“Muang Thai Life Assurance” jointly organized insurance seminar in Myanmar which intended to upgrade insurance industry’s potential – extend the role of “Representative Office”
Mr. Sara Lamsam, President and Chief Executive Officer of Muang Thai Life Assurance Public Company Limited (MTL), disclosed that the Company and the Financial Regulatory Department (FRD), an insurance regulator under the Ministry of Finance of Myanmar, had arranged a “Seminar on Insurance Regulatory” in order to enhance insurance management knowledge as well as insurance regulatory in Myanmar. It was an honor to have H.E. Dr. Maung Maung Thein, Deputy Minister, Ministry of Finance, as a co-chairman, give an opening speech.
The seminar was also honored to have Mr. Pravej Ongartsittigul, the Secretary General of the Office of Insurance Commission (OIC), and executives from Thai Life Assurance Association (TLAA), Thai General Insurance Association (TGIA), Thailand Insurance Institute (TII), and Muang Thai Insurance Public Company Limited (MTI) deliver lectures on objectives, roles, duties, and responsibilities of agencies.
Moreover, the Company’s executives also gave the lectures on management and marketing of life insurance business in the sense of products, distribution channels, claim management and training. The 2-day seminar (19-20 August 2015) received great attention from high-level executives and officers of the Financial Regulatory Department as well as insurers’ executives and members of the press in Myanmar for over 100 participants.
“At present, Muang Thai Life Assurance has been approved to establish the “Representative Office” in Myanmar which has continuously promoted the insurance knowledge to insurance agencies in Myanmar. In this year, the Company had arranged 2 seminars regarding risk management and actuarial which are the cores of insurance business administration. Muang Thai Life Assurance determines to promote the insurance knowledge consistently for raising a development of insurance business in Myanmar.”
Mr. Sara also mentioned that Muang Thai Life Assurance is interested to expand the business in the neighboring countries because insurance penetration rate is still low, thus, they have outstanding potential growth in the future. In addition, Thailand has an appropriate geographical location situated in the center of the region and the Company has experience in life coverage product and health rider marketing which is a foundation of life insurance. In this regard, the Company will consider the market’s readiness in different perspectives and the laws of those countries.
Muang Thai Life Assurance has received approval from the Republic of the Union of Myanmar to establish the Representative Office as a service center providing information, advice, significant life insurance connections, and system structure implementation about life insurance types, benefits and service strategies for people, entrepreneurs and government offices. The Representative Office is located at U Wisara’s Road in downtown of Yangon and officially opened on 1 September 2014.
At present, Myanmar has 13 insurers dividing into 12 private companies and 1 state-owned company (data as of 31 July 2015).
