Muang Thai Life, ZA Tech Form Tech Partnership to Embed Insurance in Consumers’ Lives

Muang Thai Life Assurance Pcl., one of the largest life and health insurance firms in Thailand, has entered a partnership with ZA Tech Global Limited, the technology venture established by ZA International and backed by Softbank’s Vision Fund 1.

The partnership marks both parties’ commitment to “making insurance more accessible and flexible for the Thai people,” according to a release shared with CI.

Sara Lamsam, CEO at MTL, stated:

“Innovation and forward thinking have always been in the fabric of MTL’s DNA. Throughout the company’s 70 years journey the company strive to be forefront of product development and customer service.”

Sara added that there have been many developments “towards digital enhancement in recent years from the setup of Fuchsia Innovation Centre, the launch of MTL Click, MTL Mini Click, MTL Fit and many other services.” She also noted that MTL chose “to undergo the next step in its digital journey with ZA Tech, one of the most notable Insurtech companies in Asia.”

Sara further noted that by “combining MTL capabilities in product innovation and ZA Tech capabilities in insurance technology (Insurtech), the partnership aims to create a seamless and personalized experience for customers and ecosystem partners alike.”

Both organizations recognize the importance of “simplifying insurance, especially health coverage for the Thai people.”  Technology can help “enable human to human interactions to create a more seamless experience,” the announcement noted.

Dr. Sutee Mokhavesa, President of MTL, stated:

“One of the first product developments came during the height of the Covid-19 pandemic in Thailand. While the Covid-19 vaccine was in the process of being rolling out, MTL understood the concern of our customers, who want peace of mind when receiving the vaccine. MTL and ZA Tech have co-designed the process, making it accessible and flexible for the customers to choose their own insurance coverage, protecting them from the possible adverse effects of getting vaccinated.”

As explained in the announcement, the product is designed to “fit all budgets as flexibility means both coverage and an affordable price – providing relevant insurance for all segments of the population.”

Bill Song, CEO of ZA Tech, remarked:

“The pandemic has changed people’s behavior, triggering them to demand online insurance products personalized to their individual life scenarios and offered in real-time. Determined to be the technology partner for insurers and internet companies, we share the same vision with MTL to introduce a broader range of innovative insurance products for Thai customers.”

Song also noted:

“Empowered by ZA Tech’s proprietary SaaS-based solution – Nano – MTL is able to streamline and expedite the product innovation cycle and go-to-market in response to customers’ rapidly evolving needs. We look forward to translating our cutting-edge technology solutions, strong track record of successful launches and extensive market experience into a better journey to provide protection for the Thai people.”

Song added that digital insurance is in its early stage of development in Southeast Asia and there is a lot of untapped potential to be “discovered, unlocked and embedded in people’s lives.”

As noted in the update, MTL is one of the largest life and health insurance firms in Thailand with a special focus on innovation and digital enhancement “to better deliver product and service to its customers.”

Through the tech powered by ZA Tech, coupled with products by MTL, thousands of clients have been able to “receive their vaccinations with more confidence.”



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