Muang Thai Life Assurance has been providing life insurance services to the people of Thailand, under the principle of integrity and fairness, for the past 70 years. It is now building on this strong foundation by creating digitally-driven, innovative products for ‘forward-thinking people’.
MTL is a major Thai life and health insurer and has exchanged ‘smiles’ with its customers, employees and agents since it was founded in 1951 by Chulin Lamsam. Current Chief Executive Officer Sara Lamsam took the time to celebrate the company’s success with InsurTech Magazine.
“Innovation and forward-thinking has always been the DNA of Muang Thai Life Assurance,” he said. Lamsam has led the company for the past 17 years, as it has evolved from a life insurance provider founded with the intention of providing a social safety net, to investing in its own AI-as-a-Service firm to help it realise the full potential of Artificial Intelligence (AI) within the insurance space.
“The most important thing in life insurance is trust and honesty. Trust in the company, trust in the product, trust in the team as this provides sustainability for both our customers and MTL,” said Lamsam, speaking from the company’s head office in Bangkok.
“We aim to be a partner that customers trust through innovation. We have a dynamic pricing product, which not many life assurance companies offer,” said Lamsam, who also highlights the fact they are a very strong brand in Thailand because of a belief in working with the customer at the centre.
“We are the regional life insurance leader, which is strong in terms of finance, service and image and under a good governance and risk management system. We deeply understand the needs and behaviour of our customers to deliver suitable products and services to create financial stability and complete the lives of customers throughout their lifetimes.”
Lamsam points out MTL a familiar and friendly name visible throughout Thai society focuses on the lifetime of the policyholder with dynamic pricing products, saying “it’s not just about sales and margins.
” One example of this is The Muang Thai Smile Club, which offers customer focus, the ability to respond to the needs of customers and is considered to be more than a standard loyalty programme.
“MTL started off as a family business, and although we still have shares, we now have partnerships with banks and multinational companies. We have a transparent governance structure, but we still have the sentiments of working as a team. During a time when everything is very dynamic we are horizontal in the way we work as opposed to having a silo mentality,” said Lamsam.
“We have a very strong brand in Thailand, people always recognise us, and internally we have a very strong team. We are starting to connect to an ecosystem of partners, especially hospitals or nursing homes that are beyond life insurance.”
Digital transformation
Dr Sutee Mokkhavesa, President of MTL, spearheaded the company's own AI -as-a-Service company and has driven the digital transformation.
“We've come a long way in the past five years, but we view our digital transformation as a never-ending journey that requires perseverance. It’s not a project, it's more like a continuous transformation that the company is undergoing as we experience this fast pace of change in technology.”
Mokkhavesa, who has been with the company for 18 years, pointed out the digital journey started with MTL creating a robust customer service platform that was unproven in the industry and faced questions over whether people would use the apps.
“When COVID-19 hit, people couldn't go to our branches, they couldn't go to hospitals, so the adoption rates skyrocketed and this has fostered the belief that consumers can change and they can change radically once you get it right.
“We were fortunate that we built the digital asset prior to the pandemic and it has a telemedicine app embedded within it. Typically, 70% of all hospital visits are for simple diseases which can be served by telemedicine.
During the pandemic, more customers found it convenient and it was cheaper for us, so it was a win-win all around. I believe COVID-19 accelerated our digital adoption by at least a decade.”
How Aigen will revolutionise MTL
Two years ago, MTL established Aigen, a subsidiary company of MTGH, which specialises in AI as they felt this was going to have a big impact on the insurance industry.
“We built a strong capability with 30 best-in-class experts for Aigen and the mandate would be to work together with MTL and solve any technical problems and once they have this brain established they can sell this service to other industries.
“The first use-case was on a death claim which used to take a claims manager 55 minutes. With AI it took six seconds - which is a massive productivity gain. I can then redeploy people to work on harder cases that need human intervention.
“Aigen is maturing nicely and what we are proving is the right people with the right culture and right incentives can innovate on the edge and create a high-value enterprise,” he said.
How AI can detect fraud
Mokkhavesa said they are seeing great potential in AI helping MTL with Optical Character Recognition (OCR). This technology can help decipher an itemised bill from a hospital and identify any fraudulent claims, which can be in excess of 20% of total claims for the whole industry.
“We can see any fraudulent claims, such as any other medicines being prescribed, and analyse all sorts of things that we were not able to do before. Not because we didn't have the data, we had the data, but not in the right format.
“We are now working on OCR to read a doctor’s handwriting and contextual information. You may ask why we need this when hospitals will be digital in the future. The answer is in Thailand, we have many sophisticated hospitals and those which are basic and still use pen and paper.
“It is estimated abuses and fraud in life insurance probably constitute for up to 20% of the total claims. MTL is a big company so even if we fractionally reduce this by 2%, that's a huge saving, so it makes a lot of sense.
”
Thai Chatbot using NLP
MTL has also built their own Thai chatbot using Natural Language Processing (NLP) and have seen some “spectacular” results when used against the complex Jumbo Health Policy.
“The chatbot makes the interaction from the agent to the customer seamless. It basically has two loops. The agents ask the questions, we train the bot, and by looking at the questions, we can go back and retrain the agents on the questions they should work on, for example ‘is physiotherapy included in the policy?’.”
Mokkhavesa said AI has the power to take on mundane jobs and provide higher value tasks to the team at MTL.
Power of partnership with Loxley Orbit
MTL also partnered with Loxley Orbit, a provider of cutting-edge cloud technologies and services, offering scalable solutions for companies. Mokkhavesa said, “we use Loxley Orbit to develop our services, such as our inventory systems, temporary receipt systems for our vendors to carry and they also helped us with the regional migration of our Google workspace platform for our 6,000 users from Lotus Domino.
The life insurance and health insurance industry is probably one of the biggest industries in the world, yet it's the one most resistant to change. But I do believe that with the right incentives and the right demand by our consumers, it will change and it will change quickly, so everyone must be prepared for this.”
How collaboration with ZA Tech will innovate the InsurTech industry
Sara Lamsam, CEO of Muang Thai Life Assurance, revealed that MTL has teamed up with ZA Tech Global Limited (ZA Tech), which is Asia’s leading technology venture company founded by ZA International and is supported by Softbank’s Vision Fund 1.
This synergy is made possible by the commitment of both organisations to create new experiences and innovations for the life insurance industry, including making it easier and more flexible for Thai people to access insurance products in line with the new world and changing needs.
Lamsam commented: “Throughout the past 70 years, the company has never ceased to be a leading player in the development of products and services for customers. During the past four to five years, the company has continuously developed in the digital field. Whether it is the establishment of the Fuchsia Innovation Centre, the launch of the MTL Click application, MTL Mini Click, the MTL Fit application, and many other services, and most recently, MTL has decided to take the next step on the digital path together with ZA Tech, one of the most famous InsurTech companies in Asia.
“This collaboration is an important combination of strengths. With Muang Thai Life Assurance having strength in innovation and product development, together with the strong capabilities of ZA Tech in the field of insurance technology, innovation can be carried out seamlessly, and we can create experiences that meet specific needs (personalised) of customers and various partners in the ecosystem comprehensively.
”
Timeline of MTL
1951
As a financial institution that has been providing “Life Insurance” to the Thai society since its establishment on the 6th of April, 1951, MTL has been operating its business through quality life insurance product and service development, together with asset management. In addition, MTL is the first company to receive royal garuda.
1998
MTL divided its insurance business into life (MTL) and non-life insurance (MTI). Also, MTL shaped the look o the logo and changed the slogan to “Company of forward-thinking people.”
2004
Muang Thai Group Holding joined forces with an important business partnership, “Ageas”, formerly known as “FORTIS” and started a bancassurance business with Kasikornbank Public Company Limited (Kbank). Moreover, MTL launched “Muang Thai Smile Club” as the first CRM programme for the life insurance industry, and MTL was rebranded.
2009
Kasikornbank increased the shareholding proportion in the company in order to enhance the potential for developing the bancassurance channel in full scale.
2012
The company was converted into a public limited company to reflect upon its stability and compliance with good corporate governance. Its performance has been disclosed to the public while being audited to ensure that they are following the standards of the public limited companies.
2017
MTL launched “Fuchsia Innovation Centre” and “Fuchsia VC”, a new dimension of innovation to pioneer and develop products and services, enhancing accessibility and tailor-fitting them to each customer segment, and investing in startups focused on insurtech and wellness tech within the life and health spaces.
2019
Launch of subsidiary company Aigen specialising in artificial intelligence and building capability with best-in-class recruiting
MTL focus on the following services:
Ordinary life insurance
Life insurance with payroll
Small tickets life insurance
Group life insurance
Accident and health insurance
Credit and mortgage Insurance
Selling life insurance through various channels such as through agents, through branches nationwide, through banks, through online channel and via tele-seller
Customer service centre
Customer loyalty program (Muangthai Smile Club)
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Many people think about the possibility of moving to Asia, and Thailand is one of the most attractive destinations. Just look at charming Bangkok, which is filled with entrepreneurs who are not tied to a specific place of work. And all these active people are none other than Western lawyers, accountants and many other professionals. And this suggests that you can also think about the option of moving to Thailand, which is ready to accept everyone who wants to work and earn money in their business!
"Thailand" means "free land", the fact is that Thailand is the only country not in southeast Asia that has never been colonized by European forces. But, despite this, Thailand has never been a bastion of freedom, where everyone aspires, for example, unlike the United States. It is a country where people strive to live in harmony and at a moderate pace, which makes life in Thailand so attractive and desirable.
The cost of living in Thailand may seem different for everyone. It's all about where you are from. For Europeans, prices will seem very attractive. For example, a one-bedroom apartment, which for many in the CIS would mean a two-room apartment, costs about $600-1,000 per month, while a Western-style meal in one of the shopping malls will cost no more than $10-15 with a drink.
As you can see, food prices are quite affordable, and if you decide to cook at home and buy at local markets, where all fruits and vegetables are fresh, and only extra fresh fish is on the shelves, then all this will cost you even less.
But food alone is not enough for a happy life, we should also touch on the topic of movement. There is real chaos on the streets of Bangkok, if you look at it from the side, then in fact, this is a feature of almost every Asian city. Cars, motorcycles, scooters and bicycles are all mixed into one big mass that randomly moves around the city.
Unfortunately, this also guarantees huge traffic jams, even at 3am. Of course, in Bangkok there is a subway and a network of Skytrain air trains, but they will not get you to all the desired points in the city.
Despite Thailand's size and population, it is not a country of cops, as one would describe the US. On the one hand, you come to the country and do not feel suspicious looks in your direction on every corner, which is certainly much more comfortable, but at night you should not hope that someone will take special care of you in case of problems with local bandits. Everything always has two sides.
Regarding economic freedom in Thailand, it is worth paying special attention to the rather cold attitude of the local government to such economic processes as, for example, the overheated real estate market. Unlike countries such as Singapore and Hong Kong, which are actively working to cool the local real estate market, Thailand is not taking such action. Which also says that if you suddenly hope to start your own business for a penny or outbid someone else's, you are unlikely to succeed.
Before you move to Thailand, you should understand that the local people are quite patriotic and nationalistic. Each of us has his own opinion and attitude towards his country and government, however, no government should be encouraged in its tendencies to create a monopoly. And love for the motherland should in no way harm your prosperous and successful living. If you feel bad in your beloved country, this does not mean that it is not worth it, at least for a while, not to move to a more prosperous, promising and hospitable place, which any house can replace as a couple.
Thailand is a beautiful, interesting and promising place where everyone should definitely live. However, in addition to the advice of others, you should always listen to the advice of your heart. For some, a dinner at a five-star hotel will seem chic, and someone will be completely delighted by trying noodles in a shop at a local market, where they can taste the full flavor of local cuisine and life.
The main thing is not to live according to other people's advice, but to create your own experience.
There is not a single place or country in the world that will be perfect in everything, but there are countries that can come close to your ideal and bring all your ideas to life. I do not insist that everyone should move to this Asian country right now, but I tell you that so many Western expats have chosen this Free Land for themselves.
Finally, in order to live comfortably in Bangkok as a pensioner or rentier, you need at least $3,000 monthly funds. Then you can enjoy your Asian life in peace.
For all questions regarding the registration of companies, opening bank accounts, etc. in Asia contact us at [email protected]
We've rounded up Koh Samui's best nightlife for partygoers and places to go in the evening with the whole family at the resort.
Samui today is one of the most popular resorts in Thailand. It is not surprising that a large number of entertainments for vacationers, including night ones, are provided here.
Almost all nightclubs in Samui are located on or near the beaches.
Most establishments shareware . In order to join the general fun, you need to order a cocktail from 100 TNV. Hookahs cost from 350 TNV.
Coming to nightclubs costs after 23:00 .
You can have fun until at least 3:00, some clubs close only at 6:00.
Koh Samui's nightlife is almost entirely concentrated on Chaweng Beach. The combination of national cuisine, incendiary dances, strong drinks and excellent mood will satisfy even the most sophisticated party lovers. Most of the establishments operating under the moon are located on Soi Green Mango and Soi Reggae.
For those tourists who are eager to break away and dance until at least 3 nights, the following establishments are suitable:
open bars (full-open party) in Green Mango Square. One club smoothly passes into another, and each of them is distinguished by its musical direction;
Sound is suitable for those who prefer hip-hop and R'n'B style;
Green Mango. The club captivates with its original interior design: there is a huge tree in the center of the building, and the lighting is made exclusively in green tones;
Soi Reggae is a world famous restaurant on Koh Samui.
Only reggae hits in amazing processing are played here;
Sweet Soul Cafe - hip-hop nightclub. Its highlight is a special machine that releases artificial snowflakes on the excited crowd at the moment of incendiary dances;
Mint bar is a club with a unique author's concept. The owners regularly invite famous DJs, so here you can dance and relax on cozy sofas.
Reclining in a comfortable chair and having a drink with an original show is highly recommended at the cabaret. Here, guests are waiting for bright costumes, defiant make-up, a lot of brilliance combined with traditional dances from Thailand and other countries. The most popular cabaret shows in Chaweng are the following performances:
Christy's Cabaret. There are three performances daily from 18:00 to 02:00;
Starz . The most famous transgender show on Koh Samui;
Charlie's Angels, performing in a separate room under the roof of Soi Sound;
Moulin Rouge - performance of drag queens and drag queens, parodying the Moulin Rouge show.
Koh Samui, like other resorts in the Kingdom of Thailand, boasts delicious national cuisine and cuisine from other countries of the world. You can try original dishes in the following establishments:
Bondi Aussie Bar and Grill is the original Australian bar. Here you can not only taste a juicy steak, but also watch a sports broadcast on a chic screen;
Tropical Murphy's a traditional Irish pub with drinks and snacks to match;
Springer Pub. The establishment is decorated in a loft style and is located in a converted garage;
D'jouns is the best hookah restaurant on Koh Samui.
Lamai is the second largest nightlife destination on Koh Samui. There are enough spectacular shows, restaurants with delicious and hearty cuisine, as well as night and go-go clubs with incendiary music and wild dances.
The most popular among those who appreciate good alcohol and dancing until the morning are the following establishments:
Fusion - high-tech nightclub;
Sub Club - disco with techno and house music;
Smooth welcomes visitors with original music and live cocktails;
Outback Bar - Australian charcuterie and craft beer bar;
Shamrock - drinking establishment with noisy cheerful companies and loud music.
Fire shows are the visiting card of Lamai beach. The following performances gained the greatest love of the public:
Swing Bar where you can watch the performance on real swings instead of traditional chairs;
The Rock Bar. The institution has its own access to the water;
Bar Chill In - the show is available for viewing a few meters from the water, on comfortable ottomans and hammocks.
Lamai, unlike other beaches, can please its guests with energetic Thai boxing. You can see him in the following arenas:
Lamai Stadium - the central stadium where the show starts at 20:30;
Fusion Night Club. Here both men and women participate in battles.
Bophut is ideal for family holidays and there are practically no places where you can have fun after 23:00. The exception is a few pubs:
Gecko Hill Bar - a bar with an interior in the style of the island of Bali;
The Frog and Gecko - Italian establishment in the heart of Thailand;
Bob Marley - a bar for lovers of reggae music;
Emerald Irish Pub . Here you will be treated to delicious beer with snacks served as in Ireland itself.
The extreme northern point of Koh Samui, Maenam Beach is not the most extreme in terms of nightlife. There is no wild club life here, but guests are always welcome in restaurants and bars. Definitely worth a look at the following establishments:
Rim Talay - a bar located right on the coast;
Paradise Beach Resort Pool Bar - a quiet cafe with access to the sea;
Sunset . Cozy atmosphere and live music are ideal for couples in love;
Napasai Pool Bar. During the day, the establishment offers a bite to eat with one of dozens of dishes of national cuisine, and in the evening it pampers visitors with author's cocktails;
Lazy Coconut or three friends bar. Billiards lovers should come here.
Special attention should be paid to establishments located near the local attraction of Koh Samui - the Big Buddha.
There is no smell of unbridled fun here, but there are enough excellent restaurants.
Heart & Soul - one of the best bars on the island;
Big Buddha Cafe (BBC). In this cafe, you can both have a quick lunch during the day and spend time relaxed in the evening;
Dreamers. Bar has recently turned only a year old, but he already has sincere admirers;
Sibelius - a restaurant with screens for watching sports events, as well as tables for billiards;
Secret Garden Festival. In the evening they enjoy watching sports broadcasts, and at night they dance and listen to music.
Incendiary parties on the island of Koh Samui will not leave indifferent guests of the island, who belong to the category of party-goers. But they are not as crazy as the Full moon party in Phangan, which is attended by almost all the youth of Thailand and the world.
