Muang Thai Life Assurance Public Company Limited - Insurer Innovation Award 2024

1. The Digital Insurer
Insurer Innovation Awards 2024
Innovation to democratize
insurance for everyone

2. Additionally, the public healthcare service in Thailand offer little
flexibility in hospital choice, perpetuating long waiting times where
patients must queue up from the early morning. The overcrowded
nature of these facilities often means that there are insufficient beds
to accommodate all patients, exacerbating the strain on the system.
Life Insurance Penetration
Source: Swiss Re Sigma 2022
2021 Premium per Capita in USD
2021 Premium in % of GDP
Thailand faces a significant challenge in life insurance
penetration, especially among lower-income individuals.
Despite the crucial role of life and health coverage in securing
well-being, many are underserved due to limited access to
insurance options, compounded by rising household debt,
further restricting affordability.
Background
Thailand’s
Household Debt
Source: BOT, CEIC, Krungsri
research

3. MTL, a leading life insurer in Thailand established
over 70 years, forged a strong partnership with LINE
BK, a JV of Kasikorn Bank and Line - top messaging
platform with over 50 million users - as a prominent
provider of social banking in the country, to
introduce an innovative digital insurance
brokerage service. This service enables users to
access insurance directly through the LINE BK
platform. Tailored for individuals with lower
incomes, this collaboration aims to significantly
expand access to life and health
coverage for Thai people.
Through the introduction of efficient digital
processes and a user-friendly platform, coupled with
our valuable product and LINE BK's extensive user
network, we anticipate a transformative impact.

4. The Right Ps
We aim to create a customized insurance product that perfectly fits our customers'
diverse needs and limit affordability. Our second goal is to create an end-to-end (E2E)
digital journey to streamline and simplify the customer journey, ensuring a seamless
experience and efficient process. We believe that the right solution needs to come with
the right product, right price, right process, and right platform at the same time.
Right Product
We provide comprehensive life
and health insurance
coverage, informed by
thorough research with our
customers, ensuring all their
essential needs are
safeguarded.
Right Price
Thanks to our cost-effective
operations, we offer products
with the lowest possible
premium rates with various
payment options while still
providing practical coverage
for our customers.
Right Process
The process is designed to
make product conditions easy
to understand and the
application process easy to
complete. Additionally,
customer support is readily
available throughout the post-
purchase journey.
Right Platform
Being hosted on LINE
Application, the most popular
messaging app in Thailand,
makes LINE BK incredibly
accessible for customers. Our
journey is tailored to align with
LINE application user behavior
for added convenience.

5. Our Offers
Following an extensive survey and in-depth focus group sessions
with LINE BK customers, we have identified and curated the first
five insurance packages that align with customer preferences. Life
coverage starts at premium of $1.7 for $1,350 coverage, with
separate riders available for customers to choose based on their
individual concerns, without requiring bundled deals.
Thanks to our efficient package design and cost-effective
processes, we offer premium rates at the lowest possible prices
while ensuring practical and valuable coverage for our customers.
Premiums for our Critical Illness (CI) product start at just $5 per year
for coverage up to $13,500 and for our Outpatient Department (OPD)
product, it's only $5 per month for $13.5 coverage per visit, with a
maximum 30 times per year.
OPD IPD
IPD with
deductible
Hospital
Benefit
Critical
Illness

6. Digital
Integration
with LINE BK
Platform
To facilitate a seamless customer
journey, we have integrated an end-to-
end (E2E) digital experience
within the LINE BK platform,
hosted on the LINE application—Thailand's
most popular messaging platform,
connecting instantly to MTL system via
open API.
Product
Selection
Premium
Calculation
Product
Detail
The user journey and illustrations on our self-service platform are
carefully designed for easy navigation, enabling independent use.
However, customers can utilize the chatbot for basic inquiries or
contact customer support for more detailed assistance.

7. Utilizing
Kasikorn Bank
Data Sharing
The key highlights of our digital journey
include the incorporation of data
sharing from customers' Kasikorn Bank
accounts. This feature, leveraging
Kasikorn Bank's extensive user base of
more than 20 million customers,
enables the pre-population of almost
all required information for insurance
applications, significantly reducing the
effort required from customers.

8. Simplified Health Questions > Review Application > Accept Consent
Effortless
Insurance
Applications
If the data from KBank remains current
and valid, customers can complete the
entire application without typing a
single keystroke. The insurance
application process on the LINE BK
platform is designed to be finished in
under five minutes, with customers
receiving confirmation via LINE chat and
email. Moreover, the platform connects
to MTL Open API for real-time
underwriting and submission, enabling
an efficient and automated process.
Pre-underwriting > Payment > Done!

9. Straight-
Through Process
(STP)
We includes the implementation of a
straight-through process (STP) for
insurance operations.
Leveraging e-KYC results and real-time
underwriting, the application undergoes
an E2E straight-through-process without
the need for human intervention.
Implementing an end-to-end digital journey aims to
enhance customer experience and streamline internal
processes, reducing operational costs and insurance
premiums for customers. This contributes to our
broader goal of making insurance more affordable
and accessible.

10. Data
Driven
Throughout the entire process, a data-driven approach
has been employed to pain point actionable insights.
This methodology spans across various domains,
encompassing customer acquisition, product
optimization, user journey refinement, and customer
retention strategies. Relevant data is diligently
monitored through performance dashboards, regular
reporting, and comprehensive data analytics sessions
conducted between MTL and LINE BK. This close
scrutiny ensures timely decision-making and the
initiation of necessary action items based on insights
gained from the data.
Customize communication messages
i.e. targeted advertising, to align with
each segment’s preferences by observing
and monitoring customer’s data.
Due to differences in customer preferences,
there is a tend towards needing different
plans. We customize the options based on
data indicating customer interest, i.e.
including larger product sizes in the product
package, as most customers tend to prefer
the largest option.
We introduce a monthly payment mode
for products where customers are
inclined to choose monthly payment
options; previously, it was limited to
annual payments.
Create campaigns based on overdue data
to prevent customers who tend to lapse in
repayments and to win them back to the
in-force state
Example: Customer Retention
Example: Journey Refinement
Example: Product Optimization
Example: Customer Acquisition

11. Over 900 policies sold to
over 800 unique
customers
Since our public launch on September 18,
2023, our user count has been steadily
increasing each month in upward trend.
The
Results Over 11% repeat
customers in past six
months
This high rate of customer retention is a
testament to the success of our customer-
centric approach and the positive impact
of our services on the individuals we serve.
Over 60% of customers
age under 35 years old
Line BK customers lean toward younger
segment comparing to those individuals
typically start considering health and
critical illness insurance after 35. This
aligns with our research indicating that
young people possess health awareness but
previously struggle to find the right
product, journey, and price point.
70% STP Rate
Underscoring the efficiency of our digital
processes. The 30% non-STP rate is
primarily attributed to underwriting
criteria requiring special consideration for
certain cases.

12. What’s
Next
After Sales Service
We are in the process of implementing digital supporting services on LINE BK
platform itself such as auto-deduct registration for renewal premium
payments, and etc.
Credit Life Protection
Given that most customers have loans with LINE BK, credit life protection will be
automatically offered in the lending process. This ensures that their families are
protected from the burden of debt in the event of an unexpected incident.
Non-KBank/ Non-LINE BK Customer
At present, only LINE BK customers with linked KBank accounts can access our
offer. We plan to expand our solution to new-to-platform users, allowing
everyone to enjoy our exceptional services.
No one will be left behind
Currently, we have underwriting limitations on certain occupation classifications,
preventing us from accepting some specific occupations. We're actively addressing
this constraint to ensure that everyone can access insurance coverage, aligning with
our ultimate goal.
Our Innovation to Democratize
Insurance for Everyone