CORPORATE EXCELLENCE CATEGORY
MUANG THAI LIFE ASSURANCE PUBLIC COMPANY LIMITED
Financial Services
www.muangthai.co.th
Information about the Company
Muang Thai Life Assurance Public Company Limited (MTL) is a life insurance company in Thailand encompassing 73 years of innovative business expertise. MTL has designed its business strategy to align with the core values of happiness and sustainability under the concept of "Happiness Your Way", since its members believe that happiness is everything.MTL consistently delivers happiness to customers, employees, partners, shareholders, and society by refining its end-to-end services and providing the best-personalized products in accordance with its dedication, vision, and core values. MTL has successfully achieved its ambitious goals by earnestly following its vision of becoming the “No.1 Most Trusted Partner in Life & Health Planning” through tackling fast challenges and disruption. The company also adheres to core values such as Customer Centricity, Commitment to Success, Collaboration, Caring, Innovation, and Data-Driven, which play a crucial role in laying a firm foundation and expressing MTL’s corporate culture and business practice.
Furthermore, MTL focuses on sustainable development with a customer-centric approach across all segments, ensuring the company is ready to accompany customers through all phases of life by enhancing personalized products and services with innovative ideas.
Corporate Culture & Company Activities
In the ever-changing, multi-channel financial services industry, MTL has transformed its working environment and culture towards innovation and adaptability, establishing "the Sarnsara Learning Center by MTL" as a hub for personnel development, and "The Garage by Muang Thai Life" as a space for fostering agile, design thinking.MTL also 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. The company is also concentrating on developing learning content related to "Future Skills" to equip employees with essential skills such as critical thinking, resilience, agility, digital literacy, and business data analytics.
As aforementioned, MTL supports its insurance agents in achieving international certifications like MDRT and GAMA, enhancing their professional development. In 2023, MTL organized programs such as “MDRT Mission Camp” and “GAMA Day” to promote advisory-based selling awareness and share knowledge to lift their financial advisors’ skills to be certified and recognized by the industry and customers. More than 300 agents participated in the activities, and they are now certified with MDRT, consequently leading to a 16% year-on-year growth for the company.
As a result, the company has been instrumental in achieving recognition on an international level, and has garnered various prestigious awards. These awards clearly acknowledge the company’s efforts to prioritize employee well-being and satisfaction.
To be the customers’ trusted lifetime partner through innovative life, health, and investment solutions, we put our customers at the heart of everything we do
Achievements and Impact
The year 2023 is notable for MTL's accomplishments, boasting total assets exceeding THB 630 billion, and a remarkable CAR of over 300% (exceeding 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, as well as 64% of total NBP from protection and investment insurance.Due to a high volatility in current global and domestic situations, MTL has prioritized sustainable growth. With the insurance democratization in its strategic direction, MTL has continuously improved innovative products and unleashed remarkable services throughout the years to enhance its customer’s satisfaction and trust.
Recently, MTL has developed the "MTL Click Application", a digitalized service platform with new features, including "MTL Portfolio Management", offering tailored investment portfolio management by professional fund managers. This innovation makes MTL the first Thai life insurance company to cater to unit-linked customers, supporting them amidst economic fluctuations and benefiting investors who lack the time to manage their investments themselves. The app has won numerous awards and is nearing 1,300,000 downloads.
Furthermore, the company’s "Care Plus" product, launched in 2023, is a critical illness product that covers serious ailments including cancer, chronic kidney disease, and mental illness. It integrates cutting-edge treatment innovations such as targeted therapy, stem cell therapy, immunotherapy, and online hemodiafiltration. This product is designed to offer comprehensive coverage for prevalent diseases in Thailand and supports treatments that can extend the life expectancy of the community. "Care Plus" has grown in popularity, contributing to a 10% year-on-year increase in new business premiums for MTL and securing the No. 2 rank in the Thai market landscape.
Future Direction
MTL aims to become the “Regional Life Insurance Leader” possessing international governance and standards. MTL has also committed to enhancing its foundation to better serve its customers throughout their journeys. The company aspires to be the “No.1 Most Trusted Partner in Life & Health Planning” in order to be “the customer’s Trusted Lifetime Partner”. MTL has implemented a successful plan through democratizing insurance which has reached untapped segments such as the uninsured, uninsurable, and uninterested people, by providing expert financial solutions and exceptional services.MTL has utilized new technologies and diversified preferred partners as ecosystem orchestrators across all industries and segments to meet Thailand’s needs, including the community’s 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 towards world-class management standards.
In the next year, Thailand will fully put into effect a new regulation by TFRS 17. It represents one of the biggest and most significant insurance accounting changes in decades. To prepare for this, the company is prepping boards across finance, risks, actuaries, and IT in terms of systems, data, processes, and people.
COMPANY MILESTONES
