Ngern Tid Lor Public Company Limited (“TIDLOR” or “the Company”), led by Mr. Piyasak Ukritnukun, Managing Director, beams with pride as he recaps the company’s significant strides over the past year. It’s been a whirlwind of achievements, with TIDLOR cementing its status as a market leader in vehicle title loans, boasting an outstanding loan portfolio surpassing 100 billion baht. However, the juiciest stories come from TIDLOR’s ambitious foray into insurance brokerage—a venture that’s been transforming the industry with a powerful punch.
Driven by a mission to make insurance accessible to everyone, TIDLOR rolled out a groundbreaking initiative: 0% cash installment plans for car insurance premiums. This idea was a hit, rapidly becoming the industry’s gold standard and sparking a trend among other brokers. The cherry on top? TIDLOR’s insurance transactions now dwarf loan applications by a staggering three-to-one ratio, showcasing the company’s skyrocketing reputation in the insurance realm. Incredibly, 9 out of 10 policies cater specifically to insurance seekers, not loan-takers, highlighting TIDLOR’s knack for strong branding and customer loyalty.
And if you think that’s impressive, wait until you hear about the numbers. Over the past six years, TIDLOR’s insurance brokerage business has outgrown the industry by a phenomenal margin—an average annual growth rate of 47.3%, which is ten times faster than the market’s 4.5% pace! The secret sauce? A mix of innovative technology, unmatched customer service, and an unflinching commitment to excellence.
Ms. Athitaya Phoonwathu, the dynamic Chief Insurance Officer, trumpeted the company’s eye-popping performance in the first half of 2024. With non-life insurance premiums hitting 4.856 billion baht, TIDLOR notched a 22% year-over-year growth—a testament to their cleverly diversified product range and robust sales channels. Whether it’s a friendly face-to-face chat at one of their 1,700 branches or a seamless digital experience on their state-of-the-art InsurTech platform, TIDLOR’s got every angle covered.
Let’s break down their powerhouse brands:
- “Shield Insurance”: The crown jewel, formerly TIDLOR Insurance Broker, reigns supreme with over 5,000 expert brokers across more than 1,700 locations. Offering a treasure trove of auto, personal, and home insurance products from 15 top-tier partners, Shield Insurance has set the bar high with its bespoke consultations and tech-savvy Insurance on Tablet solution. The result? A blossoming clientele who appreciate precise coverage matching and stellar service.
- “Areegator”: This cutting-edge online platform fosters a vibrant community of over 9,000 insurance brokers. Imagine a world where brokers need zero initial capital, can offer customers 0% cash installment plans, and even earn extra by referring vehicle title loan services. Thanks to Areegator’s sleek SaaS technology, local brokers can spread their wings and thrive, boosting their income while serving their communities. The platform’s performance is nothing short of spectacular, setting sights on a near 19-fold premium growth since its launch in 2020.
- “heygoody”: Tailored for the modern, hustle-free shopper, heygoody offers an uber-convenient digital insurance experience. Available 24/7, customers can shop for insurance, compare policies, and secure immediate coverage—all without leaving their couch. The platform’s user-friendly interface and flexible payment options, including installments from just 1,000 baht, have made it a runaway success. Launched in September 2023, heygoody already boasts 2 million visitors and glowing feedback from 96% of its users, picking up 12 prestigious awards along the way.
Mr. Piyasak illustrated how brokers play an indispensable role in Thailand’s insurance landscape, capturing 73% of all purchases. With a fragmented market crawling with over 80,000 brokers, TIDLOR’s tech-forward approach is a game-changer. In a market ripe for disruption, there’s a vast pool of uninsured vehicles and unserved customers ready to be tapped.
Building on its triumphs, TIDLOR is setting the stage for its next big leap: forming Tidlor Holdings Public Company Limited (“Tidlor Holdings”) following a strategic restructuring slated for the fourth quarter of 2024. This move promises to enhance investor confidence by streamlining dividend distributions and boosting operational flexibility across the lending and insurance brokerage divisions. By segmenting its business units, TIDLOR can better navigate partnerships, mergers, and new ventures, bolstering its market position and ensuring sustained growth.
As part of this grand vision, TIDLOR plans to create a new InsurTech platform under a newly formed company. This “NewCo” will inherit the dynamic DNA of Areegator and heygoody, effectively pushing the envelope on innovation and customer-focused insurance solutions. Tidlor Holdings is set to acquire a 99.99% stake in the new entity, laying the groundwork for a brighter, more agile future.
With TIDLOR marching boldly into the future, shareholders and investors have every reason to be excited. Keep an eye on www.tidlorinvestor.com for the latest updates as TIDLOR continues to rewrite the rules of the financial and insurance game, one brilliant innovation at a time.
This sounds too good to be true. How can TIDLOR’s insurance brokerage business be growing 10 times faster than the industry average?
It definitely raises some questions. Could it be due to aggressive marketing or maybe they’re taking on more risk than other companies?
Maybe it’s because they offer innovative payment plans. 0% installment plans are a big deal for people who can’t pay for insurance up front.
Their business model is disruptive and tech-forward. Traditional brokers struggle to compete with such innovation.
Yes, but if it’s too aggressive, is it sustainable in the long run? Market corrections could hurt them badly.
I’m skeptical. The market is oversaturated with brokers. How is TIDLOR planning to maintain this growth trajectory?
Easy. They’re using technology to cut costs and improve customer service. It’s a winning formula.
Technology is great, but customer loyalty is built on trust. Can they maintain that with rapid expansion?
Trust is built through consistent, quality service. Their diverse product range and seamless platforms are likely helping.
As an investor, this is exciting news. The move to Tidlor Holdings could bring about even greater flexibility and returns.
I’m with you, Lisa. This strategic restructuring could unlock more value for shareholders!
Let’s hope it doesn’t turn into another corporate spaghetti bowl where nothing gets done efficiently.
Fair point, but with smart management, I think the risks are minimal.
What an obvious puff piece! A company can’t be that perfect. They’re hiding something.
You’re being overly cynical. Achievements should be celebrated.
Maybe, but it’s essential to question things that seem too good to be true.
The shift toward more tech-savvy, customer-friendly services like heygoody is the future of insurance.
Absolutely. Digital platforms are revolutionizing the industry.
The idea of forming a new InsurTech platform is brilliant. Can’t wait to see how it pans out.
Yeah, but let’s see if it actually delivers. Plenty of ‘brilliant ideas’ fail miserably.
Their 0% installment plan for insurance is a game-changer. More companies should adopt this.
Impressive numbers, but how reliant are they on the Thai market alone? Diversification matters.
They seem pretty focused on serving Thailand for now. But their model could work in other markets, too.
The personal touch at their branches sets them apart. People still value face-to-face interactions.
Launching Tidlor Holdings could streamline operations, but how will it impact their debt levels?
Debt levels could rise, but if managed well, this restructuring could pay off big time.
Areegator sounds like a revolutionary platform. Empowering local brokers with SaaS technology is the way to go.
Are the customer reviews from heygoody real? 96% satisfaction sounds fishy to me.
While exciting, these growth rates could be short-lived. What if competition catches on?
It’s not just about competition. Regulatory changes could also impact TIDLOR’s strategy.