Muang Thai Life Assurance Public Company Limited. has provided insurance services to the general public under the principle of honesty and integrity corresponding with operating under safe and sustainable business model for a period of over half a century since the company was officially founded on 6 April 1951. The first headquarter of the Company was located on Suapa Road, Bangkok. At the time, Thailand was mauled by and suffered from the aftermath of the Greater East Asia War and the country’s economy was headed for a recovery. Mr. Chulind Lamsam, the Managing Director of the Company, at the time, along with his business associates and high ranking officers in the government sector joined forces to found Muang Thai Life Assurance Public Company Limited. with unwavering intention of lessening government burden in the provision of social welfare and serving as the source of fund for the government sector. Besides, the Company served as a long-term savings avenue and created financial security for the people in an effort to develop economic, trade and industrial sectors of the country.
From its dedication to achieve quality, the Company had gained higher level of trust and confidence from the general public. Thus, the Company needed to expand its businesses and had constructed its second headquarter on New Road. This building was recorded in the architectural history of Ratanakosin era as a result of the adoption of Post-tension technique, a beam-free building construction suspended by sling, which was considered the first of its kind at the time.
Muang Thai Life Assurance Public Company Limited. was the first life insurance company to be appointed under the Royal Patronage of H.M. the King, which entitled the company to bear on all company’s documents the Royal Garuda emblem. It was also the first life insurance company that attained the International Standard Certification ISO 9001:2000. The operation of the Company has expanded extensively into the countrywide network of more than 250 branches, including agency offices under the well-organized management and far-reaching vision of Mr. Photipong Lamsam, Chairman, and Mr. Sara Lamsam, Director - President and Chief Executive Officer. Currently, the Company’s headquarter is located at street no. 250, Rachadaphisek Road, Huay Kwang, Bangkok 10310.
The company operates its businesses to serve the people of Thailand with commitment to the excellence in the customer services that fulfil the needs of customers and people. The Company has clearly demonstrated itself as the Company for forward thinking people. The Company has developed other distribution channels based on the “Multi Distribution Channel, Multi Targets” concept of the marketing strategies that the Company continues to execute. For example, the Company distributes its products through Kasikorn Bank and other financial institutions, leading brokers as well as strong commitment through telemarketing and direct response with a network of business alliances and other well established business counterparts. With a diverse range of such effective distribution channels and efficient team work, the Company can offer services that cater to more customers. In addition, the Company helps build career for the people by taking in applications of the Company’s agents who will help increase the sales volume and stimulate the numbers of applicants.
When it comes to operating its business, the Company strictly adheres to professional ethics and the principle of corporate governance. This practice has been adopted as the main policy of the company all along. Ethical practices, good management processes, and transparent auditing systems are being promoted and emphasized. The Company is actively responsible for policyholders, society, and environment.
In terms of product innovation, the Company has not rested on its past successes and continued to introduce various insurance products that fit and stay current to customers’ needs in all categories of target groups, for instance, Muang Thai Unit Linked 1, which is the insurance product that combines investment whose proportion can change to suit customer’s lifestyle. The product highlights benefits from investment in the form of yield, income allocation for retirement, family protections, education savings for children, and inheritance. Thus, the product is considered to suit the customers’ needs in many ways, be it relevance and worthwhile investment. When it comes to operating its businesses, the Company strictly adheres to professional moral and ethical values and the principle of corporate governance. These sets of values are at the heart of the Company’s business practices and the Company has adopted them as its main policy of the Company all along. Ethical practices, good management processes, and transparent auditing systems are being promoted and emphasized. The Company is actively responsible for policyholders, society, and environment.
The development of sales agents and employees continues to be in focus. The Company always ensures that the modern, convenient and comfortable facilities are in place for the benefits of sales agents and employees. The Muang Thai Life Assurance Learning Center was established to accommodate several training courses. As the Company continues to grow non-stop, the personnel are given training to develop skills and knowledge that they can apply on the job to yield the utmost effectiveness and efficiency. The Company also has Muang Thai Life Assurance auditorium building, which can seat 450 attendees, serving as the main artistic and cultural center of Bangkok. In 1989, the Siam Architect Association under the Royal Patronage of H.M. the King had given the “Outstanding Architecture Award” to the Muang Thai Life Assurance auditorium, which the Company considers one of its proudest achievements.
Meanwhile, the Company places great emphasis on customer services, which has high priority and is given serious consideration all along. Given the past experience, the Company is confident that we’re the leader in customer services. Despite providing fast and convenient services associated with life insurance policy servicing, the Company has organized customer relations activities to help strengthen the skills and knowledge, and the love and warmth in the family on a regular basis. The Company also brings world-class performances to the customers every year, e.g., “Disney on Ice” show and concerts from world renown artists. The Company has strengthened its customer relations activities to offer variety of programs that cover the entire country in an effort to create good impression and foster long-term relationship between customers and the Company.
From 2004, the Company has organized many activities catering to cardholders of Muang Thai Smile Club to provide various additional benefits from becoming a card member. The activities organized based on the lifestyle of the members. To communicate additional benefits that are more exclusive and to reaffirm its leadership in the customer relations activities, the Company has produced many TV commercials, e.g., Muang Thai Smile Secretary - Chess and Firefly, and Muang Thai Smile Health - Shake. Muang Thai Smile Club has launched a new platform to reach its customers via Social Network, for example, Hi5, Facebook, and Twitter, where customers can receive update information of the Company and participate in contests to win prizes.
Launching Muang Thai Life Map “Life secured...Your Style”, the Company initiates a project to provide assistance in financial and life insurance planning that can lead to financial stability for customers and their families at a different stage in life. By analyzing one’s lifestyle in combination with income level of different individual and taking into consideration the need of an individual’s future planning mixing in specially selected advices of life insurance that are tailored for each individual, we come up with 5 different age groups. Group 1 - Career Starter whose group is enjoying life and liberty, in charge of their own job and income, and socializing with friends and living the dream. Group 2 - Honeymooner whose group is seeking a life partner and sharing activities. Group 3 - Family Starter whose group is building family and having children and is the stage to enjoy a warm and happy family. Group 4 - Achiever whose group is to enjoy every minute of life, have a moment of pride seeing family member succeeded, and have clear sense of purpose. Group 5 - Late Boomer whose group is enjoying things one dreamed of doing after career is over and living quality retirement, all this thanks to financial and life insurance planning with Muang Thai Life Map.
The Company also has remained strongly committed to develop its services for the utmost benefits of its customers, general public, and Thai society; and to build society that is full of smile, happiness and joy forever. There are several awards given to the Company over the years that showcase the efficient, quality services and morality of the Company. For example, the Company received Outstanding Ethics Award from Thai Chamber of Commerce in 2005, a series of “Life Insurance Company with Outstanding Management” awards from Office of Insurance Commission (OIC) 3rd place in 2003, 2nd place in 2004 and 2005, 1st place in 2006 to 2008. Upon receiving 1st place for 3 consecutive years, the Company was awarded the honorary award “Life Insurance Company with Outstanding Management in 2008.” The Company was also awarded and accredited with Q-Mark Seal in the category of Trade and Services by the Tripartite Committee - the Board of Trade of Thailand, the Federation of Thai Industries, and the Thai Bankers’ Association. Besides, the Company received numerous international awards, e.g., Superbrands Award for Thailand and Superbrands Award for Asia from Superbrands International, a UK based firm with a worldwide network in 56 countries. Apart from that, the Company was given the Trusted Brands award in the Gold category from Reader’s Digest magazine in 2010, which guaranteed the best brand with trust, quality, value and understanding of what customers wanted as well as socially responsible, innovative, and a pioneer in launching new products or services. Currently, Fitch Ratings company gave financial strength rating (IFS) of BBB (international) and AA (local) to the Company on top of Standard & Poor’s rating of BBB , which signifies positive financial strength outlook. The Company has also received ISO 9001:2000 certification. In addition, the latest advertising commercials, titled Muang Thai Smile Club, have garnered local and international advertising accolades, for example, B.A.D. Award, Adman Award, Adfest Award, Spike Award and Mat Award. In 2009, the Company’s advertising received Adman Awards 2009 for the category “Ad the Works” and also was awarded Silver Award for “Happy life without H1N1” and its advertising series “Campaign Against H1N1 2009.” On the occasion, the flower bouquet was presented by Bureau of Emerging Infectious Diseases, Department of Health as a token of appreciation to the Company for participating in the campaign, increasing the knowledge and understanding, and offering the preventative measures to prevent H1N1 flu 2009.
The Company is committed to continue developing its potential in the area of operations and customer services as well as taking part in helping to improve the quality of society in the area of environment, arts & culture and education. The Company has emphasized the principle of corporate governance to move forward toward a strong and solid life insurance company consistent with the corporate slogan of “The Company for Forward Thinking People.
In this regard, on 1 October 2012, Muang Thai Life Assurance Company Limited would convert into Public Company Limited to be in accordance with the Public Company Limited Act B.E. 2535 (amended B.E. 2551). Such Conversion would affect Muang Thai Life Assurance having good Corporate Governance where there will be more performance report disclosure to the public upon the Public Company Limited standard supervision under Public Company Limited Act B.E. 2535. Muang Thai Life Assurance has strictly complied the Corporate Governance and strengthen confident of customer