International Finance

Thailand’s leading life insurance provider’s latest offering for customers of a digital age

Muang Thai Life Assurance, Thailand, life insurance, Sara Lamsam, Customer @ the Heart, Most Innovative Life Insurance Company - Thailand 2017, International Finance Asia
Thailand’s Muang Thai Life Assurance has launched its strategy for the year titled Customer @ the Heart, which caters to the growing needs of a customer in a digital age

The 67-year old company, which has been a leader in the life insurance business, has aligned its strategy to modern lifestyles. Sara Lamsam, president and CEO of Muang Thai Life Assurance Public Co. Ltd., said, “The entire life insurance industry is facing a year of challenges due to rapid changes of the digital world as well as consumer behavior and demands which have become more selective. To meet the demands of this new era and to sustain company growth, Muang Thai Life Assurance Public Co., Ltd.’s business strategy focuses on customers under the policy “Customer @ the Heart” exhibited through the Company’s products, services, and innovations, and employing an outside-in perspective to truly meet customer needs.”

The new “Customer @ the Heart” policy comprises five dimensions:

  • Segment One focuses on creating products and services for customers in a one-to- one model, more personalized to fit the specific needs of each customer.
  • Health Focus is centered around becoming a comprehensive life and health insurer for customers of all lifestyles, unlocking limitations of a life and health insurer, and inventing new innovations.
  • Digital Insurer highlights the Company’s drive to develop platforms and tools to highlight the Company’s leadership in offering services through tools modernized to match the rapid changing trends of the new era.
  • Regional Company emphasizes the Company’s commitment to expanding its business overseas.
  • Touch Points allow the Company to relate to customers through face-to- face, digital, branches, etc.

Muang Thai Life Assurance gains major local and international recognition

Continuing its winning streak, Muang Thai Assurance Company won major awards locally and internationally last year. With the Honorary Outstanding Insurance Company Award of 2017, Muang Thai Life Assurance became the first and only company to have bagged this honour.

The company also won the 1st Place Awards for Life Insurance Company with Outstanding Management of 2016 for the 11th consecutive year, and the Micro Insurance Award of 2016 for the fourth consecutive year at the Prime Minister’s Insurance Awards of 2017 organized by the Office of the Insurance Commission (OIC).

In addition, the Company won the Superbrands Thailand of 2017 for the 12th consecutive year, reiterating its brand leadership in the industry. Recently, Muang Thai Assurance Company received the third consecutive
Consumer Protection Thailand Call Center Award, which is the highest award in the category of finance and insurance in recognition of business operators with excellent customer service, receiving customer complaints and providing solutions, according to the selection criteria of the Office of Consumer Protection Board

Meanwhile, international awards that the Company has received include Life Insurance of the Year 2017 at the 21st Insurance Industry Award 2017 organized by Asia Insurance Review and most recently, Most Innovative Life Insurance Company – Thailand 2017 at the International Finance Awards 2017 organized by UK’s International Finance Magazine, which recognizes the company as an industry leader with a penchant for innovation.

Determination to become a Regional Company
As a leader of the Thai life insurance industry, Muang Thai Life Assurance Public Co., Ltd, plans to expand business capabilities overseas to align with the advent of the ASEAN Economic Community or AEC.

The company’s goal is to become a regional leader in providing life insurance services and products. By working closely with its partners, the company has begun expansion into neighbouring countries. This includes the launch of a representative office in Yangon, Republic of the Union of Myanmar, forming joint ventures to launch Sovannaphum Life Assurance Public Co., Ltd. in Phnom Penh, Cambodia, MB Ageas Life Insurance Co., Ltd. in Vietnam and ST-Muang Thai Insurance Co., Ltd. in the Lao People’s Democratic Republic. Moreover, the Company has continued to study the overseas market to explore additional business expansion.

Muang Thai Life Assurance upgrades to become a financial advisor for all stages of life
Muang Thai Life Assurance has prepared its personnel to become both life insurance advisors and advisory-based agents, and has a plan to create a workforce of agents decorated with both domestic and international qualifications such as MDRT, COT, and TOT. The company has also set a target to create more agents with AFTP and CFP qualifications. Muang Thai Life Assurance is equipped to develop its staff at all levels with trainings offered by Muang Thai Academy and Master Trainers, which make learning and development accessible nationwide. In additional, the company is developing digital tools to assist with customer needs analysis such as Financial Need Analysis (FNA), which helps to analyze the demands and needs of its customers to offer products most appropriate and suitable for the customer’s specific life stage and lifestyle, fulfilling its vision of being customers’ lifetime partner.

Muang Thai Life Assurance is promoting its latest offering Customers @ the heart. (Image: Muang Thai Life Assurance)

Launch of “Healthy is a Trend” Campaign with comprehensive life and health solutions
As a leader of comprehensive life and health solutions that can meet consumer needs in the digital age who place great importance on health with in-depth understanding, the company has sparked the trend of a healthy society, launching a new dimension for the life insurance industry with the Healthy is a Trend campaign: the complete life and health solutions, fit & firm and coverage & care.

The campaign was launched under the concept of “Beyond Life Insurance”, a major step forward for the life and health insurance business. The Company also revealed the presenter for the campaign Peck- Palitchoke, who will participate in creating a new experience of “Healthy is a Trend” and promoting a healthy society.

The “Healthy is a Trend” campaign is considered a new dimension of health consciousness, concrete and direct to the needs of health lovers with a comprehensive and complete Health Ecosystem through communication channels that reach out to consumers of the digital age. The website and social media outlets such as Facebook Fanpage: Healthy is a Trend serve as the main channels to raise the standard for caring for your health with a variety of ways like diet, travel, fashion, knowledge, and health-related technology.

The campaign is complete with three dimensions including:

Prevention – fit & firm with a variety of activities for all lifestyles, including healthy financial management through the informative “Saving is a Trend” campaign, etc.

Protection – coverage & care, creating stability with insurance plans complete for all life stages with both life,
health, and critical illness coverage and

Care – services and privileges offering a special experience to both existing and new customers with ecopartners to ensure that consumers of all lifestyles can enjoy, and strengthen the corporate image of an organization that gives back to society.

Throughout the years, Muang Thai Life Assurance Public has operated its business under the policy of the Company for Forward Thinking People along with its mission to bring happiness to society by taking part in CSR activities. The Company organizes activities for religion, arts and culture, environment, society, and education. In addition, Muang Thai Life Assurance has continued to promote financial literacy in Thai society to raise awareness about the importance of financial planning and discipline.

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