Muangthai Life policyholders can receive claim payments at 7-Eleven
MUANGTHAI LIFE Assurance has teamed up with Counter Service Co to help policyholders receive quick payments of insurance claims, said Sara Lamsam, president and chief executive officer of the insurer.
He said that apart from being able to pay premiums through Counter Service, customers would be able to get their compensation payments as well.
“We found that customers have been paying their premiums via Counter Service to the tune of about 20,000 transactions per month, and they want to receive claim payments through this channel too. After launching this new service, we expect 3,000 compensation transactions per month,” he said.
Holders of personal accident and health insurance policies now can receive payments of no more than Bt10,000 without paying any fee at 7-Eleven convenience stores.
If the payment is more than Bt10,000, Muangthai Life will send the customer a cheque or transfer the amount into the customer’s account.
Sara, who is also president of the Thai Life Assurance Association, said that despite the slowdown in consumer spending, the industry was still on track to expand by 17 per cent this year because the fourth quarter is the peak season for life insurance because of the tax deduction.
Total premiums in the first seven months grew by 18 per cent, while Muangthai Life’s gross premiums grew by 26 per cent, he said.
Weeradej Ackapolpanich, assistant vice president of Counter Service, said that after joining with five local insurers to sell micro-insurance products at 7-Eleven convenience stores to low-income earners, premium income showed double-digit growth.
The company plans to expand its service to other insurers, aiming for insurance transactions to account for 20 per cent of its total bill payments by 2017.
Counter Service currently handles 20 million bill-payment transactions per month.
