Vision To be an alternative life insurance provider which continuously offers products to the specific target customer groups which have been selected by MBK LIFE, making the company a stable company and trusted by all the stakeholders concerned. Missions To introduce up-to-date life insurance products which adhere mainly to the needs of MBK LIFE’s customers while delivering excellent services which make MBK LIFE’s members happy and feel at peace. Characteristics of Product and Service MBK LIFE offers a wide range of life insurance products including: 1. Individual life insurance products These are products suitable for future planning in order to truly strengthen the security in line with each person’s purposes. These include savings, protection or wealth creation in terms of returns, insurance premiums, or coverage time period, which satisfactorily meet the needs at each stage of life in one’s life plan. Available types of insurance policies offered by MBK LIFE • Whole life assurance products, • Savings life assurance products, • Pension life assurance products, and • Personal accident insurance. 2. Group life insurance products These products give life assurance protection and health insurance coverage that have been created and developed, taking into consideration the needs of each business organization. The key objective is to provide employees in the organization with welfare benefit coverage which is appropriate and of best value for money. 3. Mortgage assurance products These products focus on the mortgage assurance based on the loan repayment period. For convenience, the premium for the insurance is paid only once. The benefits given by these products will help pay off any outstanding mortgage amount in case the customers are hit by unforeseen circumstances (death or total permanent disability) during the repayment period. It addresses the problem of having to pay off outstanding mortgage debt obligations and does not impose a burden on the family left behind. Market & Competition The COVID-19 pandemic in 2021 had adverse impacts on the financial positions of MBK LIFE’s customers. For example, corporate customers in many groups decided to reduce some parts of insurance coverage in relation to staff welfare. The changes had impacts on MBK LIFE’s market and the life insurance industry as a whole. On the other hand, as regards some groups of life insurance such as mortgage assurance, they remained MBK LIFE’s main source of income. In this connection, MBK LIFE managed to maintain the growth in line with the established targets. Nevertheless, while MBK LIFE adapted itself to respond to the COVID-19 pandemic, it successfully maintained customer service capacity, ensuring that service quality did not suffer when compared to the normal situation. In addition to standard products, MBK LIFE launched a loan program against insurance policies. Currently, there were customers who obtained the loans or surrendered their policies. These were available alternatives for MBK LIFE’s customers to lessen their financial burdens. Furthermore, MBK LIFE adopted work from home as its key policy, to which 90 percent of its staff adhered. The policy helped mitigate the COVID-19 transmission risk for MBK LIFE’s customers, trading partners and employees. Importantly, MBK LIFE was able to continue giving normal services as mentioned above. 56-1 One Report / Annual Report 2021 Thanachart Capital Publ ic Company Limited 39
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