To be the customers’ trusted lifetime partner through innovative life, health, and investment solutions by putting customers at the heart of everything we do
Information about the Company
Muang Thai Life Assurance Public Company Limited (MTL) is one of Thailand’s leading life insurance insurers and has been operating as an innovative company for over 73 years. MTL’s business strategy is based on happiness and sustainability under the concept of “Happiness Your Way” since the company feels that happiness is everything. MTL continually delivers happiness to its customers, employees, partners, shareholders, and society.Furthermore, MTL focuses on sustainable development with a customer-centric strategy across all segments, guaranteeing that the firm is equipped to accompany clients through all stages of life by improving tailored products and services with innovative ideas.
At the same time, MTL respects its employees by providing a happy workspace because the company believes that happy people lead to the creation of top-notch products and services. This is all done for the sake of achieving its ambitious goals by steadfastly adhering to its vision of being the "No.1 Most Trusted Partner in Life & Health Planning” even during disruptive periods.
Innovative Corporate Culture & Growth Initiatives
In the ever-changing multi-channel environment, MTL has pursued decarbonization such that it has become a "Green Insurer" through a Future-Ready Workplace, where employees are equipped with essential skills such as resilience, agility, digital literacy, and business data analytics for preparing a dynamic environment. The company encourages all its employees to learn and develop future skills in order to create a culture for sustainability. In addition, MTL has established "the Sarnsara Learning Center by MTL" as a hub for personnel development, and "The Garage by Muang Thai Life" as a space fostering agile and design thinking. MTL prioritizes upskilling its employees through the "LearnRu" online academic platform. This platform offers a professional path and learning roadmap for agents at all levels, allowing them to study anytime and anywhere.Furthermore, MTL is helping its employees with internal work rotation and specific training in external curriculums through the “GROW” project, which encourages upskilling and reskilling in a broad knowledge scope in order to prepare to work efficiently in higher positions in an ever-changing work landscape. This ensures that they will have the ability to make skilled decisions about challenges that will become more complicated and uncertain over time.
MTL also encourages its insurance agents to get international certifications such as MDRT and GAMA. In 2023, MTL developed activities such as the “MDRT Mission Camp” and “GAMA Day” to raise advisory-based selling awareness and exchange information, allowing financial advisers to become accredited and acknowledged by the industry and customers. More than 300 agents engaged in the event, and they are now MDRT certified, representing a 16% YoY rise.
Achievements & Impact
The year 2023 is remarkable for the company's success, with total assets reaching THB 630 billion, and an impressive CAR of more than 300% (which exceeds the supervisory CAR threshold of 120%). Furthermore, MTL ranks third and second in new business premium (NBP) and health & CI rider in NBP (January – December 2023) with 13.3% and 12.6% market share, respectively, with protection and investment insurance accounting for 64% of total NBP.Considering the current high volatility in both the global and domestic insurance markets, MTL now targets sustainable growth. With democratized insurance as its strategic direction, MTL has consistently enhanced personalized products and beyond services over the years to increase client happiness and trust.
Recently, MTL has launched the "MTL Click Application", a digitalized service platform with new features such as "MTL Portfolio Management" which provides tailored investment portfolio management by professional fund managers. This innovation makes MTL the first Thai life insurance business to cater to unit-linked customers, assisting them during economic changes and helping investors who do not have the time to handle their assets themselves. This platform has received numerous awards and is approaching 1,300,000 downloads.
Furthermore, "Care Plus", which launched in 2023, is a critical illness insurance that covers major conditions such as cancer, chronic renal disease, and mental illness. It combines cutting-edge modern medical treatments such as targeted therapy, stem cell therapy, immunotherapy, and online hemodiafiltration. This product is intended to provide comprehensive coverage for common ailments in Thailand, as well as treatments that can help Thais live longer lives. "Care Plus" has grown in popularity, resulting in a 10% YoY growth in new business premiums for MTL and becoming the second-most preferred insurance in the Thai market landscape.
Future Direction
MTL aspires to be the “Regional Life Insurance Leader” under international governance and standards. MTL is also dedicated to enhancing its foundation to better serve its customers throughout their life journeys. MTL strives to be the “No.1 Most Trusted Partner in Life & Health Planning” by becoming “the customer’s Trusted Lifetime Partner”. MTL developed a successful plan by democratizing insurance, reaching out to untapped segments such as uninsured, uninsurable, and uninterested people by offering financial solutions and exceptional services. MTL has also initiated continuous investments in up-and-coming startups and engaged with various tech partners and non-tech partners through “Fuchsia Venture Capital”.MTL emphasizes continuous improvement at the infrastructure level by embracing technologies and diversified preferred partners as ecosystem orchestrators across all industries and segments to meet Thailand’s needs, digital lifestyle, and aged society. Moreover, MTL has advocated for ESG practices to embed sustainability in its own operation, and establish a balance for all stakeholders. MTL will expand its business throughout the AEC region to eventually drive business toward world-class management standards.
Company Milestones
