Insurance products win new fans in YFS winners 

“Frankly speaking, I used to associate insurance products with direct marketing because I had often heard people complaining about push selling techniques,” Monsichar Utitchalanont, the first-prize winner of the competition’s Muang Thai Life Assurance Star, said during the five-day educational trip to Malaysia and South Korea, “But now I have realised that all those complaints have existed just because people do not fully understand the products”.
Concluded on Sunday night, the trip was a part of the rewards for young financial stars. Winners of the nationwide contest have got opportunities to listen to special lectures at Bursa Malaysia Burhad (initially known as Kuala Lumpur Stock Exchange Berhad) and Etiqa in Malaysia. They also visited the Bank of Korea Money Museum and the Samsung Innovation Museum in South Korea.
Studying at the Thammasat Business School and expanding her perspectives via the various activities of the YFS competition, Monsichar explained that there were in fact many types of insurance products in the market and with the right choice of such products, people would have a more secure future.
Piraya Chen, the second-prize winner of the Muang Thai Life Assurance Star, admitted that she too used to think that insurance buyers would gain nothing at all after paying premiums in cases where the need to claim compensation did not arise.
“But it becomes clear to me now that insurance is about getting security. Aside, there are various types of insurance products. Some of the products turn premiums into savings for the future,” she pointed out. She has now been a graduate student at the Thammasat Business School.
Chana Phang-nga, the third-prize winner of the Muang Thai Life Insurance Star and a fresh graduate from the Kasetsart University, explained further that buyers of life insurance had in effect bought security for people whom might have been left behind, in event of some unfortunate incidents.
Piraya said she hoped all parties concerned would join forces in educating people, including the low-income earners, about insurance products and their benefits.
These three young financial stars emphasised that the insurance products were not just for the rich.
“For example, farmers can buy crop insurance. In events that natural disasters strike, they will be able to claim compensation for their crop damages,” Monsichar said.
Chana, who has now landed a job at Krungsri Securities, said premiums could take some money away from insurance buyers but even the low-income would be able to afford insurance, which offered many benefits, if they knew how to efficiently manage living expenses.
Organised by Stock Exchange of Thailand (SET) for 15 years now, the YFS contest aims to cultivate knowledge and understanding of financial planning and investing among young people at university level. The programme’s ultimate goal is to help prepare them to be quality financial professionals for the Thai capital market.
The contest has been held through SET collaboration with several partners including PTT and Muang Thai Life Assurance. There are several categories in the contest. Awards include SET Investment Star, TFEX Derivatives Star, Muang Thai Life Assurance Star, and PTT RIT Star Team. The YFS 2017 contest has attracted more than 5,000 students across the country.