DirectAsia Thailand, the online motor insurance brand that entered Thailand at the end of 2013 and which is now under new Chief Executive Officer Edip Okur, has targeted a doubling of its business by the end of 2016.
The company has concentrated on building a strong brand presence in Thailand, and in 2015 saw its business increase to 14,000 policies sold, representing a growth in revenues of more than 500 percent over the previous year.
Mr Edip Okur believes that the motor insurance business in Thailand holds enormous potential for DirectAsia.
“We effectively launched in Thailand in January 2014, and then a year later we had a very intensive marketing campaign,” he says. “During that time we concentrated on building credibility and trust with drivers in Thailand.
“Starting from a zero base, we have grown quickly. Our 2015 revenue showed an increase of more than 500 percent, and there is no reason that we cannot double the business in 2016.
“Thailand is regarded as a key market for us and we are investing strongly in service, personnel and branding.”
The company, which is based at Asia Centre on Sathorn Road and is welcoming customers on a seven-day 8am to 8pm basis, has doubled the size of its office space and has taken first option on another area within the building.
Although a projected 70 percent of the company’s growth will be from new business, DirectAsia is seeing, over what has been only a short time in the market, a high volume of renewal in its existing policies.
“In 2016 we aim to renew 11,000 policies and acquire 25,000 policies as new business. The safe drivers are still the focus but we also look to expand to other types of vehicle” says Mr Edip Okur.