Corporate Highlights 1951 1964 1975
On 9th November 1951, H.E. Field Marshal Sarit Dhanarajata founded Dhipaya Insurance Company Limited with a registered capital of 2 million baht. The Ministry of Finance appropriated some shares formerly held by H.E. Field Marshal Sarit and his wife. The Ministry of Finance appropriated more shares, this time from H.E. Field Marshal Prapas Charusatiara, making the Ministry a major shareholder. With its 55.6% shareholding, the Ministry was now a major shareholder, making the company a state enterprise under the Ministry of Finance. Dhipaya opened its new 7-storey headquarters, located at 63/2 Rama IX Road, Huay Kwang, Bangkok, on 6th March 1990. The company was also selected as an outstanding company of the year, which was a source of great pride for both the company and its staff. The Cabinet passed a resolution to allocate the Dhipaya shares owned by the Ministry of Finance to the Government Savings Bank, Krung Thai Bank Public Company Limited and the Petroleum Authority of Thailand - leaving the Ministry of Finance with only 5.24% of Dhipaya shares. Dhipaya increased its registered capital from 80 million to 240 million baht. This comprised 24 million ordinary shares with a par value of 10 baht per share. Later, in March 1995, the Board of Directors,
in accordance with the government’s 7th National Economic and Social Development Plan, passed 75 a resolution to turn Dhipaya (than a state enterprise) into a public limited company. The transformation meant that the company was better able to improve its operational processes in preparation for
the free-trade insurance market, as per the GATT agreement. Dhipaya was registered as a public limited company at the Commercial Registration Department of the Ministry of Commerce, and was renamed Dhipaya Insurance Public Company Limited. This became effective on 18th October 1995, with major shareholders including the Ministry of Finance, Krung
Thai Bank Public Company Limited, the Government Savings Bank and the Petroleum Authority of Thailand. Dhipaya was granted its ISO 9002 by SGS Yarsley International Certification Services Limited, England, making Dhipaya the first non-life insurance company to receive ISO 9002 certification in all operating sectors. Dhipaya celebrated its 50 th anniversary, marking a period of continued stability and service improvement. With the backing of its well-known and financially stable shareholders, the company had gained not only the trust of both the public and private sectors, but also of many large projects. Such support had enabled the company to become one of the leaders in Thailand’s non-life insurance business. In 2001, Dhipaya was the second highest gross earner out of 77 non-life insurance companies, and had achieved the highest miscellaneous premiums in the kingdom.
Committed to continually developing its quality services, the company initiated and implemented the ISO 9001:2000 quality management system, which was used alongside the company’s existing quality system. This helped the company increase and improve its service standards, and to become a leading premium service provider. Dhipaya also launched the Dhipaya Service Center (DSC) to increase its potential and provide fully integrated and efficient services. The service centre offers customers convenient insurance services and easy access to information on the various insurance products available. It also provides advice over the telephone. In addition, Dhipaya opened a Claims Photo Center, which allows for faster processing of claims. Of the five selected companies chosen from all firms registered on the Stock Exchange of Thailand (SET), Dhipaya was ranked as the company with the best financial performance in 2003 by SET. In addition, the company was honoured to be asked by the government to provide insurance for several international projects, one of which meant that Dhipaya the first insurance company in the world
to provide insurance coverage for Severe Acute Respiratory Syndrome (SARS). Other projects included: insurance coverage for transporting the famous Chuang Chuang and Lin Hui pandas, the Thai-Chinese goodwill representatives from the People’s Republic of China; stamp insurance valued at 200 million baht for the Stamp World Festival; and insurance coverage for the government’s lottery (for the last
2 and 3 digits). In November, Dhipaya changed the location of the front gate at its head office to the other side of the building facing Terd Prakeit Road. The gate was named “Dhipaya Terd Prakeit”, as a way of expressing the company’s respect for the Royal Institution. Dhipaya was the first non-life insurance company in the world to provide insurance coverage for the 77 bird flu epidemic that broke out that year. The insurance diminished the risks of outbreak among Thai farmers, while easing their anxiety. In addition, the company enhanced its service potential by joining the “Pra Kun Tun Jai Duay But Bai Daew” (Quick Insurance… with One Card) campaign, under Best Service (Thailand) Co., Ltd. This enabled customers to utilize this form of car insurance simply by showing their ID cards. The campaign gave access to a far larger group of customers than before - including sellers and vendors, who are often denied access to insurance services on account of their
being unable to provide evidence of their income. In addition, Dhipaya also opened its 15th agency office at Sri Racha, providing customers with still further convenience. In 2004, Dhipaya also focused on expanding its insurance and investment business by highlighting its state-of-the-art professional management services and service skill development. For further continuous business growth, planning strategy and accomplishment technique budget planning was adopted.
In order to expand its network coverage nationwide and best meet increases in demand, additional subsidiary branches were opened in four different provinces - in the northern, central, northeastern and southern areas. Another five agencies were also opened, adding to the company’s 15 branches and
17 other agencies.
A few days before the start of 2005, the tsunami hit the southern coast of Thailand, causing extensive grief amongst the Thai people, as they suffered the loss of both assets and loved ones. Dhipaya helped support the Thai people by sending out volunteers from the company’s Hanumarn Unit, transportation to help the victims and various other types of support. The company also supported and gave encouragement to the people living in the three provinces affected by the tsunami. Dhipaya created a radio spot and produced a song called Kon Thai Mai Ting Kun (Thais never abandon each other), sung by Artist Kob Songsit Rungnoppakhunsri. The song was written to help provide encouragement to all Thai people. Placing its trust in Dhipaya, the Thai government selected Dhipaya to provide insurance coverage against terrorism in the three provinces in southern Thailand to help enhance the safety of the people there. Moreover, in response to the government policy on energy saving, the company provided insurance coverage for automobiles that installed an NGV gas system. Dhipaya increased its registered capital from 240 million to 300 million baht in order to support
the payment of stock dividend, via issuance of Baht 60 million of new ordinary shares. Dhipaya also opened four additional branches in Udon Thani, Nonthaburi, Chumphon and Chiang Rai, and established its “Smart Branch” project to upgrade the efficiency of all branches across the country. Human resources and information technology development were also emphasised. Also in 2005, the company established its “Dhipaya IT Year” project with the slogan “Dhipaya Pun Mai Kloaw Glai Gub
IT Year” to encourage IT utilisation amongst its staff in a bid to promote greater operational efficiency. 2006 On the occasion of the 60th anniversary of His Majesty the King’s accession to the throne, the company organised various merit-making and charitable activities, including the renovation of Wat Nivet Dhamma 79 Prawat Ratcha Wora Viharn, which followed the Historical Sites’ Renovation project. The company was
a part of the groups that jointly donated the proceeds from the Royal Kathin Samagkee to 33 temples located in 3 Southern bordering provinces of Thailand which had been severely effected by the turmoil situation. It also contributed towards the building of a temple at Wat Phra Phuta Baht Siroy in Chiang Mai and the construction of Phra Phuta Rattana Mani Maha Patimakorn, the principal Buddha statue. Along with the great potential for its services and in compliance with customer demand,
Dhipaya Insurance Plc. has developed the following new products and services: “Dhipaya Takaful”, a new type of insurance, was introduced in compliance with Islamic insurance principles. The Bancassurance 2006 project was launched by Dhipaya Insurance Plc. In cooperation with Krung Thai Plc., the Bank for Agriculture and Agricultural Cooperatives (BAAC), the Government Savings Bank and TMB Bank Plc. The project helped expand the company’s marketing channels and provide customers with easier access to the company’s services. The “Prakan Sangkhom Sukchai Muea Prakan Phai Kap Dhipaya” (socially secure and content with Dhipaya Insurance) project was introduced by Dhipaya Insurance Plc. in cooperation with the Social Security Office, Ministry of Labour. This enabled special discounts for employers, staff, insured clients and persons holding social security cards or treatment guarantee cards, whenever they applied for any type of non-life insurance from Dhipaya Insurance Plc. Other projects included the distribution of compulsory insurance through Bangchak Petroleum stations and the launch of travel insurance, made available through a kiosk at Suvarnabhumi Airport.