The Muang Thai Life Assurance building on Ratchadaphisek Road.
The Muang Thai Life Assurance building on Ratchadaphisek Road.

For Muang Thai Life Assurance (MTL), Health 5. 0 is a new approach to health insurance that covers all generations and aims in order to drive inclusive growth for years to come.

The protracted pandemic made health a major concern for consumers, with medical health insurance receiving a lot of attention.

Mr Sara reiterated that the health insurance market in Thailand still has huge potential for growth.

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

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

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

Diversified Protection

MTL launched a brand new product under its Health 5. 0 strategy, which is designed for customers to personalise their own coverage in order to meet their particular needs, regardless of background or lifestyle. Even patients with underlying medical conditions such as diabetes can access Wellness 5. 0 coverage, said Mr Sara.

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

MTL’s new offering also expands coverage with regard to vision plus teeth, which are increasingly important for customers, this individual said.

Thailand’s demographic profile is increasingly ageing, with people living longer. This offers prompted the particular need to expand insurance coverage, stated Mr Sara.

To make insurance products more accessible for everyone, the company focused on information and technology, providing the following services: MTL Click will be an app that offers all of its services; MTL Health Buddy is a comprehensive health assistant for customers to consult with specialist doctors about their health and make appointments for treatment; Muang Thailänder Smile Club is the centre regarding activities along with various benefits to cover every lifestyle; plus MTL Fit app helps users in order to better understand their health conditions by connecting with a network associated with hospitals, comprehensive e-commerce alliances and startups.

Value for Money

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

Elite Health Plus provides coverage intended for room and treatment expenses of 20-100 million baht per year, while D Wellness Plus offers package protection of 1-5 million baht per therapy.

Additional insurance coverage includes wellness checks, dental work, eye care plus maternity safety.

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

Mister Sara mentioned MTL is usually also studying health insurance coverage for certain groups with limitations, such as people with diabetes, offering them policies below specific conditions that make use of advanced technology.

“Diabetic patients with self-care discipline can live a long life, just like everyone else, ” he said.

“MTL is definitely 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. ”

Short-term Outlook

The health insurance marketplace in Asia still has huge potential for growth. The number of policies compared with the Thai population can be 38. 4%, though inside Taiwan the particular ratio is as high because 76%.

To capitalise on this growth possible, business patterns have to adjust to the changing environment and technological development in order to outline strategies for services consumers want, said Mr Sara.

MTL employs regarding 3, 000 people plus plans to better manage the particular headcount in the future to increase efficiency, he said.

This represents the challenge for both the company and the employees to develop efficiency to accommodate new perspectives, said Mister Sara.

To support this strategy, MTL has provided training for employees to both reskill and upskill them along with new knowledge, while the organization invests and introduces new products, this individual said.

Life Insurance Overview

The Thailänder Life Guarantee Association stated in the first half of 2022, total existence insurance premiums tallied 289 billion baht, a decrease of 1. 94% year-on-year. The drop was attributed to lower consumer purchasing power, fluctuating interest rates as well as the baht depreciation, mentioned the association.

The total to get premiums is certainly expected to recover within the second half, with the group’s full-year development estimates at 0-2. 5% growth along with total rates of 612-629 billion baht.

New insurance premiums in the first half totalled 49. 3 billion baht, a good increase of 7. 79%, while one-time premiums decreased 19. 9% to 30. 4 billion dollars.

People are becoming more aware of health care and medical health insurance as they learn to manage possible medical expenses that are likely to increase every year, said the particular association. Total premiums pertaining to pension life insurance (annuities) totalled 4. 54 billion baht, representing growth of 6. 98%, partly because Thailand is now an ageing society, according to the group.

In the second half this year, the lifestyle insurance business still faces various challenges regarding Covid-19, as the rebirth of cyberwars and law enforcement of the Personal Data Protection Act creates new standards meant for health insurance policy contracts, said the organization.

Consequently, living insurers have to develop more insurance plan products plus services that meet the particular needs associated with customers, adjust strategies and operations in a timely manner, and ensure their financial status remains strong, in accordance to the group.

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