“Living a Legacy Founded on Love”
“Our brand essence is centred around the belief that love empowers your life,” says CEO Nusara Assakul Banyatpiyaphod of Ocean Life Insurance Public Company Limited, the insurance company founded by her father 74 years ago. She inherited this family-owned life insurance company from her father and older brother. Using the concept of love − whether for health and wealth in terms of savings and financial planning for the future of oneself and for loved ones, for one’s own profession, business, co-workers, employees, customers, community and the environment − the theme has been the power behind the company’s sustainability, diversity and inclusivity efforts, expansion, digitisation and transformation into the industry powerhouse it is today.
“Previously, our primary customers were mainly from rural areas where they were provided with industrial life products” elucidates Nusara, “However, Ocean Life has recently expanded its services to cover both rural and urban areas across the nation.”
With 1,791 employees, its scope of business today includes providing policies for life, industrial, group, health and accident insurance, MRTA, unit-linked as well as offering business and real estate loans and investments and human resource management.
Talking about Ocean Life’s easy accessibility as being one of the company’s vision and mission including its strongest points, Nusara says they always strive to simplify the purchasing and accessing process for clients. “For example, our policy for upcountry customers includes an industrial policy that is straightforward to understand. With minimal underwriting requirements, it is also easy to purchase. For many Thais, this industrial policy is their first experience with life insurance.”
Voyage to Success
Since helming Ocean Life in 2010, the company has refreshed and modernised their brand and this has resulted in a turnaround to profitability. In recent years, they successfully implemented their digital transformation to cope with the crisis of the pandemic and the shift in consumer behaviour. They also became an attractive company with a high engagement track record for employees to work in.
“According to our engagement survey, it appears that our employees have a strong affection towards the company and the business they are involved in. They consider Ocean Life as their second home, where they feel secure and warm and there is good collaboration and teamwork,” explains Nusara, adding that the company also provides staff with education and knowledge to improve their capabilities through learning opportunities such as self-learning, team collaboration, and knowledge sharing.
“We understand that success in our business is not solely dependent on one person, but rather on the collective effort of the entire team. Therefore, we emphasise the importance of good collaboration and education to ensure that our team can work together effectively and achieve success.”
Proof of the Power of Love
Their promotion of labour skill development and outstanding management of their employees have earned them a string of accolades from the government.
In 2022, they drew up their Sustainability policy − “Sustainable with Love” and established their sustainability framework on three main principles of Health, Wealth and World (save the world for the next generation) with two driving forces supporting People, Culture & Partnerships and Technology & Innovation.
And true to her principle of love for all, the company is committed to CSR efforts, always giving back to the community while safeguarding the planet for future generations.
“We strive to minimise our environmental impact through various sustainability
initiatives and practices, and we actively support various social causes and charitable
organisations,” says Nusara, sharing the fact that Ocean Life is also a proud member of the Dai-ichi Life Insurance Group where as members, they are involved in Dai-ichi ESG activities which further demonstrate their dedication to responsible and ethical business practices.
