The insurance company wants to be the most dependable life and health companion in the nation, according to chief executive Sara Lamsam.
The success of Muang Thai Life Assurance ( MTL ), one of Thailand’s most well-known life insurance companies, is largely due to Sara Lamsam.
- Best Director in Management and Innovation Excellence
- Muang Thai Life Assurance Plc’s president and CEO is Sara Lamsam.
The 54-year-old president and chief executive officer has played a crucial role in outlining and putting into practice organization strategies that have fueled MTL’s steady progress for ages, supported by 30 years of experience within the Lamsam home in the life insurance sector.
The company’s delivery of a variety of cutting-edge products and services has been largely responsible for its exceptional performance and ability to garner plaudits.
This time, MTL declared its intention to establish itself as a life insurance company that stands out in terms of its merchandise offerings. It will do this by using online systems to connect with different customer groups and continue to dominate the life insurance sector in the nation.
MTL’s items are now available to consumers through both conventional and new distribution channels. In order to enhance innovations in relation to its goods, services, and management procedures, the company founded the Fuchsia innovation center. The center serves as an illustration of how MTL works with other businesses to create products that appeal to various customer parties, especially those who want something special.
After more than 800,000 people downloaded the app, MTL Click, which was created to give consumers access to all of the company’s service in one place, won the Business Product Innovation Award 2023 in May.
The employer introduced MTL Fit, an app to help create people’s medical hassle-free, two months prior. For discounts of up to 15 % on insurance premiums, it provides dynamic pricing through an” MTL Fit Reward” feature.
The business teamed up with Line BK next month to provide a cutting-edge life insurance product for lower-income customers and consultants. Through Line Pay, these organizations can quickly access information and give a small fee for life insurance protection.
According to Mr. Sara, MTL is able to meet the needs of every type of lifestyle at various stages of life by providing products and services that are simple to understand and equipped with technology for the ease and accessibility of customers. This makes it possible for MTL to connect with customers who are more specifically targeted.
Such a tactic aids the business in growing its clientele while core products like health insurance, critical illness insurance coverage, unit linked-insurance, and pension insurance continue to grow successfully, supporting MTL’s ability to expand regularly and walk out in the life insurance industry.
Under the guise of” MTL Next to You ,” Mr. Sara declared his intention for MTL to emerge as the nation’s most dependable life and health partner and a market leader by providing innovative health insurance coverage and wealth management.
He emphasized the idea of life insurance products that take an” inside in” approach to meeting consumer demands. In order to satisfy the needs of clients who prefer self-service or company with a human contact, the company uses this strategy to provide services with new innovations through both online and non-digital systems.
According to Mr. Sara, the life insurance industry has changed because businesses now need to consider an” in out” aspect when providing comprehensive insurance.
The world of life insurance today is about being” personalized” or” outside in” to serve customers. Big data and technology are essential success tools for now because it’s crucial to find products that satisfy consumer needs.
According to him, using information systems to create insurance plans through online and offline channels is a plan that keeps customers happy, makes MTL profitable, and causes its operating results to increase even in times of crises.
With full coverage rates reaching 300 billion ringgit, up 3.78 % from the corresponding period last year, the life insurance industry as a whole continued to expand in the first half of this year. Premiums are expected to increase by 0 to 2 % year over year, from 613 billion to 624 billion ringgit, for the entire time.
Insurance rates increased by 14.4 % year over year to 29.9 billion baht in the first five weeks, outperforming the market as a whole. In total, new insurance premiums made up 10.5 billion baht, an increase of 13.8 % year over year, and insurance renewal premium numbers increased by 14.8 % to 19.4 billion.
As chairman of the Thai Life Assurance Association, Mr. Sara thinks that as people learn more about the value of life insurance and more health or critical illness insurance policies, positive elements will support the expansion of that sector. The healthcare industry has grown so far this year as a result of rising medical costs and confusion regarding the spread of emerging diseases like Covid-19.
In comparison to the size of the Thai population, life insurance policies have an average of 38 %, and the value of this sector currently makes up about 3.8 % of GDP. Life insurance companies may reach a larger audience in some nations and can add up to 15 % to GDP.
Given that so many people are still not covered by insurance items, Thailand’s life insurance industry also has a lot of room to expand.
Additionally, the life insurance system invests 95 % of its money in stocks, bonds, and debt instruments. This implies a link between the healthcare industry and the national habitat.