KBZMS General Insurance, based in Myanmar, is committed to providing the best insurance solutions and continuously improving industry standards. Under the leadership of Lu Mon Aung, Chief Executive Officer of KBZMS, the company has consistently focused on innovation, customer satisfaction, and industry leadership. With a strong emphasis on providing comprehensive and tailored insurance products, KBZMS has established itself as a trusted partner in the Myanmar market.
In an exclusive interview with International Finance, CEO Lu Mon Aung discusses a range of topics, including insurance literacy, challenges overcome by KBZMS General Insurance, the company’s plans for 2025, and more.
Myanmar’s insurance market is still developing. How does KBZMS General Insurance view the current state of insurance literacy in the country?
Insurance literacy in Myanmar is still evolving, with many individuals and businesses unfamiliar with the benefits of insurance. At KBZMS General Insurance, we see this as both a challenge and an opportunity to make a positive impact.
Our mission is to improve the quality of life in Myanmar by providing the right insurance solutions for all. To achieve this, we’ve taken proactive steps to educate the public and address misconceptions about insurance. For example, we’ve launched a YouTube Channel featuring a podcast series designed to debunk myths and educate the next generation about the benefits of insurance. Additionally, we host Insurance Knowledge Sharing Sessions that are open to anyone interested, helping communities and workplaces learn more about insurance.
The global economy has faced significant challenges in recent years, including inflation, supply chain disruptions, and geopolitical uncertainties. How is KBZMS navigating this difficult climate?
Despite these global challenges, KBZMS remains focused on providing reliable insurance solutions. Our joint venture with Mitsui Sumitomo Insurance (MSI) in 2019 has strengthened our capabilities by combining global expertise with our local market knowledge. This partnership has allowed us to develop products like Industrial All Risks (IAR), Construction All Risks (CAR), and Bailee’s Liability Insurance, helping businesses navigate the current volatile environment.
We’ve also embraced digital transformation to streamline operations and enhance customer experience. Our digital solutions, including online policy management, claims processing, and transactions for Travel and Personal Accident insurance, ensure that we continue delivering seamless service even in these uncertain times.
KBZMS was recently recognised as the ‘Best General Insurance Provider – Myanmar 2024’. What does this achievement mean for the company?
Being recognised as the ‘Best General Insurance Provider – Myanmar 2024’ reflects the trust and confidence our customers and partners have placed in us. This recognition is a reflection of the trust we have earned. It serves as a reminder of our responsibility to maintain high standards of professionalism, innovation, and customer service. We remain committed to delivering the right insurance solutions and continuing to raise the bar for the industry.
What sets KBZMS apart in Myanmar’s insurance industry?
KBZMS stands out due to our unique blend of local expertise and global best practices. As Myanmar’s first licensed private insurer, we have built a strong foundation based on a deep understanding of the market. Our team of experienced local professionals provides invaluable insights that allow us to craft tailored solutions for both individuals and businesses in Myanmar.
Our partnership with Mitsui Sumitomo Insurance (MSI) further enhances our ability to deliver world-class products while staying attuned to local needs. Whether offering protection for a family’s home, a small business’s assets, or a large enterprise’s operations, we provide comprehensive coverage that offers peace of mind. At KBZMS, we are committed to building a more secure, sustainable future for Myanmar.
What’s next for KBZMS General Insurance?
Moving forward, we are focused on expanding our product portfolio, enhancing digital capabilities, and further engaging with communities to improve insurance literacy. Our vision is to empower individuals and businesses to thrive in an ever-changing world. Together, we are working towards a brighter, more secure future for Myanmar—one where everyone has access to the protection they need to succeed.