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Published on August 16, 2007

Unlike most business leaders, Nualphan Lamsam simultaneously runs two companies, and the two firms are worlds apart in the nature of their business.

As if that were not enough, it's also widely rumoured that this business chameleon will enter national politics in the election due in December.

The heady world of haute couture and the disciplined sphere of non-life insurance seem hardly to have anything in common. But apart from her having one foot in each camp, what synergies exist between the two disparate worlds Nualphan has managed to use to her advantage.

For instance, it's perhaps doubtful that anyone has ever headed up an insurance firm with such style. Instead of the power-dressing business suits chosen by many female executives, Nualphan shows up in soft, ultra-feminine designer garments and carries an Hermes bag - a la Carrie Bradshaw on "Sex in the City".

Some of the customer base for the insurance company comes from introducing clients from her luxury clothing business, and Nualphan's head-turning modern look is prompting the development of new and innovative products at the traditional insurance firm.

Nualphan never appears without top fashion brand-name outfits imported and distributed by her company, Wanmani, one Thailand's largest importers of brand-name fashion products. Her company's 11 fashion lines, imported under Wanmani and Saint Honore (Bangkok), include Hermes, Giorgio Armani, Emporio Armani and Armani Jeans, Tod's and Bluemarine.

Having been involved in the fashion industry for some years, the master's-degree graduate from Boston University in Massachusetts stepped into the insurance business as an heir, taking over Muang Thai Insurance, the company that her father, Photipong, founded more than 50 years ago.

In 1998, the Insurance Department moved to enforce the separation of life-insurance and non-life-insurance businesses. Muang Thai was split in two, with Muang Thai Life Insurance falling under the enthusiastic and successful management of Nualphan's younger brother, Sara. The non-life part of the business was passed on to Nualphan. Having succeeded in promoting her imported fashion brands to the top of the list for local high-end shoppers, she found herself grappling with a financial business in an immature market, where insurance was not yet seen as a priority need.

But Wanmani had survived the financial crisis, so she turned to the greater challenge of the insurance industry.

As president of Muang Thai Insurance, Nualphan spends about 70 per cent of her working hours on insurance. She has five secretaries to keep her busy life in order. Insurance is a business of trust, and Nualphan trusts her team.

"I'm more like a decision-maker," says the soft-spoken executive. "When an idea is initiated, it'll be followed through by my trusted team."

Last month, many things became clearer. Two significant signs prompted insurance-industry pundits to keep a close eye on Nualphan's next moves.

First was when the Constitution Tribunal ruled against dissolving the Democrat Party. Second was the announced merger between Muang Thai Insurance and Phatra Insurance, the latter of which was run by Nualphan's cousin, Kritaya.

Rumour has it that Nualphan, a long-time supporter of the Democrat Party, will join the election campaign later this year, because a career with the Democrats looks bright, and the family's insurance business seems to be in good hands.

However, Nualphan says she has not yet decided whether to pursue a political path wholeheartedly.

If she does decide to do so, she will certainly become a new breed of politician, one who works hard and has an impressive education and wide business experience. What's more, Nualphan, although a successful career woman, never leaves her feminine side at home.

Piyarat Setthasiriphaiboon

The Nation