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Thailand: Muang Thai's new approach to health insurance

| 12 Sep 2022

For Muang Thai Life Assurance (MTL), Health 5.0 is a new approach to health insurance that covers all generations and aims to drive inclusive growth for years to come.

Customers want health protection that meets their needs, which can vary because of gender, age, marital status, occupation and education, said Mr Sara Lamsam, MTL's managing director and chief executive.

"The world is changing rapidly. Consumers now pay more attention to healthcare, demanding coverage that meets the needs of their lifestyles," he said.

"Insurance must provide a commitment to the needs of customers from the outside in, which forms the heart of our company. It has always been our focus, with a goal to make people smile.”

As such, MTL has launched a new product under its Health 5.0 strategy, which is designed for customers to personalise their coverage to meet their needs, regardless of background or lifestyle. Even patients with underlying medical conditions such as diabetes can access Health 5.0 coverage, said Mr Sara. 

The insurance also covers parts of the Thai market traditionally ignored by insurers, offering protection to people up to 90 years old, compared with an age cut-off of 80 for other insurers.

MTL's new offering also expands coverage for vision and teeth, which are increasingly important for customers, he said. 

Thailand's demographic profile is increasingly ageing, with people living longer. This has prompted the need to expand insurance coverage, said Mr Sara. 

To make insurance products more accessible for everyone, the company focused on information and technology, offering the following services:

  • MTL Click is an app that offers all of its services;
  • MTL Health Buddy is a comprehensive health assistant for consumers to consult with specialist doctors about their health and make appointments for treatment;
  • Muang Thai Smile Club is a centre for activities with various benefits to cover every lifestyle; and
  • MTL Fit app helps users to better understand their health conditions by connecting with a network of hospitals, comprehensive e-commerce alliances and startups. 

MTL employs a fixed payment strategy, especially for "Elite Health Plus" and "D Health Plus", which cover both room and treatment costs. Several ailments, including cancer, heart disease, epidemics, smallpox, emerging diseases, common diseases and accidents are all covered. 

Elite Health Plus provides coverage for room and treatment expenses of 20-100 million baht (US$548,380 – 2.74 million) per year, while D Health Plus offers package coverage of 1-5 million baht per treatment. 

Additional coverage includes health checks, dental work, eye care and maternity protection.

These are all health coverages demanded by customers, he said. 

Mr Sara said MTL is also studying health insurance for certain groups with limitations, such as people with diabetes, offering them policies under specific conditions that use advanced technology.

"Diabetic patients with self-care discipline can live a long life, just like everyone else," he said. "MTL is evaluating this option in a sandbox and we expect the service can be provided in 1-2 years.

"We need to make the most of our data, artificial intelligence and technology," he said, according to Bangkok Post.