Falcon Insurance through the 2021 Covid Crisis, growing 15% with strong financial status and revealing 246% of CAR. Ready to move forward with the Year of the Tiger by setting a target of 3.1 billion baht. To promote the ESG policy as a part of the Company’s strategy and ensures continuous and sustainable growth.
Mrs. Sopa Kanjanarintr, Chief Executive Officer of Falcon Insurance Public Company Limited revealed that the success of 2021 is due to many factors. Although the COVID-19 pandemic has impacted the insurance industry on a large scale, we have implemented an effective risk management policy and controlled all processes within the company in order to be able to manage the risks under acceptable risks. It’s the main reason we can effectively control COVID insurance coupled with other types of insurance growth. It also includes an omnichannel marketing strategy and workflow optimization focusing on the automation process in the company’s core operating system to improve efficiency and cost management capabilities.
In 2021, Falcon has a total premium of 2,953 million baht, a growth of more than 15%. Compared to 2020, the Portfolio Mix between Motor and Non-Motor was at 51:49. Motor insurance premiums were at 51%, followed by property insurance at 21%, accident, and health insurance at 12%, miscellaneous insurance at 11%, and other insurance at 5%. The proportion of the COVID-19 insurance premium is 1% of the premium received. Consequently, it did not affect the company’s claims handling and business with all trading partners remained normal at the end of 2021. The company had a 246 Capital Adequacy Ratio, or CAR, compared to the 120% minimum.
Mrs. Sopa said that, “In 2022, Falcon is targeting premium income growth of 3,125 million baht. As part of its strategy, Falcon focuses on marketing both individual and corporate customers, as well as expanding its customer base into new markets, but remains strict in its underwriting considerations and claims management. Falcon is to modernize its AI system for assessing vehicle damage this year in order to improve accuracy and reduce the time required for repair approvals. The platform is used to transmit information and communicate between the garage and the company by using digital photos and data. The use of AI in this damage assessment provides fair and transparent repair approvals over standard repair prices. Customers and partners will receive more efficient and faster service. Falcon has developed a customer service system for policyholders where customers can contact the company via Omni Channel with a CRM system. It will be to be able to communicate with customers quickly anywhere and at any time through the Cloud Platform.”
Another important strategy for doing business in 2022 is the adoption of ESG policies as an integral part of corporate strategy. The goal is to become a sustainable non-life insurance company. We will begin to drive the policy in every sector concretely with all groups of customers and partners. The company will focus on managing the framework of good corporate governance. This year, Falcon focuses on governance and management of information technology risks and cyber threats, including compliance with good governance, good risk management and international standards. The company plans to support the budget with a non-profit organization or organization. Falcon will plan for customers to receive their policies electronically. All costs from the production of the policy package will be donated to the Environmental Organization. In addition, the company is also preparing an insurance plan to support the use of renewable energy from solar energy for residential insurance customers by offering special offers such as discounts on insurance premiums or extending additional coverage to materials installed to store energy. For internal management processes, Falcon has set up a hybrid workforce policy for its employees to reflect the current situation. It could potentially reduce the number of staff travel and have a direct effect on reducing energy consumption and the greenhouse effect.” Mrs. Sopa stated that.
Over the past 15 years, Falcon Insurance has grown with constant social responsibility. Falcon has launched its ESG policy as a framework for its sustainable business practices to focus on providing good service to customers and partners, transparent and ethical business practices, great assistance, and giving back to society. It is to make our society a sustainable quality society.
About Falcon Insurance
Falcon Insurance Public Company Limited is a non-life insurance company with assets of more than 4.6 billion baht and capital of more than 600 million baht. Falcon is a joint venture between Navakij Insurance Public Company Limited and Falcon Insurance Company (Hong Kong) Limited, which is part of Fairfax Financial Holdings Limited (FFH), one of the world’s largest solid financial services providers. Its head office is located in Canada. At present, Fairfax has assets of 2,200,000 million baht and capital of more than 376 billion baht. Fairfax Group companies have operations in North America, South America, Europe, the Middle East, Africa, New Zealand, and Asia. Specifically, in Asia, Fairfax Group has non-life insurance businesses in Thailand, Singapore, Hong Kong, China, Malaysia, Indonesia, Vietnam, Sri Lanka, India, and Lao PDR. Fairfax Group specializes in all types of non-life insurance, including Property Insurance, Miscellaneous Insurance, Reinsurance, Investment Management, and Claims Management.