Mr.Chai Chaiyawan, the son of Mr.Vanich Chaiyawan, the pioneer of Thai Life Insurance PLC., which was established in 1942 as the first Thai-operated life insurance company after foreign firms left the country during World War II. Mr.Vanich who came to change and improve the overall organizations structure and management, for fresh organization management and strategies to provide faster and new types of policies suitable for the economics of Thai people.
He was born on 14 January 1957, Graduated HND. Business Studies, West Glamorgan Institute of Higher Education Swansea, UK.B.A. Business Admin., Richmond University, UK. And Honorary Doctorate of Philosophy (Business Administration) Maejo University, Thailand.
He is a second-generation descendant of the family who was assigned to learn about Thai Life Insurance business since 1982. Started from the position of Assistant Chief of Investment. Prior to the responsible to take care of Human resource, Accounting, Administration, Branches management and Supervised Sales Agent respectively. Mr.Chai was appoint as the President in 2004 since then.
During the Tom Yum Kung crisis, The Asian financial crisis that was triggered in 1997. Tom yum Kung crisis occured when the value of Thai baht become weak and made the whole SEA economy especially Thailand, Indonesia, and South Korea become weak in the market. Many companies choose to either cut pays or lay off the employees to sustain. But not for Thai Life Insurance, the company’s leader had lead the organization and all employees to overcome the crisis. Enabling enterprises to survive without neither. Because Thai Life Insurance focuses on the importance of people and the firm’s corporate culture. And insisted the belief that the employee is the priority and key resource of an organization.
With Strong balance sheet with total assets of 295,115.58 million baht, total claim reserves of 224,192.64 million baht, and funds of 280,049.54 million baht as well as BBB+ credit rating for the financial strength internationally. (International Insurer Financial Strength (IFS)) And AAA (tha.) credit rating for its solid financial standing in the country (National Insurer Financial Strength) by FITCH rating. The estimated turnover in balance sheet which updated on last year at 81,295,370,270 Thai Baht or 2,322,706,393.13 USD.
Thai Life Insurance is the first life insurance company in Thailand to be certified with the ISO 22301:2012 standard from the International Organization for Standardization (ISO). This standard covers business management and was issued by the Management System Certification Institute (Thailand). It covers the company’s readiness to deal with risk from each of 5 areas, which comprise society, technology, economics, the environment and the political situation. It enables continuous smooth cover of policyholders in every possible situation.
Received a financial rating of BBB+ from Standard & Poor’s (S&P) along with First Prize in “Outstanding Life Insurance Company Management 2003” for the 2nd consecutive year from the Department of Insurance, Ministry of Commerce.
Thai Life Insurance is the only company to received first prize for outstanding life insurance company management in 2002, 2003, 2004, 2005, 2007, 2008 and received a Medal of Honor for outstanding life insurance management in 2006 from Office of Insurance Commission and Excellence in Management Award 2014 from the Office of Insurance Commission (OIC).
As well as many corporate awards that Thai Life Insurance have received continuously to guarantee the quality and reflect the best management such as Best Life Insurance Company of the Year 2014 and 2016 from World Finance Insurance Awards, UK, Best Life Insurance Company of the Year 2016 from International Finance Magazine, UK, Superbrands Thailand 2016 , The winner of Asia Responsible Entrepreneurship Awards program (AREA), Social Empowerment category 2015 – 2016, Receiving of “Trusted Brand Award” Gold level for the 10th consecutive year from Reader’s Digest magazine, Outstanding Call Center Award from Consumer Protection Board (CPB) and Management System Certification Institute (Thailand) (MASCI)
On top of this, Mr.Chai Chaiyawan, had the honor to be the first Thai executive in the insurance industry for accepting a Stevie Award for Executive of the Year 2011 International Business Awards in United States of America
At present, Thai Life Insurance have around 313 branches nationwide, 28 of which cover greater Bangkok and 285 of which cover the country’s regions and also expanded its service channels to reach customers in every area, by growing its branch network and Customer Service Centers (CSC).
Currently, Thai Life Insurance operated the business only in Thailand and in the near future will step into the AEC market by opening Representative Office in Myanmar and has plans to expand into other countries in the Asian region. To enable the convenient and efficient service which values every life, according to the slogan, “Life, beside you”.
Thai Life Insurance driving the company to be “People Business” by giving priority to people in all aspects, including its customers, employees, partners, shareholders and society. As the Entrepreneur, he believes that “people” are the key factor in life insurance business. Life insurance business needs to be trusted thereby new vision of Thai Life Insurance is emphasized on the importance of people.
Thai Life Insurance focuses on the importance of people which this reflects the potential corporate cultures and this culture have been enlightened from to root of Thai cultures both thoughtfulness and generosity. While passing on this potential corporate culture from time to time clearly, the company has set thoughts and attitudes for employees by “Care, Compassion, Trustworthiness” to be in the same way as “Life, Beside You”
Mr. Chai believes that the company cannot work independently. Everyone is like an orchestra that must synchronize and play together in unison to deliver a harmonious song. This translates into strong teamwork.
He also aims to drive Thai Life Insurance to be the organizations of Soul (Spiritual Organization). As a leader, bringing the company to be the Spiritual Organization completely is very challenging in terms of attitude adjustment. It is responsible to make the employees adjust their attitude to understanding, sincere and determination not to leave anyone behind. Thai Life Insurance have instilled all above attitudes into DNA of everyone to care and share and be generous, compassionate and trust. Besides their skills, knowledge, and abilities, Thai Life Insurance’s employees must have the moral and ethics.
In managing the business, as the president of the organization, he always said, to create sustainable profits, he cannot emphasize solely on growth; he must also focus on the company’s value paradigm. Thai Life Insurance is committed to optimize profits and return profits back to society in the form of corporate social responsibility. In creating profits, the company must maximize products and sales channels as well as put cost perspective into operation management in all areas”
Mr. Chai is a visionary and a leader in developing in every areas such as the working process, building the brand, Human resource development. That is the cause of Thai Life Insurance become the leading life insurance company. At the same times, Mr. Chai also is an opinion leader and the spiritual center of employees that can stimulate and empower the employees to work.
Mr. Chai has the management style to blend East and West together. The East style by adopting the “Four Sublime States of mind” which are Loving-kindness, Compassion, Sympathetic joy and Equanimity. And the West is measure the work performance with KPI.
One aim of Thai Life Insurance as well as Mr. Chai Chaiyawan is pushing Thai Life Insurance become an Iconic brand, the brand that is an icon of life insurance business including to be the brand that inspires everyone in the society.