KBank targets middle-income earners for its insurance

[webfact]

KBank targets middle-income earners for its insurance
By SUCHEERA PINIJPARAKARN 
THE NATION

 

BANGKOK: -- KASIKORNBANK IS adjusting its back-office processes and training branch employees to better explain and sell insurance products to middle-income earners.

 

Kattiya Indaravijaya, president of KBank, said that the Office of Insurance Commission (OIC) wants banks to educate customers about insurance products that are not deposit products.

Kattiya said KBank aims to attract middle-income workers who are earning between Bt15,000 and Bt30,000 a month. As a result, KBank’s back-office processes must be adjusted and employees trained to comply with the business plan.

 

Full story: http://www.nationmultimedia.com/news/business/EconomyAndTourism/30301424

 

-- © Copyright The Nation 2016-12-05

[ezzra]

 

You can walk into a bank now days without someone pestering you again and again about but buying an insurance, what has insurance has to do with banking with selling insurance?

if they want to paddle a product, they should put up posters of flyers and refrain from

bothering their customers and putting them in awkward situation.....

[robcar]

I recently went to KBank in Hua Hin (Market Village) with a visitor friend from UK to open a current account in preparation for his full time move here.

They absolutely refused to open the account if he didn't buy their accident insurance.

[trogers]

Wait until you want to make a claim on the policy and sees what would happen...

[edwinchester]

I've used Kasikorn for over 10 years lately and just this last year or so they have become a pita pushing unwanted products every time you enter.

At my own branch all the older employees seem to have disappeared, replaced by youngsters who seem to know little, need to ask a superior about trivial needs and push all the products even when you're only making a withdrawal or deposit.

The cheapest ATM card is only offered after other more expensive suggestions by themselves are exhausted too. My new card would initially have cost 800 bht if I accepted their first offer instead of the 200 bht one I settled on after showing them a copy of their own website.

Just last week I asked for a copy of the front page of my bank statement so as to have proof of my name, address and date. 100 bht was the quoted price. Ok says I. 5 minutes later I get my copy....300 bht he says. You said 100 bht I say. Your statement was 3 pages he says. I only asked for the first page says I. He consults with his manager and begrudgingly accepts the 100 bht.

Service definitely ain't up to what it used to be.

[leeneeds]

Myself got sick of being pestered by the bank manager, I bought a 9 year 165k insurance to shut him up , now I have moved my money to another bank and have left in the K bank enough to cover the remaining 6 years once that is payed out I will close the account, 

wanting to change aussie dollars into baht I was refused the amount in cash and had to commit an amount into the account, did so and went out the front and withdrew the amount needed,

The new 5 dollar bill was also  refused to be  exchanged, 

[williamgeorgeallen]

with about 1% of thailand owning about 60% of it and the other 99% of people owning the rest i really wonder how many middle class people there are to sell these services too.

i know a guy who did a long term deposit and went back to the bank after several years to check on his deposit. it did not exist and the staff who wrote up his fake paperwork no longer worked at that bank. i am in the process of getting everything out of thailand. the risk of being scammed is just to high.

i suspect insurance fraud is rampant in thailand. last case i heard was that boat that recently sank and the boat owner said had paid for insurance but the company never gave him the cover.

[trogers]

1 hour ago, williamgeorgeallen said:

with about 1% of thailand owning about 60% of it and the other 99% of people owning the rest i really wonder how many middle class people there are to sell these services too.

i know a guy who did a long term deposit and went back to the bank after several years to check on his deposit. it did not exist and the staff who wrote up his fake paperwork no longer worked at that bank. i am in the process of getting everything out of thailand. the risk of being scammed is just to high.

i suspect insurance fraud is rampant in thailand. last case i heard was that boat that recently sank and the boat owner said had paid for insurance but the company never gave him the cover.

 

Not many locals left that are not laden by housing and auto loans. That's why the bank is targeting foreigners...

[gleeglee]

Tried to open a bank account for a new member of staff at the end of the month , Took the work permit and passport and the salary to open the Bank account and they refused to open the account ,unless she took out insurance which she does not require as we pay social welfare and she can use the government hospitals for free. our lawyer is in the process of contacting the head office not the call center as the call center could not give any answers. 

We have 45 members of staff and they have all been told that we will be moving banks so they must open bank accounts at our new bank, Our lawyer informs us what they are doing is not legal

[gleeglee]

3 minutes ago, gleeglee said:

Tried to open a bank account for a new member of staff at the end of the month , Took the work permit and passport and the salary to open the Bank account and they refused to open the account ,unless she took out insurance which she does not require as we pay social welfare and she can use the government hospitals for free. our lawyer is in the process of contacting the head office not the call center as the call center could not give any answers. 

We have 45 members of staff and they have all been told that we will be moving banks so they must open bank accounts at our new bank, Our lawyer informs us what they are doing is not legal

Also they get 15% on insurance they sell

[Silurian]

I absolutely hate doing business with KBank in Bangkok. Their customer reps are usually clueless and their online banking is very narrow in scope. I have continual problems with their credit cards coming apart or just not working/reading correctly even after getting replacement cards (which is a whole new batch of hurt). Luckily Bangkok Bank is my main bank so my encounters with KBank are brief and rare but usually painful each time. If they want to improve their image, then start with friendlier customer service.

 

The best customer service I have seen in Thailand banks is at Krungsri. I have never had an issue with them. Fast, friendly and efficient each time.