Insurer forecasts sales target increase in 2015
Insurer forecasts sales target increase in 2015
Insurer Allianz General Laos (AGL) will increase its sales target to 240 billion kip (about US$29.5 million) this year, an increase of around 7-8 percent from 2014.
The target was declared yesterday at AGL's annual meeting in Vientiane.
The meeting was attended by AGL Chief Executive Officer Mr Guy Apovy and AGL Deputy Chief Executive Officer Mr Holady Volarath along with senior officials from the company.
Last year, AGL agents across the country sold insurance products to the value of 230 billion kip, exceeding the target of 220 billion kip by 12 percent.
The best-selling product was motor insurance, accounting for 63 percent of policies sold by value, a senior official from the company's marketing and sales section said.
In 2015, the company plans to increase its sales target to 240 billion kip, an increase of around 7-8 percent from 2014, he added.
Attendees heard results reported by AGL for 2014, including some 72 of the company's sales representatives achieving their targets.
Nine received awards for being outstanding sale agents for 2014 and 41 received complimentary tickets to visit Japan.
The company also claimed success in creating an IT system for contract issuance which was currently being implemented.
The company has developed new insurance products such as smart driving insurance, personal accident insurance and travel insurance.
According to AGL, the company provides a comprehensive range of products for individuals as well as for corporate clients.
AGL has developed products including motor, home, and health insurance as a means to secure risks for people based locally as well as to secure their socio-economic development.
The business line provides risk-cover from small to large or for all risks, for local and foreign investors, infrastructure development projects and all kinds of organisations in the country.
The company is aiming to contribute to customer and shareholder value by providing strong competition in market share, services and pricing.
The Lao business began in 1990 as a Joint Venture between the Ministry of Finance and Allianz, the world leading insurance and financial services provider.
Since 2007, some 14 companies from Thailand, Malaysia, Vietnam, China, France and Japan have joined domestic participants in the insurance sector, with another provider from China also expressing interest in commencing operations in the country.
