International Finance
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Protecting health & wealth of Thai society through insurance

IFM_Bangkok Life Assurance-image
Bangkok Life Assurance has won the International Finance Awards for two years in a row.

The COVID-19 pandemic has shown the world the importance of not only an adequate healthcare facility but an extended ecosystem. Millions of people have lost their lives, families have been torn and many have lost their loved ones prematurely. In addition to the misery caused due to the passing away of their relatives, people’s entire life savings have also been wiped out on medical treatment. This is where the right health and life insurance plans can make a lot of difference.

Bangkok Life Assurance, a known name in the segment for 70 years, has been consistent in creating products and services to safeguard the Thai people from these unforeseen situations. In order to achieve the best outcome possible, the company has created an ecosystem for health care services along with comprehensive digital tools for insurance agents and financial advisors to cater to the clients’ needs for life planning.

A stellar track record of achieving these goals over a considerable period of time has earned the company the distinction of being the winner of the Most Innovative Health Insurance Company award organized by the London-based International Finance Awards for two consecutive years.

While the core focus remains the same — to serve the customers in the best possible way — the company has been swift in adopting best global practices. This has meant that the company has incorporated relevant innovation, technology, and added services in its offerings to keep up with its peers across the world.

Extension of non-insurance products

In 2021, the company launched an insurance rider titled ‘BLA Happy health’ in order to alleviate any anxiety amongst the customers over fears of them being charged excess medical and hospital bills. The offering gives customer’s coverage of up to 5 million baht per one confinement or general injury with the patient allowed the occupancy of a standard single occupancy hospital room across Thailand in conjunction with additional coverage for three critical illnesses. There is also a deductible option available for customers to choose.

Bangkok Life Assurance also introduced a health ecosystem platform – BLA Health Services for their customers. This service entails full service medical care, from prevention to additional services and privileges during treatment and after hospitalization discharge, such as health check-ups, online doctor consultations, a telemedicine suite, driving-home service, and nursing care consultation.

Making life easier for its customers, the BLA Happy Life application—the e-services platform of the company can be accessed their policy services online 24/7, such as check their policy details, hospital network directories, pay renewal premium, request policy loan, file claim online, and also follow up on their claims status and histories.

Stepping up in adverse situations

With the pandemic changing life from as it was before, the company swiftly launched BLA Health Partner Care @ Home service to give relief to customers who infected with the virus during home isolation treatment. Care @ Home service include follow-up consultations based on the symptoms they were exhibiting and a quarantine kit.

The first phase of this drive had started in August 2021 while the second phase was initiated in January 2022. This apt and timely introduction of the service earned the overwhelming support of the customers. A customer satisfaction survey showed that the Net Promoter Score, a widely used market survey metric in 2021 stood at 44%, an increase of 4% from 2020.

In terms of the immediate future, the company is expecting a rise in demand in 2022 with the economy becoming normal and interest rates hiking. Other than regular health and life insurance, the company is also expecting a rise in hybrid products like unit-linked and participating endowment plans.

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