Thailand: Muang Thai Life eyes expansion beyond Indochina
Source: Asia Insurance Review | Mar 2018
Muang Thai Group, which is a holding company of Muang Thai Life Assurance, has set aside a budget of more than THB1 billion (US$31.6 million) a year from 2018-22 to expand its investments in new operations that relate to digital and insurance businesses, including startup ventures, said Mr Sara Lamsam, Muang Thai Life Assurance’s President and CEO. He is also a director of Muang Thai Group Holding.
He said that Maung Thai Life is awaiting a move by the Myanmar government to open the country’s insurance business to foreign investors. “When Myanmar does pass legislation to allow foreign investment in this sector, we will be the first foreign firm to establish a joint venture with a Myanmar insurance firm in this business.”
Indonesia, Malaysia and the Philippines are in the company’s expansion plans for this year and the next, said Mr Sara, citing the appeal of these countries with a combined population of more than 300 million.
More advisory based
In the Thai market, the company has made a shift in its business to become more advisory based, with staff taking on the mindset of becoming a partner and adviser to the customers. This is in line with the country’s move towards a digital economy, Mr Sara said.
The company would train more staff for financial advisory roles and that staffing levels would be maintained. The company has up to 30,000 workers, excluding its sale agents.
Muang Thai Life Assurance reported its premiums reached THB102.68 billion last year, up 6% from 2016. Of this figure, THB31.06 billion came from new premiums. A