Bangkok--Nov 8--Aziam Burson-Marsteller
Millea Life Insurance (Thailand) PCL has launched the Insurance Needs Analysis Simulation program on the company’s website to generate more excitement in the local insurance market. The program is designed to provide basic analysis of the needs of holding life insurance policies for clients and the general public.
“A good life insurance plan should match the needs, responsibilities and desired future of the individuals. Therefore, it is important that the clients are well aware of their own fundamental needs and conditions in order to choose the life insurance policies most appropriate for themselves and their loved ones. This has driven Millea Life to develop the Insurance Needs Analysis Simulation (INAS) to help the current and potential clients determine their basic needs of life insurance, including the financial support required for those needs. These important details will enable the clients to better consult with the life planners and agents and receive in-depth information on different life insurance plans,” said Mr. Osamu Shimomura, Senior Executive Vice President of Millea Life Insurance (Thailand) PCL.
Mr. Shimomura added that the development of INAS reflected Millea Life’s strategy of providing comprehensive products and services under the Needs Based Sales concept, with the objective of clarifying the correlation of life insurance to needs rather than wants in order to truly deliver peace of mind to families in Thailand.
According to Mr. Chairat Jitkaew, Senior Vice President — Information and Technology and Marketing Development Department, Millea Life Insurance (Thailand) PCL, the INAS is suitable for those who just start working until they reach 75 years of age, the average lifespan of Thai people. “The program applies various models and assumptions to provide a median that matches the average real cost of living today. For example, the funds needed to support a child’s education suggested in the program reflects the average expenses at acceptable educational institutes, from elementary school until university. The retrieved data can later be used to gain detailed analysis through the Life Planning Simulation (LPS) program operated by life planers as well as other programs applied by agents.”
“Everyone can try the INAS by simply going to www.millealife.co.th. User names, contact details and contracts are not required to use this program. People only have to detail their living expenses in the INAS. Then, the program will analyze the data and display a customized graph that summarizes the needs of life insurance appropriate for each person. The results includes funds for living, education for children, retirement and so on,” added Mr. Chairat.
The last page shows an INAS graph of Mr. Somboon, a 36-year-old salary man. He is married and has two children — a five-year-old and a two-year-old. Their average monthly expenses are a minimum of 15,000 baht He wants to have no less than 10,000 baht for his monthly expenses after retirement, and savings for emergency use or medical expenses of around 200,000 baht throughout his life.
Based on the INAS analysis, the graph demonstrates that at the age of 36, Mr. Somboon should have total savings of 11 million baht to cover core expenses such as his mortgage, car loans, clothing, food, water bills and electricity. This is to ensure financial security for his family in the event of an emergency that restricts his ability to provide income from work. The sum will decrease as Mr. Somboon grows older.
The 11 million-baht-sum assured is divided into four groups: 1) a 3.5 million-baht fund to support his children’s education until they receive their the bachelor’s degrees, 2) a 200,000-baht fund for long-term medical expenses, 3) 120,000-baht fund for retirement per year, and 4) a 50,000-baht fund for the funeral expenses.
Millea Life Corporate information
Founded in 1997 under the name “Thai Charoen Life Assurance PCL.”, Millea Life Insurance (Thailand) was established as a joint venture in 2001 with Tokio Marine and Fire Insurance, the oldest and largest insurance company in Japan.
Millea Life Insurance (Thailand) PCL has a registered capital of 700 million baht and is a strategic alliance of three renowned and financially solid partners including Millea Group, the Thai Charoen Commercial Group established by Khun Charoen Siriwattanapakdi and BankThai PCL.
Millea Group and Millea Holding are considered the largest group of insurance companies in Japan and the eighth largest group of insurance business in the world with operations in 133 cities in 36 countries.
For more information, contact:
Kamolmas / Satida
Aziam Burson-Marsteller
02-252-9871
[email protected] End.