The OIC has pushed Thailand to become the center of “Insurtech” of ASEAN on the aspect of “Suthiphol”, revealing that the Covid crisis has changed the insurance business. Organize a new risk epidemic spreading 5 guidelines to promote the digital economy development insurance business
The COVID crisis has changed the insurance business.
On October 26, 2021, Dr. Sutthiphon Thaweechaikarn, Secretary-General of the Office of Insurance Commission (OIC) said at the insurance week event “Thailand InsurTech Fair 2021”, the first new insurance event in Thailand that The world after covid-19 Insurance business will never be the same. Because the incidence of COVID-19 is a new risk, known as New Emerging Risk, which has a huge impact on the world. The number of coronavirus cases has soared to more than 233 million worldwide. and more than 4.7 million deaths.
causing widespread impacts in all dimensions, including society, economy, and people’s livelihoods The impact of the coronavirus is estimated to have caused the largest economic and social disruption. Since the Great Depression of 1929, this does not include changes in society and people’s behavior. keeping social distance travel restrictions As a result, attitudes in life have changed. turned to focus more on health care and the utilization of technology This has seen an unprecedented increase in online transactions.
“We have seen governments in each country adopting health care measures. Preventing the spread of covid procurement of vaccines and remedying the impact on people and businesses, including strategies for promoting the use of technology and driving into the digital economy,” said the OIC Secretary General.
5 ways to promote insurance business develop the digital economy
The secretary-general of the OIC further said that Therefore, it is important to focus on the supervision and promotion of the insurance business in the next phase to ensure stability and sustainability. and contribute to the development of the country’s economy There are five main approaches:
1. Technology adoption : It is necessary to encourage insurance businesses to use more technology. and attaches importance to investment in technology to achieve Digital Transformation in the insurance industry and collaborating with partners to enhance competitive advantage under reduced cost
2. Promote commercial : help the insurance sector to recover. by setting measures to deal with the situation of the epidemic of Covid that affects the performance and financial status of insurance companies taking into account differences in size and availability of companies
3. Promote insurance intermediaries: to use technology in the offering process. and changing the role of insurance intermediaries in the form of advice including the use of digital tools
4. Promote sustainability : Encourage the insurance sector to conduct business and investments that reflect the concept of Environmental, Social and Governance (ESG) in a concrete way
5. Oversight: The OIC must expedite the improvement of the regulatory guidelines to keep up with new risks and adjust the rules to be flexible (Principle Based Supervision) and in line with international standards of governance.
Pointing out that the industry insurtech grows 48.88% continuously in 2028
“According to the Geneva Association report, it is clear that the key organizational adaptation that will arise in this crisis is remote working, accelerating the adoption of digital technology to achieve organizational sustainability. In the past few years, we have seen InsurTech play an increasingly important role. A study by Grand View Research of the United States found that the growth rate of the InsurTech industry market size has increased. increased by more than 48.88% per year and will continue until 2028 by the use of technology in the insurance business Whether it is used to communicate, find customer groups, increase convenience for customers and increase the efficiency of operations within the organization to grow higher,” said the Secretary-General of the OIC.
OIC raises a flag to push Thailand “Insurtech” ASEAN Hub
Therefore, as a whole, Thailand is now considered to have a high level of technological advancement and an environment that is very conducive to the development of new innovations. The OIC therefore aims to push the country to be “Insurtech Hub” of the ASEAN region By now the process is working The OIC has implemented technology within the organization of an automated information system in the form of SMART OIC, such as using AI to consider and approve insurance policies. Database system development and governance tools Analyze and examine the financial position, operation and risks of the insurance business.
and has developed more channels to access the insurance system including the issuance of insurance intermediary licenses and online insurance dispute mediation and dispute resolution. and filing complaints online which preliminary what OIC operates, consisting of: 1. Insurance Database (IBS) 2. e-Insurance 3. Approval of cyber insurance policy 4. Insurance guru website 5. Regulatory Sandbox 6. Digital Face-to-Face sales channel approval 7. Insurance Innovation Center (CIT) 8.OIC Gate Way Data Link Center via API System 9.My Insurance Open Let people check my policy information via LINE application. OIC knows.
