“Primo Service Solution” under the “Origin Property” group is advancing the Next Level plan on the service business side, bringing in finance and insurance experts to establish “Primo Insurance Broker,” obtaining a non-life insurance broker license from the OIC, branching out into the home, condominium, and car insurance brokerage market to seize opportunities from changing consumer behavior driving strong insurance business growth, laying out a roadmap to sell life insurance next year, before preparing to take the company public on the stock exchange.
Mrs. Chanpen Lorvimongkol, Managing Director of Primo Insurance Broker Company Limited, a subsidiary of Primo Service Solution Company Limited, revealed that under the vision of expanding the business both broadly and deeply under the ORIGIN NEXT LEVEL concept of Origin Property Public Company Limited (ORI), every company in the group is seeking opportunities in new markets.
that can build on experience, knowledge, and foundations in the core business to move forward to the Next Level. For Primo Service Solution, as a group company committed to providing comprehensive real estate services, Primo Insurance Broker Company Limited was established to operate an insurance brokerage business, supporting market growth and completing another dimension of the ecosystem in consumers’ lives.
“From my personal experience of more than 30 years in the finance and insurance business, we have seen consumers’ perspectives on insurance change significantly. In the past, people viewed insurance as unnecessary, with fewer than 50% of people actually insured. But today, there are two factors accelerating people’s awareness of insurance: 1. the COVID-19 situation that began in early 2020, and 2. access to knowledge about financial planning. We believe this heightened awareness will be a catalyst for the insurance brokerage business to grow significantly,” said Mrs. Chanpen.
The company will begin by entering the non-life insurance brokerage business, first offering car insurance, condominium insurance, and home insurance, as these are segments that can immediately leverage the existing foundations of both the Origin Property group and the Primo Service Solution group.
Most recently, the company has been appointed as a licensed corporate broker, directly licensed as a non-life insurance broker, by the Office of the Insurance Commission (OIC). It will begin operations immediately in Q3/2021, targeting both corporate customers and retail customers.
Mrs. Chanpen further stated that in addition to the non-life insurance brokerage business, the company has also laid out a roadmap for continuous growth. In 2022, the company aims to enter the life insurance brokerage business, which is not directly related to real estate, and this will be another step for Origin Property to expand into other markets beyond businesses related to real estate (Beyond Property Business)
Meanwhile, the company aims for continuous growth in the insurance brokerage business group, with a target of generating continuous revenue and profits to the point of being able to list on the Stock Exchange within 3 years
