TQM is converting auto insurance marketing opportunities in the Next Normal, in response to Thais reducing their travel and working from home in the wake of Covid. It has designed a new product, ‘top-up insurance’, under the principle of ‘drive less, pay less’. Drivers pay premiums according the distance they drive, but still with 24-hour coverage, from the insured person using odometry equipment called ‘TQM UBI Connect’. It is the first cooperation with AIS, a Thai tech leader which has innovated a platform of a cutting-edge device powered by 5G to collect data on driving behavior. It is easy to use, and inspires confidence in a product aimed at occasional drivers in the post-Covid world.

Dr. Unchalin Punnipa, President of TQM Insurance Broker Co., Ltd. (TQM), commented that the Covid situation over the last two years has completely transformed Thai consumer behavior. The latest figures from Google Mobility discovered a trend of reduced travel, and more staying in, forecasting reduced vehicle usage in post-Covid lifestyles. Meanwhile, there was a segment of consumers whose daily driving was not very far, who were considered occasional drivers.

“If they were driving only occasionally, why did they have to pay as much insurance as before? Changed driving behavior was a new challenge for the auto insurance business. TQM had to adapt its tools to stay abreast of customer demand. As a result we launched ‘top up insurance’, an auto insurance product enabling customers to buy insurance according to the true distance they have driven. If the insurance expires, they can buy more as needed. ‘Top up insurance’ comes with the innovation of Usage Base Insurance (UBI), a platform developed by TQM to collect data on consumers’ driving behavior. We then needed a partner who was a leader in 5G technology such as AIS to jointly develop a device to measure distance traveled, called TQM UBI Connect.”

Tanapong Ittisakulchai, Chief Enterprise Business Officer at Advanced Info Service Plc., said, “In this collaboration, AIS is deploying IoT innovations combined with the AIS 5G network, which has the most coverage and spectrum, to develop TQM UBI Connect. The equipment is highly accurate in compiling data and measuring distances driven by consumers whenever they go out driving. It is easy to use, convenient and quick. The device is installed in the vehicle and connected with USB, then registered to be used on TQM’s LINE account. The system can also alert the insured person to update their mileage at intervals to protect their benefits. Before the insurance expires according to the base distance insured, the system alerts the driver by LINE to add mileage in the supporting system. Another key feature of this system is that it can be used in combination with a variety of insurance companies. Even if the customer switches insurance companies afterwards, they can still use the device.”

Dr. Napassanun Punnipa, Chief Executive Officer of TQM Insurance Broker, added that top-up auto insurance would reduce customers’ expenses, when TQM understood that many customers wanted to plan their spending to be more frugal and cost-effective. In the future, more insurance products combined with innovation will be developed and rolled out to support the lifestyles of diverse segments of consumers.

‘Top-up insurance’ is a style of insurance giving consumers a variety of choices from insurance partners participating in the TQM project, including Dhipaya Insurance, Muang Thai Insurance, MSIG and Thaivivat. Packages start at just 4,900 baht with an initial mileage of 5,000 km/year. Customers can choose the package which best suits their driving needs online at www.tqm.co.th or at Line Official TQM Insurance Broker. Customers can also inquire for more information on the 1737 hotline, 24 hours a day

Published 25 November 2021