Bangkok Life Assurance Public Company Limited

2020

Top Community Care Companies in Asia

Bangkok Life Assurance Public Company Limited

Top Community Care Companies in Asia

2020

WORDS FROM THE JURY PANEL

Bangkok Life Assurance has taken on a challenge of imparting financial literacy to a nation which has consistently scored low on financial planning and other ways of ensuring an income when formal employment ceases

about Bangkok Life Assurance Public Company Limited

Insuring sustainability

Adding value to life. 

Bangkok Life Assurance Company Limited was incorporated in 1951 in Thailand. The line of business in which the company operates is life insurance. The company adheres to its objective of operating its business within the framework of sustainable development by participating in building security in the lives of people of all ages. 

The life insurance company stays aligned with its objective by following two main concepts, Bangkok Life Assurance: Live as You Design and Bangkok Life Assurance: A Happier Life. 

Bangkok Life Assurance: Live as You Design is a concept that fundamentally focuses on disseminating knowledge of financial planning to the public, and advising and sharing knowledge about financial products. Through this, the company aims to provide people with the basic know-how, regarding how to make financial plans in line with their lifestyles. 

Bangkok Life Assurance: A Happier Life focuses on creating happiness and improving Thai society’s quality of life. The company carries out activities that align with the concept. These activities include knowledge development, preserving Thai cultural heritage, looking after the elderly, and fostering environmental awareness. 

The insurance giant is committed to conducting its business within the framework of sustainable development guided by the principles of good governance; risk management with respect to the economy, society and the environment; and promoting the United Nations Sustainable Development Goals (SDG). 

Bangkok Life Assurance executes community care activities to expand people’s financial knowledge nationwide so that they have basic financial ability, which is necessary especially when they have retired from work. Apart from knowledge sharing, the company has also developed the tools to serve in financial planning, including life insurance coverage for health and severe critical illnesses. Furthermore, the company trains its agents to become professional financial advisors to serve customers with respect to life assurance, insurance and investments in mutual funds, so that agents can help clients make effective financial plans.

It has been reported that Thai people have lower financial skills than the worldwide average and Thai society will become a full-fledged ageing society within the next few years. Therefore, establishing financial security for a comfortable life after retirement is the country’s key financial target which must be encouraged so that people are aware and will start planning and accumulating their wealth accordingly. 

Bangkok Life Assurance, as a financial institution which operates its business in creating security through life assurance products with insurance and mutual fund partners, places importance on encouraging people to make adequate financial planning and see it through by investing in life assurance, assets or wealth via mutual funds through brokers and financial advisors who are well-equipped to provide financial planning knowledge.  

The company has developed tools to support financial planning which also tracks the status of the financial plan. It is also introducing products which meet the requirements of financial planning, especially with respect to health insurance, so that people will receive adequate insurance coverage and also have wealth to live their lives comfortably after retirement.  Doing this will enable self-reliance and reduce the burden on the government in case of monetary challenges in the long run. 

While taking care of the policy holders, Bangkok Life Assurance also encourages environmental preservation. It has reduced paperwork for various life assurance documents by switching to electronic documents which are maintained in the Smart Tools System developed by the company for greater convenience.

“Bangkok Life Assurance has taken on a challenge of imparting financial literacy to a nation which has consistently scored low on financial planning and other ways of ensuring an income when formal employment ceases.”

Shanggari Balakrishnan, Chief Executive Officer, MORS Group

“Bangkok Life Assurance’s move to support the government’s push towards making Thais more financial-planning savvy is a commendable way of an organization using its core competencies to enrich and better a nation.”

Dr. Jayanthi Desan, Lead Jury, ACES Awards

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