Muang Thai Life Assurance has succeeded across multiple platforms: the company's total premiums surged to 94.5 billion baht in 2018 from 4 billion baht when Sara Lamsam took the helm in 2004. And while MTL is one of the country's most recognised life insurance brands, Mr Sara admits that the firm faces bigger challenges now than it did when he became boss.
"My motivation in 2004 was only to drive the company to a higher ranking," he says, "but my motivation over the past 4-5 years is to survive disruptions stemming from consumer behaviour, digital technology and newcomers whose original business has nothing to do with insurance but they know consumer behaviour."
Those disruptive forces triggered excitement in a man who has a passion for adventure.
"I'll turn 50 on Jan 15 next year," he says. "I'm supposed to be a CEO who enjoys life, but in fact I must be on the battleground again."
Mr Sara grew up in his family's insurance business. His father, Photipong, was chief executive of MTL for more than two decades and instilled in him the basics from an early age.
Although his family group is MTL's largest shareholder, Mr Sara started out as a management trainee in 1993, getting his feet wet in various departments -- marketing, sales, business development.
Under Mr Sara’s leadership, MTL rebranded to set itself apart from industry rivals and build recognition among consumers.
In 1995, he was tasked with re-engineering the 44-year-old firm. MTL at the time was the country's first-mover among insurers in harnessing information technology.
The Boston University alumnus rose through the ranks to vice-president for corporate planning in 1996, first senior vice-president in 1997 and executive vice-president in 2001. He succeeded his uncle Poomchai Lamsam as president in 2004, then was appointed chief executive the same year.
As Mr Sara's first order of business, MTL rebranded to set itself apart from industry rivals and build recognition among consumers. The life insurer launched the Muang Thai Smile Club to create brand loyalty.
Also in 2004, the company sold a 25% stake to Belgian firm Fortis Insurance International, recently renamed Ageas Insurance International.
The rebranding and partnership strategies paid off, as seen by a 65% surge in the company's premiums in 2005.
Although the insurance business was barely touched by the 1997 financial meltdown, the crisis led to new licence issuance and intensified competition among life insurers. The competitive climate was a rationale behind MTL's tie-up with the Belgian firm, Mr Sara says.
Although he's getting older, his mindset has never changed and overcoming challenges remains inspiring to him.
After the rebranding 15 years ago, MTL once again refreshed the brand this year as part of a strategy to better reach customers and brace for disruptive forces.
Insurance firms have long created products based on the inside-out concept, but offerings now are increasingly based on the outside-in model to capture real customer demand.
Technologies like big data give MTL in-depth information for tailoring personalised insurance products to the needs of individuals, particularly in the working-age group.
The sales strategy of merely pushing consumers to take out insurance policies is no longer effective; companies instead must provide advice on how insurance can help. For instance, medical costs are high now, and health and critical illness insurance can furnish relief.
"It's the world of outside-in, not inside-out thinking," Mr Sara says.
The company has focused on developing one-on-one products and services, rather than one-size-fits-all. Although consumers may earn the same income, their needs can differ due to lifestyle and responsibilities.
To be agile in a dynamic environment, it's necessary to change the employee mindset and adapt key performance indicators to foster a new way of thinking.
MTL has also changed the way it accesses customers by introducing digital technology and relying on younger employees for the channel.
Mr Sara envisions MTL as a solid insurance firm with the image of a modern organisation that engages with the new generation, consistent with the company's strategy to deliver an everyday life partnership.
Regional expansion is a crucial strategy. Mr Sara says MTL is one of a few local insurance firms with a clear plan of becoming a regional company.
Insurance penetration remains low in neighbouring countries (with the exception of Vietnam) and presents an opportunity for insurance firms. MTL has jointly invested in Cambodia, Laos and Vietnam and has a representative office in Myanmar.
The company began dipping its toes in other Asean markets almost five years ago, setting up Sovannaphum Life Assurance in Cambodia with partner Canadia Investment Holding.
In Vietnam, MTL and Ageas joined with the Military Commercial Joint Stock Bank to set up MB Ageas Life. In Laos, MTL invested with ST Group to create ST-Muang Thai Insurance.
"There are only a few things that I enjoy," Mr Sara says. "These include extreme sports, triathlons and motorbikes, as they offer me adventure like I've never seen before. Even though I love extreme sports and adventure, I enjoy a simple life and don't like to travel abroad."
Finding work-life balance is always a struggle as a CEO, so Mr Sara has chosen another way he calls "work-life integration".
"In my life, I've never taken leave," he says. "I can integrate work into life on Saturdays and Sundays. I've often ridden a motorbike to branches in provincial areas and made conference calls to work from there. I enjoy doing it this way because it always bring new ideas."
BIO DATA
Sara Lamsam
Age: 49
EDUCATION
- Bachelor of Science in Business Administration, Northeastern University
- Master of Science in Administrative Studies, Boston University
CAREER
2010-present: President and chief executive, Muang Thai Life Assurance
2004-10: President, Muang Thai Life Assurance
2003-04: Director and executive vice-president, Muang Thai Life Assurance
2001-03: Executive vice-president, Muang Thai Life Assurance
1997-2001: First senior vice-president, Muang Thai Life Assurance
1996-97: Vice-president, corporate planning department, Muang Thai Life Assurance
1994-96: Assistant vice-president, strategic innovation department, Muang Thai Life Assurance
1993-94: Training and development o cer, Muang Thai Life Assurance
FAMILY
Married with two daughters
HOBBIES
Cycling, swimming, running