LINE BK, the first social banking platform in Thailand, is expanding its financial services to cover every need and is making a strong push into the insurance brokerage sector under LINE BK Insurance Broker. This strategic move allows customers to access life and health protection conveniently and quickly, reducing financial risks especially for freelancers and regular employees who do not have insurance. In partnership with Muang Thai Life Assurance PCL, insurance plans are available for payment through LINE BK, and the entire transaction can be completed seamlessly within the LINE application. In celebration of this new service, LINE BK is launching an attractive campaign. Customers who purchase life and health insurance through LINE BK from now until 15 November 2023 will benefit from comprehensive coverage and promotional privilege.

Tana Pothikamjorn, Chief Executive Officer of KASIKORN LINE Co., Ltd., the provider of Social Banking services under the name LINE BK, revealed that since the first day, LINE BK has aimed to simplify financial matters within the LINE application. The company has been dedicated to developing services to comprehensively meet the financial needs of its customers, covering all four dimensions: Saving, Lending, Protection, and Investment. In nearly three years that have passed, LINE BK has continuously launched services according to its strategic move, enabling customers to access financial services such as deposits, withdrawals, transfers, payments, and loans conveniently and securely within the LINE application. Most recently, it has launched the LINE BK Insurance Broker service, enhancing the dimension of risk protection. This is considered another significant step, reinforcing the company's continuous progress according to its plans. 

Insurance is considered one of the fundamental financial products that can assist LINE BK customers in effectively managing their finances in unforeseen health and accident situations, improving their planning significantly. Moreover, the life insurance business is perceived to have substantial growth opportunities due to various factors, such as the increasing public emphasis on life and health insurance, stemming from the outbreak of new diseases in the past 3-4 years, the rising trend in medical costs, and state support in terms of tax relief measures for life and health insurance, etc. Additionally, the business sector is promoting insurance companies to apply technology and innovation to enhance operational efficiency, especially in the sales process, which will elevate the satisfaction and confidence of insurance buyers.

Moreover, LINE BK Insurance Broker has applied its expertise in technology and innovation to facilitate customers in quickly accessing life and health protection. Customers can choose, purchase, and complete payments all within the LINE application. Additionally, there is a distinctive feature in the selection of products that provide comprehensive coverage and are easy to understand, suitable for all lifestyles.

"In collaboration with MTL, LINE BK's inaugural insurance offerings have been handpicked to provide suitable and all-encompassing coverage in response to the prevailing needs of individuals, all at reasonable prices. This aligns with their ethos of 'Easy to buy insurance with small package available in LINE.' The insurance language is explained simply, allowing customers to easily choose for themselves via the LINE application, completing all steps within a single app. Additionally, the chatbot, accessible via LINE BK's Official Account (@LINEBK), stands ready to address any queries users might have around the clock. This development is in line with the global trend where a majority of people are starting to care more about their health and are seeking more health protection to cover general illnesses, including severe diseases, due to current environmental conditions. This could be an opportunity to penetrate the life insurance market, targeting freelance professionals who don’t have group insurance from employers, regular employees looking for additional coverage, or daily workers who cannot access high-premium insurance products," Tana explained.

Sara Lamsam, Chief Executive Officer of Muang Thai Life Assurance Public Company Limited, expressed great enthusiasm about their collaboration with LINE BK. This partnership is considered a pivotal juncture, harnessing the combined strengths of both entities. It paves the way for the public to easily access life and health insurance tailored to their individual lifestyles. Beyond offering protection, the endeavor seeks to uplift the quality of life, establish a robust insurance groundwork, and guarantee tranquility in unpredictable situations.

Additionally, the initial life and health insurance products from Muang Thai Life Assurance, available on LINE BK, have been meticulously chosen to ensure all-encompassing coverage. Designed specifically for LINE BK's client, particularly those with modest means, these products are curated from an 'Outside In' viewpoint to resonate with genuine customer needs. The objective is to simplify their access to Muang Thai Life Assurance's protection. This dedication aligns with the company's core mission: to bring joy to every individual's life.

Initially, LINE BK has selected 5 products from Muang Thai Life Assurance Company Limited, offering both life and health insurance through the LINE BK platform as follows:

1. OPD bao bao - Helps offset outpatient medical treatment costs with a maximum coverage of 2,000 baht*(1) per occurrence, up to 30 times a year(2). The premium starts at just up to 6 baht per day(3). It can be purchased individually without bundling with inpatient health insurance. The coverage includes consultation fees, diagnostic charges, and medication costs. It is available for individuals aged 20-58 years. Claims can be made for both illnesses and accidents.
2. Rokrai jer jai - Receive a lump-sum payment upon diagnosis of any stage of severe diseases, up to 500,000 THB, which can be allocated for treatments or other expenses. Coverage can be tailored based on specific diseases, whether cancer, neurological and muscular diseases, or vascular and heart diseases. With an affordable premium starting at less than 1 baht per day(4), it is available for individuals aged 20-58 years.
3. IPD top up - Help cover the excess medical costs from existing insurance or benefits, up to 500,000 baht per hospital admission (with a deductible of 20,000 baht per time). Room charges are covered up to 4,000 baht per day, and there is no limit to the number of admissions(5). It covers various conditions including severe diseases, general illnesses, epidemics, surgeries, and accidents. The premium starts at less than 11 baht per day(6). It is available for purchase for individuals aged between 20 and 69 years
4. IPD mhao mhao - This provides coverage for the actual cost of room and treatment up to 500,000 baht per occurrence, with no restrictions on the number of admissions (5). It covers hospitalizations due to severe and general diseases, epidemics, surgeries, and accidents, inclusive of standard single rooms in any hospital. With premiums beginning at a modest 22 baht per day(7), it's available to individuals aged 21-59 years.
5. ChodChoey mai khard ngern - This offers daily compensation up to 1,000 baht/day(1) for a maximum of 365 days(1) should the customer face hospitalization due to injury or illness. The compensation doubles if the individual is admitted to the ICU or as a result of an accident. Premiums are attractively priced, starting at merely 3 baht per day(8) and it's available to those aged 21-59 years.

All insurance plans can be applied for without a health check, just by truthfully answering health-related questions. There is no need for out-of-pocket expenses when visiting partner hospitals, with over 500 locations nationwide. Notably, the " OPD bao bao " and " Rokrai jer jai " are the flagship products. In celebration of the new service launch, LINE BK offers a special privilege for customers purchasing life and health insurance products through LINE BK, effective from today until 15 November 2023.

First Privilege: Receive a 15% cashback on the first insurance premium payment for every policy, limited to 1 privilege per policy per user account. 

Second Privilege: Stand a chance to win a lucky golden sparrow amulet weighing 1 baht, 15 prizes in total, with a combined value of 501,000 baht (referencing gold price as of August 7, 2023).
Between 1 September 2023 – 15 November, 2023, these terms and conditions are as specified by the company.

The challenge of running a life insurance business as a broker for LINE BK inevitably involves the country's economic situation and issues related to cost of living, which needs constant monitoring to gauge any positive trends. However, in the future, the goal is to develop online products in collaboration with partners to more comprehensively address the needs of customers.

"The impacts post-COVID-19 have slowed down the economy, potentially affecting decisions to purchase new insurance and the ability to pay premiums. Initially, the focus will be on brand building and customer base expansion, targeting small to medium-sized segments, starting with easily understandable and accessible health insurance. This also includes developing products that meet more needs, which in the future will co-develop new forms of online products with Muang Thai Life Assurance and other companies to sell through the LINE BK channel on the LINE app specifically, to facilitate the process from choosing to purchase to payment," Tana concluded.

About LINE BK

LINE BK is the first full-fledged social banking in Thailand. The joint venture between KASIKORN INVESTURE CO., LTD. and LINE FINANCIAL PLUS CORPORATION LTD. LINE BK offers five financial products and services namely Savings Account, Special Rate Account, Debit Card, Credit Line/Nano Credit Line and Life Insurance Brokerage. It elevates online financial service with ease, speed, and seemless as a one-stop service within one application without the need to switch between several applications. It also unlocks loans for freelancers and those who don’t have regular incomes. 

NOTE:

1. In the case of choosing Plan 3 (Extra).
2. Eligible to receive outpatient treatment once a day, up to a maximum of 30 times per year. And continuous treatment for the same disease or complications of the same disease is available up to 7 times. However, if continuous treatment for the same disease is required, and the time interval from the last treatment is more than 14 days, it is considered a new treatment for a disease. 
3. For males, aged 20, choosing Plan 1 (Affordable), the outpatient coverage is 500 baht per day per occurrence, and the insurance premium is paid annually. 
4. For males, aged 20, choosing Plan 3 (Heart Plan), it covers a group of diseases related to blood vessels and the heart, and the insurance premium is paid annually. 
5. The inpatient treatment (IPD) limit is unlimited in number of times. In this case, the company will include the previous treatment costs in cases treated for the same disease, or due to injuries or the same illness, including related or continuous complications within 90 days. If it exceeds 90 days from the last discharge day from the hospital, it will be counted as a new treatment cost. 
6. For males, aged 20, choosing Plan 1 (Affordable), the room charge is 2,000 baht per day, the inpatient coverage is 200,000 baht/occurrence (with a deductible of 20,000 baht/occurrence), and the insurance premium is paid annually. 
7. For males, aged 21, choosing Plan 1 (Affordable), the inpatient coverage is 50,000 baht/occurrence, and the insurance premium is paid annually. 
8. For males, aged 20, choosing Plan 1 (Affordable), the daily compensation coverage is 300 baht/day, and the insurance premium is paid annually.
9. “OPD bao bao” program is the official marketing name of the insurance policy, covering within the term of 10/10 and additional outpatient medical treatment agreements. 
10. " Rokrai jer jai" program is the official marketing name of the insurance policy, covering within the term of 10/10 and additional severe disease care agreements – D Care. 
11. "IPD top up" program is the official marketing name of the insurance policy of Muang Thai, Smart Protection 90/90 and additional Extra Care (N) health insurance agreements. 
12. "IPD mhao mhao" program is the official marketing name of the Muang Thai insurance policy, Smart Protection 90/90 and additional agreements for D Health (N) type health insurance. 
13. "ChodChoey mai khard ngern" program is the official marketing name of the insurance policy, covering within the term of 10/10 and additional HIP health agreements.
14. Insured by Muang Thai Life Assurance PCL.
15. Health declarations are one of the factors in considering insurance acceptance/payment according to the insurance contract. The consideration for insurance acceptance will be according to the criteria set by Muang Thai Life Assurance PCL.  Benefits, conditions, and detailed coverage are as specified in the policy.

NOTE:

• LINE BK Insurance Broker, as a life insurance broker, license number ซ00017/256. For details and additional conditions at LINE BK Official Account, @linebk or at LINE BK Call Center, Tel. 02-555-5555. 
• The consideration for insurance acceptance will be according to the criteria of Muang Thai Life Assurance PCL, and the terms of coverage are as specified in the policy. 
• Please study the details of coverage, terms, and exclusions before deciding to purchase insurance.

Warning: Buyers should understand the details of the coverage and the terms before deciding to purchase insurance every time.