Krungthai-AXA Life Insurance Public Company Limited

2018

Top CSR Advocates in Asia

Krungthai-AXA Life Insurance Public Company Limited

Top CSR Advocates in Asia

2018

Krungthai-AXA Life Insurance Public Company Limited

Solutions For Life’s Challenges

Meet the company that believes that social impact is essential to economic success.

Krungthai-AXA Life Insurance Public Company Limited (KTAXA) is a life insurance based in Bangkok, Thailand. Krungthai-AXA Life Insurance Public Company Limited established from a solid joint ventured partnership between Krungthai Bank PCL and AXA Group in June 12, 1997. KTAXA offers individual insurance products, health coverage, critical illness insurance, retirement plans, investment-linked insurance plans, life insurance and accident protection solutions, as well as income protection solutions, and also corporate insurance products.
Krungthai-AXA Life is a company that has touched the lives of millions in Thailand. For a company whose business is to protect people in order to empower them to live better lives, the organisation takes seriously their responsibility in leveraging their skills, resources, and risk expertise to build a stronger and safer society. This Corporate Responsibility strategy is supported throughout KTAXA’s corporate policies and standard operating procedures. KTAXA believes that social impact is essential to economic success and corporate responsibility, with sustainability being fundamental to their business. Hence, their Corporate Responsibility initiatives are geared towards the environment and climate change, sustainable and transparent business practices, and community development which follow the key strategy of “Giving Opportunity, not Charity”.
The KTAXA Fabric Policy Cover Programme is a CR initiative that purchases fabric from Thai communities to produce policy cover and souvenirs for the insurance company’s customers. This programme has generated Bt115m (US$3.6m) of income for the communities from 2010 to 2017; and creates employment and a sustainable income for over ten communities around Thailand as well as reduce the using plastic material for policy cover over 50,000sqm per year.

With over 7.3 million people below the poverty line, KTAXA acknowledges the lack of access to healthcare in Thailand for the poor. The company partners with local hospitals to provide free weekly mobile health checks for Thais countrywide through the KTAXA Caravan Health Check. This service reached 40,000 annually, and over 400,000 people have benefitted over the past decade.
The Baan Nana initiative supports over 100underpriviledged children. Since 2007, KTAXA has supported this community in Northern Thailand and encourages them to have a self-reliant sustainably by assisting with the community’s rice production, equipment and marketing needs. The effort helps feed the children, and has doubled the rice crop yield. Through the recent provision of electricity, the children are able to read and study at night, and use computers.

The ‘Insure your Success Programme’ has educated over 1,850 students in 18 schools throughout Thailand in financial planning awareness, helped them manage their money and prepare for their future.

The Wang Nua Disabled programme commissions a community of disabled people to create stunning birthday cards for KTAXA’s customers. This programme provides them with much-needed employment and income, and has generated approximately BT1.5m (USD50,000) every year since 2012.

Part of their Corporate Responsibility towards the environment and community is initiated through the ‘Where the Rain Falls Programme’ that helps to address the issue of climate change that has affected Northern Thailand’s rice crop production. By constructing the check dams, KTAXA’s Check Dam Irrigation programme has increased rice crop yield by twenty percent. Green4Good has also educated students about the significant impact of global warming and teaches them how to grow hydroponic vegetables.
Employees of KTAXA participate in the ‘Heart in Action Programme’ where they volunteer for a number of Corporate Responsibility activities throughout the year. In 2017, KTAXA employees volunteered a total of 3,000 hours to community services. Many employees along with executives have travelled to Baan Nana every year to support the children in rice planting and harvesting, as well as to teach the ‘Insure Your Success’ programme.

To ensure effectiveness of these CSR programmes KTAXA measures their efforts and results with the Dow Jones Sustainability Index questionnaire, an assessment tool that analyses more than 70 factors related to a broad set of CR criteria.

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