With 31 years of experience, Sara Lamsam, the CEO of Muang Thai Life Assurance PCL has been building a solid foundation for the company, not just to become a leader in Thailand’s life insurance industry but also to be the “Regional Life Insurance Leader” with MTL’s expansion into CLMV countries.
Sara Lamsam is the Chief Executive Officer of Muang Thai Life Assurance PCL (MTL) − Thailand’s 73-year old innovation-oriented life insurance company.
Leveraging on his 31 years in the company to turn it into a leader of Thailand’s life insurance industry, he has now set his sights on becoming the “Regional Life Insurance Leader” with MTL’s expansion into Cambodia, Laos, Myanmar and Vietnam. In recent year, the overall sales performance in these countries has been most promising.
First of its Kind
Under Sara Lamsam’s leadership, the years 2023-2024 have witnessed remarkable strides in pioneering innovative products. For example, “Care Plus” stands out as a critical illness insurance designed to provide coverage for cancer and chronic kidney failure in every stage, with coverage up to 5 Million Baht per disease per year. This coverage is provided for both in-patients and out-patients and includes treatments such as chemotherapy, targeted therapy, stem cell transplantation, and immunotherapy. On top of that, “Care Plus” provides coverage for “mental illness treatments” as well, and includes coverage such as psychiatric consultation, room fees, medication and medical expenses. This product stands out as a distinctive asset within the company’s business.
Innovative Applications
Sara Lamsam has played a pivotal role in driving and spearheading the development of innovative applications. Two recent ones are “MTL Click” and “MTL Fit”. MTL Click serves as an integrated platform, allowing customers to conveniently access policy management, digital claim submissions, and teleconsultation services. “MTL Fit” integrates insurance benefits with exercise incentives, turning workouts into rewarding experiences while promoting overall well-being. With a user-friendly interface, MTL Click and MTL Fit have 1,300,000-plus and 100,000-plus users, respectively. Because of the high number of downloads, MTL Click won the Business+ Product Innovation Award 2021-2024 (4 Consecutive years). By closing the gap between customers and the insurance value chain, Sara Lamsam has set a pioneering benchmark for innovation and customer empowerment within the industry.
Embracing Technology
By embracing technologies such as cloud systems, APIs/ Microservices, Chatbot and AI, Sara Lamsam has made continuous improvements to the infrastructure. “Paperless Process”, “Straight-Through Processing (STP) Claim” and “Robotics Process Automation (RPA)” have been developed to enhance the company’s internal capabilities. Recently, “Chompoo AI-Chatbot” was launched to serve customer enquiries and to reduce turnaround time.
Achievements and Recognition
Sara Lamsam stands out as a seasoned professional in the realms of insurance, investment, financial management, and business innovation. His extensive expertise in the insurance and financial sectors has led him to serve in prestigious roles such as, Chairman of the Federation of Thai Insurance Organizations, President of the Thai Life Assurance Association (TLAA), Managing Director of the Life Insurance Fund, and Chairman of the Thai Financial Planners Association. His primary role has been to implement and establish new benchmarks for sustainable business practices.
A notable achievement during his tenure as the President of the TLAA was his initiative to refine the Liability Adequacy Test to better reflect the company's liabilities. This adjustment significantly mitigated the impact on the reserve levels by approximately 144,000 Million Baht during a period of declining interest rates in Thailand.
In recognition of his exceptional leadership, Sara Lamsam has been awarded Master Entrepreneur awards for 4 consecutive years (2021-2024), Top CEO Award, Best Life Insurance CEO Award, Executive Champion Award, ASEAN Young Manager Award, and Financier of the Year 2023. Additionally, he was honoured with the "Popular Vote CEO" award during the Thailand CEO Econmass Awards in 2022-2023, as voted by over 500 members of the Economic Journalists Association. This award reflects his effective business management and successful leadership. Recently, Sara Lamsam achieved recognition on an international level, as evidenced by the "HR Asia Best Companies to Work for in Asia 2024". This reflects international acknowledgment of his management of the work environment.
Happy Workplace
Spearheading innovation and propelling the business forward to enhance customer service, Sara Lamsam holds respect for his employees across the happy workspace as he firmly believes that happy people lead to the creation of top-notch products and services. Leading MTL to earn prestigious awards from the Office of Insurance Commission, the company has been honoured with the “Hall of Fame” award for three consecutive years and “the Life Insurance Company with Outstanding Management 1st Place Award” for 18 consecutive years.
Next Steps
With his expansion into CLMV countries, Sara Lamsam aims to build MTL into becoming the “Regional Life Insurance Leader” with international governance standards. He is focused on democratizing insurance in personal and life under “#1 Most Trusted Life & Health Planning”, which covers integrated financial solutions in personalized needs, delivering superior products and excellent service through five areas of development namely people, preferred partners, customers, beyond their customers and regional expansion.
Currently, Sara Lamsam is focusing on ESG to enhance the company’s sustainability and societal impact under the concept of “MTL Trusted Lifetime Partner” in line with principles of sustainable life insurance business development under good corporate governance and appropriate risk management. He has implemented decarbonization so that MTL becomes a "Green Insurer" through a Future-Ready Workplace, while encouraging all employees to learn and develop future skills in order to create the culture for sustainability.
