Muang Thai Life uses new banking partnerships to extend reach
Proving that Muang Thai Life (MTL) really is the insurer for ALL – existing and new banking partnerships have allowed MTL to engage on the one hand with lower income customers for whom insurance needs to be both accessible and affordable, and on the other hand to high end private banking customers where despite the presence of wealth, current penetration rates remained low.
Reaching low-income earners making insurance affordable and accessible
By engaging with Line BK, a leading social banking platform, MTL is now available to offer small ticket insurance to those who need it the most. Together, MTL and Line BK are revolutionising the perception of insurance in Thailand and how it is offered in the country. Not only are products made available online through digital channels, the terminology and jargon used has been significantly simplified. Products available include small sized Health and Critical Illness insurance, which reflect the needs of Line BK’s low-income earners. This proposition and simplified journey also attract a younger customer segment, which is another breakthrough in Health product offerings.
Delivering insurance to Private Banking customers
At the same time, MTL’s key bancassurance partner KBank, recently expanded its focus for insurance on their private banking customers, where penetration rates remain low. MTL not only launched a new legacy product, it also transformed itself throughout the value chain to ensure it was able to support the sales and services of this totally new target group. This included putting in place insurance specialists, boosting their knowledge and professionalism, and implementing a seamless fulfilment and operation process.
Different needs require different approaches, but partnering with the right partner means anything is possible.
