Provide customers with guidance and advice on Health, Personal Accident, and Travel Insurance that are convenient, accessible, and easy to understand—empowering them to make informed decisions and engage with us on their own terms." Mission change "Assist customers of all ages by providing comprehensive information to support their insurance decisions and by fostering strong relationships with intermediaries and policyholders through all distribution channels.
Pacific Cross International begins building its health insurance legacy across Asia.
Established Blue Cross Thailand, marking its first contribution to Thailand’s health insurance market.
Blue Cross Thailand is acquired by Bupa, a global healthcare group.
Returns to Thailand as Med-Sure Services Co., Ltd.
Forms strategic partnership with Nam Seng Insurance Public Company Limited to manage health and travel insurance operations.
Partners with LMG Insurance Public Company Limited to launch and operate “LMG Pacific Healthcare” for 10 years.
Provides administrative expertise and operational strength to the joint project.
With support from the Office of Insurance Commission (OIC), acquires Borrirak Insurance Public Company Limited, a registered health insurer.
Company capital is restructured to USD 2 million.
Officially rebrands as Pacific Cross Health Insurance Public Company Limited (PCHI).
Begins rapid and stable growth across Thailand’s health insurance market.
Reaches a major milestone: Registered capital increased to 500 million THB, reinforcing its financial strength and market leadership.
Pacific Cross International begins building its health insurance legacy across Asia.
Established Blue Cross Thailand, marking its first contribution to Thailand’s health insurance market.
Blue Cross Thailand is acquired by Bupa, a global healthcare group.
Returns to Thailand as Med-Sure Services Co., Ltd.
Forms strategic partnership with Nam Seng Insurance Public Company Limited to manage health and travel insurance operations.
Partners with LMG Insurance Public Company Limited to launch and operate “LMG Pacific Healthcare” for 10 years.
Provides administrative expertise and operational strength to the joint project.
With support from the Office of Insurance Commission (OIC), acquires Borrirak Insurance Public Company Limited, a registered health insurer.
Company capital is restructured to USD 2 million.
Officially rebrands as Pacific Cross Health Insurance Public Company Limited (PCHI).
Begins rapid and stable growth across Thailand’s health insurance market.
Reaches a major milestone: Registered capital increased to 500 million THB, reinforcing its financial strength and market leadership.
“ Assists customers of all ages by providing the complete information for their consideration to purchase an insurance and build strong relationships with intermediaries and policyholders by all channels of distribution ”
and Internal Control Policies
The Code of Conduct and the company’s value adherence to business practices and effective internal control within a robust control environment are fundamental to good operation. One of the company’s obligations to the shareholders, policyholders, creditors, and regulators are creating confidence in such individuals that the company has a good internal control system and significant risks are managed with due care.
Risk management:Board of Directors assign Risk Management Committee to administrate the risk management policy and for the agency to use as guidelines and strategies to manage risks and continuously report to the company’s executives. The company has adopted the “Three Lines of Defense” risk management framework, which is divided into three groups
First line of defense means a business unit that carries a risk, responsible for identifying and managing risk directly (Design and Implementation of Controls) These business units must prioritize risk management as key elements in their operations.
Second line of defense means Regulatory Compliance Unit, responsible for ongoing monitoring of the design and implementation of controls in the first level responsible. Include suggestions and facilitate risk management activities. Most of them are management functions that may have some degree of neutrality. But not completely independent of the first level responsible.
Third line of defense means Internal Audit Responsibilities are independent of the risk management.
The company’s key risk management process is to: 1) Identify risk factors that may affect the company’s operation significantly. 2) Risk assessment and risk monitoring process to be in an acceptable level. And 3) Reporting on various types of risks and issues as follows:
Monitoring and evaluating are the process that will continue from whereas the company defines risk management plan and the person responsible for managing the risk. The goal is detailed as follows:
• To assess the suitability and effectiveness of risk management methods including follow-up management and the risk achieved whether the objectives of the risk management have been fulfilled.
• To control and monitor the level of risk.
To prevent and reduce losses from disaster which may disrupt or discontinue the business operation.
The company will consider carefully whether the level of risk transferred is at the acceptable level and does not refer the handbook of premium rate set up. To monitor and control the distribution of risks must be appropriate, not concentrated by geography or type of risk. The risk higher than the company can be obtained alone is managed to transfer the risk to the insurer through the insurance contract. The selection of the reinsurer is considered on financial stability as the first priority in order to manage the insurance to the appropriate proportion of insurance in terms of the sum of the results of the insurance and to be consistent with the objectives and goals of the company.
To determine the amount of insurance reserves, the company uses the generally accepted actuarial method to calculate and certify by authorized actuaries. The changes in reserves are monitored and analysed to determine factors that may affect the company’s reserves regularly to ensure that sufficient reserves for the obligation the company is bound to the insured in the future. The actuarial shall assess the appropriateness and adequacy of the reserves.
The risk higher than the company can bear alone will be transferred to the reinsurer through the insurance contracts both advance–annual type and individual type. The selection of the reinsurer is considered on stability first. In addition, the company has insurance portfolio management to appropriate the proportion of insurances in terms of the total of insurance approval results to be consistent with the objectives and goals of the company.
In addition, the company has developed a written reinsurance management strategy to comply with the rules and the requirements of the Office of Insurance Commission which is part of the management framework, overall risk and been approved by the Risk Management Committee and the Board of Directors, respectively consisting of the process of choosing the right reinsurance plan and implementation used for monitoring, review, control and documentation of the company’s reinsurance considering the acceptable risk of the company, financial costs by comparing the liquidity,trend of reinsurance market so that the company’s business plan is appropriate to the nature, size and complexity of the company’s business.
Asset and Liability Management (ALM) is the management of assets and liabilities in the financial statements. It also includes commitments to get returns and risks at an acceptable level. Risks involved are the risks that arise from liquidity management, interest rates and the risk of error pricing. Risks from inaccurate estimation of claim liabilities for example, when the company has to repay its debts and obligations but is unable to change assets available to be cash in time or cannot find sources of finance or can find sources of finance, but the financial cost is too high which will affect revenue and the capital and the reliability of the company.
The asset and liability management strategy emphasize the maintenance of financial liquidity to adequately cover liabilities to policyholders and number of policies. Liabilities as per policies is essential for the company to make investment decisions in terms of time to invest and interest rate risk.
Note
• Account price refers to assets and liabilities measured in accordance with financial reporting standards.
Liabilities from insurance contracts consist of:
1. Unearned Premium reserve
The company calculates premium reserve not counted as income in accordance with the Notification of the OIC Re: Rules, Procedures and Conditions for allocation of premium reserve not counted as income, reserves for claims and other reserves of non-life insurance companies by calculating the method 1/365 System
3 methods of mathematical analysis are used in assessment.
insurance companies to ensure that the company has the ability to fully pay the insured, which must be assessed by licensed actuaries approved by the actuarial registrar. The assumptions used in the appraisal must be consistent with the actual experience or, if the company has insufficient information, may be based on industry experience and tailored to the specific characteristics of its insurance portfolio. This includes the Provision of Adverse Deviation (PAD), which is in line with the regulation of the OIC.
In some periods of financial reporting, the amount of insurance liability may differ between the accounting value and the appraised value significantly due to the different objectives and methods of assessment as described above. The person who will use the
information should study and understand the purpose of the valuation method of the insurance contract both thoroughly before making a decision.
Investment Policy is to be in line with the overall risk management policy, product design, insurance issuance, insurance contract, asset and liability management, capital status, acceptable risk level, expected return and the availability of systems and personnel to support investment and comply with the Notification of the OIC re: other businesses of insurance companies 2013
The purpose of this policy is to assist Pacific Cross Health Insurance PCL in order to manage its assets efficiently. To oversee, monitor and evaluate its assets of the company and investments in those assets will be held by the Investment Committee by taking into account of the business liquidity for the benefit of the company’s mission and objectives. This policy is consistent with the laws and regulations of the OIC.
(คปภ.)
The company has an investment policy in the year 2017 with the objective “to emphasize security of principal and value of return on investment”, which determines the proportion of each type of investment to suit the condition of capital market at that time. Considering the consistency of each type of investment with risk management, which must be approved by the Investment Committee, then presented to the Managing Director for an approval before proceeding every time.
Strategy and allocation must be based on the current situation of the company to consider the liquidity as the first priority. This includes investment limits. Investors must keep track of economic movements and regularly analyze data from financial institutions and research centres of many reliable companies. In addition to investment planning, the flexibility of the investment plan is enhanced if the money market or capital market is fluctuated.
The company has invested in assets in cash, deposits with financial institutions, depositories, and negotiable certificate of deposit
1. Cash – appraised by the amount available.
2. Deposits – with financial institutions and deposit slip appraised by the deposited amount and deposit slip appraised at cost
Note
Book value refers to assets and liabilities assessed by the Financial Reporting Standards.
Appraisal refers to assets and liabilities assessed according to the Notification of the OIC re: the valuation of assets and liabilities of insurance companies for the primary purpose of overseeing the financial security of insurance companies and to ensure that the company is able to fully cover the Insured ‘s insurance benefits.
The company is subject to changes in economic conditions and business operations, which may adversely affect the company’soverall risk profile. Changes may occur from both internal and
external factors, including economic and industrial conditions,laws, regulations and change of the company operations.The company is therefore required to set policies, operation and
appropriate control to manage significant risks associated with the company’s business operations. Establishing effective internal controls, under a strong control environment, is a key element of good
governance. One of the company’s obligations to the shareholders,policy holders, creditors and regulators are creating confidence for such individuals. The Company has a good internal control system and significant risks are managed with care and due diligence.
Internal control refers to policies and processes designed and practiced to build the confidence that the company will achieve the following objectives.
• Effective and efficient operation.
• Financial reports are reliable.
• Compliance of rules and policies
The company has clearly structured the management of each unit. There are subdivisions and decentralized management in each hierarchy. The administration and risk management has been properly considered.
1. Underwriting
The main business of the Company is personal accident and health insurances.
• Direct insurance – Insurance through agents, brokers, legal entity brokers, and directly to prospects
• Reinsurance from other insurance companies.
2. Investment
Insurance companies can take cash to invest or seek return as another way to earn income. The investment must be made in line with the acceptable level of risk and the liquidity of the portfolio of investments
in cash that the company uses in the future adequately. The company must comply strictly with the type, proportion and conditions regulated by laws under the provision regarding investment in accordance with the Notification of the OIC re: investment in other businesses of insurance companies 2013 – Loans, investment in securities, bill of exchange, bonds, ordinary shares, debentures, as well as deposits with banks.
The main business of the company are accident, health and travel insurances available through various channels such as agents, brokers and legal entities. Source of businesses can be divided by:
1. Direct insurance
2. Reinsurance from other insurance companies to avoid risk accumulation.
The company’s main focuses are Health, Group Health, Personal Accident, and Travel Insurances. To offer products, the company considers the interests of the Insured to obtain the maximum benefits. At the same time, the company must be able to operate and profit from the operation
(Link to) >> https://www.pacificcrosshealth.com/make-a-claim/
(Link to) >> https://www.pacificcrosshealth.com/make-a-claim/#ClaimDisputes
The company has sold health insurance and accident insurance for individual customers as well as foreigners residing in Thailand. It offers a wide range of appropriate coverage limits up to a very high coverage limit. In addition, the company provides group coverage plans. Employee welfare is an important part of the business to attract and retain good employees to work with the company continuously.
