MTL builds up variety of digital options

MTL builds up variety of digital options

Muang Thai Life Assurance (MTL) plans to improve digital offerings with a full array of insurance categories, spanning personal accident, endowment and health protection.

The company is set to launch a digital top-up insurance product that pays for medical expenses on top of welfare provided by workplaces by the end of June. Six of MTL's products are available on the digital channel, said chief executive Sara Lamsam.

"We haven't set any targets for the e-commerce channel because it is a pilot project. We have every intention to offer all of our insurance products digitally," he said.

The company dipped its toes into the digital platform through Shopee, one of the country's large e-commerce and online trading platforms, in November last year, offering the endowment 11/3 product.

The feature allowed buyers only pay insurance premiums for three years to get 11 years of life protection.

With an average insurance premium of 40,000-50,000 baht a year, the insurer has sold more than 100 policies with total premiums of above 4 million baht through Shopee.

MTL offers three choices for personal accident insurance: PA Gold, PA Sabaijai and PA seven baht during Songkran.

They have been available on the digital channel starting in January this year and attracted more than 500 customers, most of them PA seven-baht micro-insurance policyholders.

Mr Sara said these sales have allowed the company to learn how to operate online and study responsiveness in the electronic marketplace.

Yesterday the company launched more complex health insurance products to test buyers' experiences: daily protection and cancer care.

Buyers can answer four questions about their health information for risk assessment and price quotes.

The daily protection, offered for people aged 20-55, pays compensation of 3,000 baht a day to insured persons for a maximum period of 365 days per time, and 50,000 baht as a death benefit.

The cancer care, targeted at those aged 20-59, provides coverage for cancer from early to extensive stages.

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