Muang Thai Life Assurance (MTL) impressed the judges for its efforts towards greater customer-centricity, as well as its commitment to innovation, as it walked away with the Life Insurance Company of the Year award for the second consecutive year at the 22nd Asia Insurance Industry Awards, hosted by Asia Insurance Review.
MTL is one of the leading life insurance companies in Thailand. It strives to reach new heights all the time. It has been the leader in new business premiums for five consecutive years and surpassed THB100bn ($3bn) in total premium for the first time in 2017, which has contributed to MTL being the second largest player in the Thai life insurance industry.
Founded over six decades ago, MTL is guided by its corporate vision – which is ‘to be the customer’s trusted lifetime partner through innovative life and health solutions by putting customers at the heart of everything we do.’
With many disruptions in the Thai life insurance industry such as new regulations, customer behaviour changes and digital technology, MTL always seeks new opportunities and is highly adaptive, often disrupting itself before being disrupted by others.
Digital insight with human touch is the way forward - Muang Thai Life CEO
The company started Fuchsia Venture Capital to sponsor FinTech and HealthTech start-ups as a way of acquiring external knowledge and expertise. At the same time, Fuchsia Innovation Centre was formed in 2017 to support its innovation efforts.
One of the most recent innovations Fuchsia has launched is Baowan BetterCare, an innovative product that gives diabetics access to insurance for the first time and uses dynamic pricing, which rewards customers who improve their health behaviour with premium discounts. It was also the first product in the Thai life market that was developed in the insurance regulatory sandbox of the Office of Insurance Commission.
Muang Thai Life recognised for its innovative life and health solutions at the 21st Asia Insurance Industry Awards
Fifteen insurance champions took centre stage at the glittering 22nd Asia Insurance Industry Awards 2018 gala dinner. This year’s awards saw over 800 entries that were rated by a bench of 33 judges. A total of 47 finalists were selected before a judging process audited by KPMG whittled them down to the 15 winners.
For more information, please visit the Awards page.
(Main picture: Mr Sara Lamsam, President and CEO of Muang Thai Life Assurance, (L), receiving the award.)
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