An overview of Muang Thai Life Assurance

Against this background, one company that is exploring this opportunity is Muang Thai Life Assurance (or MTL), the second-largest life assurance company in Thailand with a total premium of 94.46 billion THB last year. MTL established in 1951, was first granted royal patronage by the King Rama 9 with the vision “To be the customers’ trusted lifetime partner through innovative life and health solutions by putting customers at the heart of everything we do.”

In 2004, MTL established a joint-venture life-insurance company with Ageas and started Bancassurance business with Kasikorn Bank. The move demonstrated a big step toward its business expansion in Asean.

MTL has initiated a significant change to its new business strategy under the concept: “MTL Everyday Life Partner” to become a digital and health tech insurance company in order to meet the changing demands of insurers, and continuously deliver quality, reliable, and advice-based solutions to achieve world-class management standards.

Through its outstanding achievements and efforts throughout the year, the company was recognised by Asia Insurance Review as the Life Insurance Company of the Year at the 22nd Asia Insurance Industry Awards for the third consecutive year. That reflects on the company’s line of successful management-related products, distribution channels and partners, services, innovations, and employees.

MTL has received three prestigious awards from the Office of the Insurance Commission (OIC) including “Honorary Outstanding Insurance Company Award 2017,”  “Winner and Honour of the Prime Minister’s Award for the Year 2008, 2011 and 2015,” and “Life Insurance Company with Outstanding Management 1st Place Awards for 12 consecutive years 2006- 2017.” In addition, last year the company received an award for Best Life Insurance Company from International Finance for the second consecutive year.

Multi-distribution channel

Based on the “Multi-Distribution Channel, Multi Targets” concept as part of its marketing strategies, MTL has expanded other distribution channels and engaged with new customers.

The company has started to fully mobilise the bancassurance business with Kasikorn Bank as a major shareholder and other potential financial institutions as business partners to acquire new customers and opportunities across all segments. It has even partnered with the Islamic Bank of Thailand to offer Takaful Insurance products for Muslim customers.

That said, MTL provides quality after-sales service through various touch points that’s more diverse and inclusive under “MTL Smile 4 series,” which comprises of MTL Care, MTL Smile Tech, MTL Smile Touch, and Muang Thai Smile Club which coordinates with hospital network and start-up InsurTech partnerships.  The company’s multi-language customer service call center: MTL Global Connect service operates throughout the week for the purpose of attending to customer’s illness while travelling abroad. The “MTL Six Packs” campaign offers a comprehensive range of health benefits for customers who seek to stay in good health. The company has coordinated with the Office of the Insurance Commission (OIC) to provide 10-baht micro-insurance for low-income customers every year.

With a diverse range of effective distribution channels and efficient team work, MTL offers services that cater to more customers. Apart from that, it has developed digital sales tools and tablet applications to support sales process for agents who play a key role in increasing the sales volume and stimulating the number of applicants.

MTL continues to expand its insurance solutions into the overseas market.  In the past 4 years, it has expanded its business into Myanmar, Cambodia, Vietnam, and Laos, respectively. The company’s business opportunity is not only in Thailand or CLMV countries, but it also has a scope for expansion overseas, especially in ASEAN countries with a population of over 300 million.

How technology is changing the insurance landscape

With new emerging  technologies, MTL has reached out to startups in the region for the creation of new platforms this year—and pursues to become a health and assurance tech business. Last year, the company launched Fuchsia Venture Capital (FVC) to seek strategic investment and partnership with a focus on insurtech and healthtech—as a way of acquiring external knowledge and expertise.

The company is actively seeking new business partners to form an ecosystem that will enhance the existing market and create new value proposition for different industries. One of the many successful insurtech applications is “Health @ Home” for finding careers to provide health care services for home-based patients and the aged. As e-commerce becomes more popular in Thailand, MTL has decided to open an official online store in Shopee. Customers can purchase a life insurance using an easy, secure, and fast platform.

There is focus not only on the business ecosystem, but MTL also targets product innovation to help people who are unable to access life and health insurance through “Baowan BetterCare.” In translation, BaoWan means diabetes in Thai— which is the first ever dynamic pricing insurance for type 2 diabetics in Asia. It helps customers to track and monitor blood glucose, diet, weight, and daily steps on a dashboard. Moreover, MTL provides an online Diabetes Coach Chat which allows customers to get solutions and personal advice from certified nutritionists and dieticians.

The company is looking forward to develop new platforms that could change the lives of millions of diabetes sufferers. In recent times, MTL launched “myThaiDNA” program, Thailand 1st Nutrigenomics-based Mobile Health Coach, a new dimension to personal health that helps customers to understand their DNA and live a better life by choosing the right diet and exercise. It’s one of MTL’s innovative services which creates a favourable customer experience and builds a higher level of trust and loyalty.

The next-gen 5G

For the upcoming 5G Network, MTL customers will get a new experience from enhanced services which have been developed as an integral part of their lives, aided by technologies and innovations. The company is working toward developing new innovative products and platforms for individuals under the concept “Segment of One”—along with MTL personal financial advisors, who can help customers achieve their lifestyle and financial goals as efficiently as possible—and create value for them in the long run.

Customers may be able to track claim status in real-time, upload the declaration of attending physicians in hospitals, and connect with MTL from anywhere without having to consider the bandwidth. Administrative tasks and BAU will be done by RPA technology which will help the industry to reduce human error, save cost, fraud detection, and prevention.

From now on, MTL expects all Thai people including low-wage working families and single adults or patients with congenital disorder to access an on-demand life insurance platform that is easier and generates real-time costing for different insurable products, packages, and services. Everyone should have a wider choice of insurance coverage tailored to their risk profile, which in turn will provide insurance with an incentive to practice safe behaviour and manage their risk better.

In conclusion, there are numerous opportunities for growth in the life insurance industry in Thailand. Many international brands have recognised that and moved into the Thai market. It is therefore imperative that Thailand-life insurance companies provide the most appropriate services to policyholders.

The post Muang Thai Life Assurance hopes to become “Everyday Life Partner” through innovative solutions appeared first on International Finance.

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
(OCPB).

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.

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 www.healthyisatrend.com 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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