OIC promotes Open Insurance system to unlock Thai insurance industry into the digital age

OIC launches Open Insurance system, creating an ecosystem to connect data with standards, transparency and safety, leading the Thai insurance business into the digital age.

Mr. Chuchat Pramunphon, Secretary-GeneralInsurance Business Supervision and Promotion Committee (Secretary General of the OIC) revealed that The Office of Insurance Commission (OIC), in collaboration with the Thai General Insurance Association and the Thai Life Assurance Association, launched the Open Insurance project, which was developed to drive and elevate the Thai insurance industry into the digital age.

By using data and technology to help reduce costs, increase service accuracy and develop products that meet consumer needs, create cooperation between relevant agencies to drive innovation in insurance and help prevent fraud in the insurance business, which is a problem that affects public confidence.

By using reliable and verifiable data through the Open Insurance system, it also prepares for preventive supervision and uses data for effective supervision, as well as creating opportunities for regulators, the insurance industry, and technology providers to jointly develop innovations and drive the insurance industry forward steadily.

Mr. Chuchat said that the Open Insurance project kick-off meeting this time is considered the starting point of cooperation that will lead to sustainable development of Thai insurance. The OIC is ready to work with all sectors to push for the use of the Open Insurance system as a new standard for the Thai insurance industry. The introduction of the Open Insurance system as the infrastructure of the digital economy will help increase service efficiency, expand business opportunities, and enhance transparency for the Thai insurance industry.

“Therefore, cooperation from the insurance business sector and all relevant sectors is required to enable systematic development and effective practical application under the framework of rules that all parties agree on. This will help create a standardized, transparent, and secure data ecosystem to serve as an important foundation for developing the Thai insurance industry to be ready to compete internationally.”

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