was not easy in such a highly competitive market. They began by deeply diving into customer insights, which led to the development of tailored products and services that truly respond to customers’ needs.
As a result, Shield Insurance has consistently set new benchmarks in the industry, breaking away from conventional limitations. Athitaya also mentioned that everyone should keep an eye out for what's ahead, as Shield Insurance is in the process of launching a new service that will set a new benchmark for the insurance brokerage industry, positioning the company for substantial growth in the coming years.
Decoding TIDLOR's Path to Market Leadership
Starting as a local vehicle title loan business in Phetchabun province, Ngern Tid Lor Public Company Limited has evolved into a leading car title loan provider, currently holding an outstanding loan balance (NEA) of over 100 billion baht. Another key business is insurance brokerage, with more than 1.2 million active policies. The company continues to grow, with a 22.9% increase in non-life insurance premiums by the end of Q1 2024 compared to the previous year. Growth is driven by offline channels through over 1,700 branches nationwide and by leveraging a technology platform for online insurance sales, Aggregator, and digital insurance brokerage platforms, heygoody.
Rebranding to Redefine Insurance Brokerage Standards
Earlier this year, TIDLOR transitioned from "TIDLOR Insurance Brokerage" to "Shield Insurance" to more accurately represent its identity as an insurance brokerage. Athitaya highlighted that this rebranding was essential to clarify the company’s expanded role beyond just car insurance, which was commonly associated with the word "Lor" (wheel).
The new name, "Shield Insurance," signifies a wider range of insurance products, including auto, personal, and home insurance, and reinforces the company’s position as a leading face-to-face insurance brokerage with over 5,000 licensed experts across 1,700 branches nationwide. As “Loh” means shield as well as award plaques, the brand symbolizes strength, protection, and quality, akin to a shield that safeguards customers and represents excellence in service.
This rebranding reflects "Shield Insurance’s" dedication to safeguarding customers' rights, supporting them, and addressing their concerns as if they were its own. The company is committed to providing outstanding service from consultation and sales to after-sales support, as encapsulated in its slogan, "Service with Heart, From Sales to Claims."
Elevating Customer-Centric Insurance Services
Athitaya also shared that one of the key aspects they focused on was closely examining insurance users' insights through research. This helped them uncover the concerns and discomforts that customers often experience when purchasing insurance from typical brokers.
The research revealed that many customers who buy insurance from traditional brokers feel neglected, receive poor after-sales service, or are left to handle claims on their own in case of an accident. This understanding prompted them to enhance and elevate their services for their customers.
Customer Service Readiness
The "Shield Insurance" Call Center 1501 operates 24/7, providing exceptional customer service. The center is fully equipped to assist customers with accident claims, offering emergency support and guidance during roadside incidents. Customers can track their claim status through SMS notifications, which provide updates on both the claim process and repair status.
Additionally, the Call Center offers expert consultation on claim services, insurance purchases, policy modifications, and inquiries about policy details. It also provides information on nearby authorized repair centers and garages affiliated with different insurance companies, ensuring customers have easy access to relevant repair services.
Customer Feedback on Shield Insurance and Other Survey Results
The feedback from customers who have purchased insurance from Shield Insurance, along with other survey results, provides valuable insights into the company’s impact and market presence.
Customer Feedback and Insights
- 3 in 5 customers purchased voluntary motor insurance for the first time with Shield Insurance
- Out of the clients who purchase insurance via 0% installment option
- 1 in 5 would have downgraded their insurance policy without this option;
- 1 in 10 would not have purchased insurance at all;
- 1 in 10 were able to upgrade their coverage due to our installment option; and
- 4 in 5 do not have a credit card.
Other Customer Survey Results.
- 7 in 10 only have one vehicle and would not have alternative forms of transportation in the event of an accident.
- 4 in 5 need their vehicles for regular use (3–4 days per week).
- If they did not have auto insurance and got into an accident, half of the customers would not have any savings to repair their damaged vehicles.
- 98% believe Shield Insurance’s sales process is transparent and fair.
Athitaya said, “We believe that Shield Insurance will set a higher standard for service and hopes to redefine the role of insurance brokers, aiming to elevate the standards of the insurance brokerage industry in Thailand.”
Elevating Insurance Brokerage with InsurTech Innovation
Athitaya continued, “The insurance brokerage business of TIDLOR is not only distinguished by its high service standards but also by its adoption of InsurTech platforms. These technologies enhance the range and quality of services offered and form a crucial foundation for strengthening the company's overall insurance brokerage operations.”
InsurTech Platforms and Technologies:
- heygoody: a digital insurance brokerage platform designed for individual insurance customers who wish to compare and purchase insurance independently online.
- Areegator: an online insurance sales platform technology that supports brokers or members by providing access to sales management systems, loan recommendations, and professional management of their own sales.
- NTL Mobile App: an application that allows customers to check policy details, coverage, payment schedules, and renew their car insurance independently.
- Insurance Tablet: a tool that supports branch employees by providing accurate, swift, and suitable insurance coverage information tailored to customer needs.
The journey of the insurance brokerage business of TIDLOR reflects a commitment to leveraging technology to increase public access to insurance with higher standards. These insurance technologies, developed over more than 10 years, continue to evolve and strengthen the company's operations both now and in the future.
Restructuring as a Holding Company to Lead in InsurTech
In May 2024, TIDLOR announced plans to restructure its ownership and management by establishing TIDLOR Holdings Public Company Limited. The aim is to enhance business agility in both lending and insurance brokerage, improve competitive capabilities, and expand into related businesses. This restructuring will also facilitate potential business partnerships through mergers or joint ventures, strengthening the group's overall business and improving risk management for its diverse business operations.
Under the new structure, the company plans to establish a new subsidiary within the TIDLOR Holdings group to increase strategic and operational flexibility for InsurTech. This restructuring is designed to support long-term growth.
On June 11, 2024, the proposal was presented to an e-EGM, where shareholders approved the restructuring plan. The company will proceed with the holding company structure and the establishment of new entities to drive growth and deliver sustainable returns to shareholders.
Shareholders of TIDLOR are advised to stay updated on news at www.tidlorinvestor.com for information on the Tender Offer or TIDLOR share exchange process.
Athitaya: The Visionary Leader Behind TIDLOR’s Success
Athitaya Phoonwathu, Chief Insurance Officer at TIDLOR, is a skilled leader who has embraced new challenges and risen to become the top executive in the company’s insurance brokerage business. Her strategic vision and expertise in human resource management have been instrumental in shaping the company’s success.
The name 'Ngern Tidlor' is well-known as a leader in the car title loan industry, but it is also notable for its important insurance brokerage business under the brand “Shield Insurance” (formerly 'Prakan Tidlor'). This sector has seen continuous growth, with an average annual growth rate of 47.3% over the past 6 years—significantly higher than the average 4.5% growth rate in the non-life insurance market. This impressive growth, more than 10 times higher than the overall market, is largely attributed to the efforts of Athitaya, the dynamic leader behind the success of TIDLOR’s insurance brokerage business.
The Journey of Athitaya Before Joining Ngern Tid Lor Public Company Limited
Athitaya has a strong background in strategy and human resource management, having led HR departments at both Thai and international organizations. She joined TIDLOR in 2013 as the Head of the HR Department. In this role, she was crucial in developing the company's core values and integrating them into the TIDLOR culture, which now drives the company's internal strength and rapid growth.
In 2016, recognizing the unmet insurance needs of customers who rely on their vehicles for work but cannot afford full premiums upfront or lack credit cards for installment payments, TIDLOR decided to expand into insurance brokerage. At that time, Athitaya, as the Head of HR, saw this as an opportunity to help customers access insurance and volunteered to lead a new team to establish the brokerage business. Leveraging her experience in managing HR and branch teams, she aimed to use this expertise to build a successful brokerage operation.
Athitaya explained her approach, "After acquiring both theoretical knowledge and practical experience from our insurance partners, we went a step further by evaluating what additional teams we needed. For example, we established an approval team for insurance claims at the branches and an insurance coaching team to train branch staff in insurance sales and enhance their knowledge in this area.
Given that our staff had a background in the more complex field of credit, transitioning to insurance sales was relatively straightforward for them.". Within a few years, Athitaya transformed TIDLOR's insurance brokerage into Thailand's No. 1 provider of face-to-face insurance consultation and sales. The brokerage's customer transactions are now three times higher than loan applications, and 87% of insurance customers specifically seek out Shield Insurance for their needs. This success was reflected in 2023, with total non-life insurance premiums reaching 8,743 billion baht.
Awards Winning from Leading National and International Competitions
In terms of recognition, we have received awards certifying our standards and InsurTech technology from prominent competitions both domestically and internationally. This serves as strong evidence of Athitaya Phoonwathu's leadership in the insurance brokerage business. The success in developing a robust insurance brokerage business has led the company to plan a restructuring into 'TIDLOR Holdings,' aiming to leverage strengths in InsurTech technologies such as Aggregator, an online insurance sales platform, and heygoody, a digital insurance brokerage platform, to further enhance and grow the company's overall insurance brokerage operations.
The Bottom Line
Athitaya has revolutionized insurance brokerage at Ngern Tid Lor Public Company Limited (TIDLOR), transforming it from a niche car title loan provider into a dominant force in the industry. By embracing cutting-edge InsurTech and prioritizing customer needs, she has driven remarkable growth and established new industry standards. Her visionary leadership not only showcases her ability to innovate but also sets the stage for the company’s future success, reinforcing its position as a pioneer in transforming the insurance brokerage industry.
Source: Business Plus