Thailand:Muang Thai Life recognised for its innovative life and health solutions

| 07 Nov 2017

Muang Thai Life Assurance's vision "to be the customer's trusted lifetime partner through innovative life and health solutions by putting customers at the heart of everything we do" has driven it to success.

Its use of technology to understand customers, while staying open, caring and collaborative, has helped it become a superbrand life insurer, and won the hearts of the locals. It was recently recognised as the Life Insurance Company of the Year at the 21st Asia Insurance Industry Awards organised by Asia Insurance Review.

In 2016, Muang Thai Life Assurance Public Company Limited (MTL) was the second largest life insurer by total premiums. It has also been the market leader in both new business premium and bancassurance for four consecutive years, with a 19% CAGR.

The insurer’s core values of “Customer Centric, Creativity, Commitment to success, Collaboration and Caring” have played a crucial role in establishing solid foundation and representing MTL’s corporate culture and business practice.

MTL pioneered customer loyalty programmes in Thailand’s insurance industry. The “Muang Thai Smile Club” continues to provide enjoyable activities and privileges to customers, counting more than 1 million members today. It has implemented business intelligence, while a new customer analysis tool “HearSay” promoted social engagement between agents and customers, and allowed the insurer to monitor customer lifestyles via social media. Leveraging technology paved the way for MTL to then adapt and develop products in response to customers’ lifestyles.

Creativity has also spurred MTL to develop unique products and services to differentiate itself from others. It launched various innovative health insurance products, such as a critical illness policy for diabetes care, exemplifying its leadership in taking specific customer needs into consideration. Its “Fuchsia” Innovation Centre is an out-of-the-box concept to integrate ideas.

As a recognition of success, MTL has won many awards in its home territory, most notably the “Life Insurance Company with Outstanding Management Award”, which was bestowed on the insurer for 10 consecutive years by the Office of Insurance Commission Thailand. MTL takes risk management seriously, and has been certified with the ISO 22301:2012 (Business Continuity Management System) standard.

At MTL, collaboration is a key driver internally and externally. A “Muang Thai Link” platform enables employees to communicate and share their ideas, while on the external front, MTL has built a strong multi-distribution channel as its strategic advantage. It has joined forces with its partners to develop a training roadmap, leading to great cross-functional teamwork.

As a caring insurer and employee, MTL has provided various touch points, such as a 24/7 call centre and a MTL Global Connect service so customers have access to coverage even when abroad. It partnered with the Islamic Bank of Thailand to offer several Takaful products in order to serve Islamic customers’ needs. The insurer has also launched several awareness initiatives to educate the public, such as a “Safe Drive No Accident” campaign. Its firm’s adherence to corporate governance, especially the disclosure and transparency policy has been recognised via a slew of ethics and CSR awards.

MTL truly believes in being a “Customer Centric” organisation, embracing all of its corporate core values to provide excellent products and services.

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