AGL boosts cooperation for AEC integration
AGL boosts cooperation for AEC integration
Allianz General Laos (AGL) is expanding cooperation on its insurance services with neighbouring countries in preparation for the Asean Economic Community integration at the end of the year.
The company last week signed agreements with 24 of the member companies of the Thai General Insurance Association and plans to increase this number as soon as possible.
The Thai General Insurance Association has 72 member companies according to Allianz General Laos National Bureau Head, Mr Holady Volarath.
The objective of the cooperation is to expand services and to provide additional facilities for customers in the region as well as ensuring confidentiality.
The company is also preparing to consult with Myanmar insurance companies as well as those in Vietnam, Cambodia and China, he said.
For domestic services, the company will organise a training course for 20 adjusters for accident solutions, of which nine people are in Vientiane and 11 in other provinces.
The company currently has a total of 105 such staff ready for AEC integration, said Mr Holady.
As the number of insurers in Laos is increasing and because of the necessity of integrating with the region and global market situation, the company has to develop its service system and seek new products to supply customer demand.
Some agencies of the company are selling insurance contracts through electronic systems (online) to make things easier for both buyers and sellers.
AGL has been operating its insurance business in Laos for more than 20 years and the company currently has over 100,000 customers, individual and corporate.
There are 120 insurance agencies around the country with 17 salesrooms at international border checkpoints and 30 business partners in the world.
The company has 70 percent of market share currently and its main source of income comes from major projects.
In personal insurance, motor insurance amounts to 65 percent, with 12 percent coming from buildings and small businesses and 12 percent from health insurance.
Notwithstanding their record of solid growth each year, the percentage of people who buy insurance in Laos is still less than in most other countries as a lot of people are not concerned about this issue.
To promote the insurance business in Laos for the future there is a need for a strong legal support base, cooperation with more countries and the establishment of a Lao Insurance Association, a vehicle to improve management and educate the public about the importance and benefits of insurance.
