MTL and ZA Tech team up for digital products
Muang Thai Life Assurance (MTL) and ZA Tech Global Ltd have formed a technology partnership to accelerate digital transformation in the Thai insurance industry and improve access to digital, personalised products that better suit customers' lifestyles.
ZA Tech is a technology venture founded by ZA International and backed by Softbank's Vision Fund. The partnership comes as both parties renew their commitment to making insurance more accessible and flexible for Thais.
MTL continues to grow during the pandemic, adding 20.2% more new policies in the first eight months this year, said Sara Lamsam, chief executive of MTL.
Mr Sara said since MTL began operations 70 years ago, the company has worked to be at the forefront of product development and customer service.
The path towards digital transformation in recent years has led to the set-up of Fuchsia Innovation Centre, the launch of MTL Click, MTL Mini Click, MTL Fit and many digital other services.
"We chose to embark on the next step in this digital journey with ZA Tech, one of the most notable insurtech companies in Asia," he said.
Mr Sara said by combining MTL's expertise in product innovations and ZA Tech's expertise in insurtech, the partnership aims to create a seamless and personalised experience for customers and ecosystem partners alike.
Both organisations see the importance of simplifying insurance products, especially health coverage for a new generation of Thais who don't want to waste time studying complicated terms and conditions, he said.
Mr Sara said the partnership would not only develop a purely digital sales channel and new insurance products, but also enhance the digital efficiency of all sales channels, including digital face-to-face sales.
"Technology can help us improve face-to-face interactions to create a more seamless experience," he said.
Sutee Mokhavesa, president of MTL, said vaccine insurance, one of the first digital products co-created with ZA Tech, was developed at the height of the pandemic in Thailand when concerns about side effects from Covid-19 vaccines intensified.
He said MTL understood the concerns of customers who want peace of mind when being vaccinated and the two firms designed a sales process to make the product more affordable and flexible for customers, both in terms of premiums and insurance coverage.
Bill Song, chief executive of ZA Tech, said the pandemic changed people's behaviour, leading to a preference for online insurance products offered in real-time and customised to suit their life situations.
"ZA Tech is determined to be the leading technology partner for insurers and internet companies. We share the same vision with MTL -- to introduce a broader range of innovative insurance products for Thais. Our proprietary SaaS-based solution called Nano can allow MTL to streamline the product innovation cycle and go to market in response to customers' rapidly evolving needs," said Mr Song. "We look forward to translating our cutting-edge technology solutions, strong track record of successful launches and extensive market experience into protection for Thais."