In recent years, ESG, UNSDGs, BCG, Sustainability, and Impact have been the topics, abbreviations, and frequently discussed terms. Phrases like 'sustainability' and 'social and environmental impact' are considered important across all industries and are deemed essential in investment reports. This has led businesses to seek ways in which their operations create positive impacts on society and the world.
Similar to 'Ngern Tidlor', even with a clear purpose and intent, and a commitment to fulfill the organization's vision and mission, the essence of 'Ngern Tidlor' is encapsulated by the statement:
“At Ngern Tid Lor, in everything we do, we strive to empower people and enrich lives. We believe that access to fair, transparent, and responsible financial services is everyone's right. We deliver financial betterment by offering relevant products and services that are simple to understand, convenient, and fast through our committed employees.”
Ngern Tidlor’s WHY was crafted by employees in 2016.
However, it remains a challenge for Ngern Tidlor to measure the positive impacts generated through addressing issues related to customers' access to financial services and assisting customers in accessing insurance. Ngern Tidlor believes this helps create opportunities for customers to improve their quality of life, which ultimately reflects on the broader picture of societal and overall economic development of the country.
Customer feedback: Ngern Tidlor's Valuable Proof
In 2023, Ngern Tidlor collaborated with the Center for Impact Investing and Practices, a non-profit organization established by Temasek Trust. This collaboration inspired Ngern Tidlor to design and conduct surveys to demonstrate the positive impacts of its business on society. Ngern Tidlor is dedicated to establishing standards for credit businesses and insurance brokers through the development of systems and innovations in products and services. This dedication aims to help customers avoid becoming trapped in the debt cycle. Ngern Tidlor provides opportunities to access financial institutions with lower interest rates, as well as helping customers become more financially secure through continuous financial education programs and campaigns. This is part of the information from Ngern Tidlor's measurement tools in the lending and insurance businesses.
Positive Impacts in the Lending Business
From surveys of customers in Ngern Tidlor's credit portfolio, it was found that:
- 17 out of 20 feel that Ngern Tidlor has helped improve their quality of life.
- Over half of the self-employed business owners feel that the loan by Ngern Tidlor helped them grow their businesses and increase their income.
- 1 in 2 do not have any financial goals.
- and among those who do, 3 in 4 agree with the statement, “Ngern Tidlor has helped me with my financial goals.”
- 1 in 5 were rejected by loans from banks before coming to Ngern Tidlor.
- 13 in 20 worry less about not having access to funds.
- 4 in 5 feel that their loan repayment terms are not a burden, 1 in 5 feel some burden, and none of them believes the monthly installment represents a heavy burden.
Apart from numerical statistical indicators, the most compelling indicator of the positive impact that occurs is the heartfelt voices of customers who narrate the changes in their lives from having the opportunity to receive a loan from Ngern Tidlor.
“I came to Ngern Tidlor because I was financially stuck. The banks were demanding too many documents like employment contracts and income statements, along with various other conditions. So, I chose Ngern Tidlor, and it was a great decision. The money came through very quickly, and the interest rates were reasonable. As a customer for the past six years, I’ve been able to buy a car, a house, and even land. I have everything I have today because Ngern Tidlor has been a reliable friend who helped me out when times were hard and supported me in moving forward.”
Taweep Paorausmee, Construction Contractor.
“Our family's budget was tight, barely making ends meet with monthly expenses for water, electricity, mortgage, and car installments. However, when my son's diabetes worsened and he urgently needed surgery to prevent blindness, we found ourselves in a dire situation. That's when we turned to Ngern Tidlor for help. They provided the necessary funds for our son's surgery and helped us manage our financial challenges during this critical period without having to borrow from informal lenders.”
Thongyou Thubtam, Freelancer.
While surveying the impacts of reporting credit history to the National Credit Bureau (NCB), coupled with providing knowledge and correcting misunderstandings about credit bureaus through Ngern Tidlor's "Repair Bad Credit, Build Good Credit" campaign, it was found that:
- Over the last year, we helped at least 34,657 borrowers with previously bad credit histories improve their credit scores.
- Over the past year, we helped at least 78,359 borrowers who previously had no or thin credit file histories establish a good credit history with the NCB.
- 3 in 5 borrowers who came to us with bad credit histories managed to improve their credit scores.
- 3 in 4 borrowers who came to us with nonexistent or thin credit files are building good profiles.
- 4 in 5 customers who had good credit profiles at the time of borrowing maintained their standing through their relationship with us.
Positive Impact in The Insurance Brokerage Business
‘Shield Insurance’ is another business of Ngern Tid Lor Public Company Limited driven by the intention to help customers and society access the benefits of insurance and have widespread insurance coverage. This has led to an understanding of the problems customers face when buying insurance.
In an effort to solve these problems, "Shield Insurance" became a leader in setting new standards in the insurance brokerage industry. This includes being the first to offer customers a 0% cash installment plan, allowing customers without credit cards to access insurance more easily. Additionally, Shield Insurance is the industry leader in providing "from sale to claim" services in the form of "service brokerage" to provide peace of mind and protect the rights that customers deserve.
And, these are the results that show how "Shield Insurance" helps people in society have better access to insurance and benefit from improved protection, as found through surveys:
- 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
- 7 in 10 only have one vehicle and would not have alternative forms of transportation in the event of an accident.
- 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.
Additionally, there are testimonials from ‘Shield Insurance’ customers emphasizing the positive impacts resulting from having insurance through the opportunities provided by Shield Insurance.
“I've been a client of Shield Insurance for four years. The first time I needed assistance was when a rock damaged my car. I immediately contacted Shield Insurance, and they instructed me to take my car to a garage for repairs. Their staff handled everything, allowing me to simply pick up my car once repairs were completed. I felt completely relieved and well-supported.”
Sahnguansak Leksahwat, Business Owner
“Shield Insurance inquired about my driving habits and vehicle usage before recommending the most suitable and cost-effective insurance options for me. Their support was incredibly helpful, and the process was seamless without any delays. I am truly impressed; the value I've received far exceeds the premiums I've paid.”
Sakesith Laoosri, Office Worker at Post Office
“Accidents are unpredictable, and having insurance provides peace of mind. I chose Shield Insurance for their flexible premium payment options, which allow for installments. This flexibility means I don’t need to save up for a lump sum. The payment process is straightforward—I can pay anytime, anywhere. Furthermore, they handle the claims process efficiently, ensuring that I don’t have to deal with any hassles.”
Prakong Ngamwilai, Appliance Repair Technician
All the positive impacts we've seen are a testament to the dedication and commitment of NTLers who share a common goal: to elevate the quality of life for our customers and create a better society. These achievements also reflect Ngern Tidlor’s commitment to sustainability, proving that our goals are well within reach of reality.’