Thailand InsurTech Fair 2023, organized by the Office of the Insurance Commission (OIC) in collaboration with the Center of InsurTech Thailand (CIT), is the biggest insurance fair of the year. It revolves around the theme "STRENGTHENING SUSTAINABILITY THROUGH INSURANCE INNOVATION," aiming to create a sustainable world of insurance through cutting-edge insurance innovations. The event showcases a diverse range of insurance products from leading companies and brings together insurance experts and industry insiders from around the globe to build networks, share experiences, and exchange new knowledge related to insurance.
Success story
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The Thailand InsurTech Fair 2023 (TIF 2023) has garnered positive feedback from numerous participants, with over 80 companies actively participating in the event. Featuring 18 knowledge-sharing sessions on insurance and InsurTech presented by 27 industry-leading experts, TIF 2023 attracted a total of 206,857 visitors—comprising 44,010 onsite attendees and 162,847 online live-stream viewers. Moreover, the event generated written insurance premiums totalling 1,069 million Baht, encompassing more than 19,717 policies with a total sum insured reaching 9,250 million Baht. Among these, 7,583 insurance policies were from life insurance, with premiums totalling 910 million Baht, while 12,134 were from general insurance, contributing 159 million Baht in premiums. |
Seminar
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The era of change and sustainable growth in the insurance system is driven by technology, which serves as the evolving foundation of insurance. The utilization of certain applied technologies aligns with the perspective of the 'Digital Technology Generation,' rapidly personalizing perception, presentation, engagement, and outcomes that resonate with insurance and brokers, aiming to strengthen and reduce costs with cutting-edge future technologies.
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Climate change is a crucial challenge that will affect the next generation. We must turn our attention to making our world a better place for future generations. Businesses and organizations are part of the ecosystem, so we must prioritize sustainability and work towards a common goal under the ESG (Environment, Social, and Governance) framework. This will create the opportunity to create a new world that is environmentally sustainable for everyone in the world.
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The essence of Al lies in its proficiency in risk management, which is seamlessly complemented by automation. It involves the strategic utilization of multiple models, each purposefully addressing distinct pain points and working in unison to enrich the underwriting experience. Having humans in the loop is still important because AI cannot replace humans.
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Riding the Inflation Wave
Inflation in Thailand comes from adjustments in food, oil, and energy prices that have increased. Along with the problem of household debt rising more than 90 percent due to the impact of COVID-19 and inflation that affects the insurance value chain, Customers will be affected by higher insurance premiums. Therefore, insurance companies have to manage product costs and prices to meet the needs and prices that customers can afford.
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Serve Customers & Bridge the Protection
The new concept of embedded insurance is an idea that can connect data for real-time processing in the insurance industry through new technologies and applications. It introduces new services that everyone can access via their mobile phones. This not only impacts success but also goes beyond merely having a role in problem-solving. It focuses on the core concept related to solving problems that can be managed regarding positioning, interests, customers, and the organizational ecosystem by creating models for sustainable companies through technologies that interconnect during new insurance coverages.
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Utilizing Digital Tools
Nowadays, in an aging culture, the elderly prefer hi-touch rather than hi-tech to reduce their problems. They want simple healthcare, the opportunity to self-monitor basic health or obtain home-based checks, and the removal of barriers to medical care via telemedicine. For retirement planning, it is not only necessary to establish retirement funds but also to establish financial goals and financial management strategies to attain them. This helps to limit risks and guarantee that financial objectives are met.
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OIC InsurTech Award
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The OIC InsurTech Award 2023 was organized under the theme "ASCENDING TO THE INSURTECH UNIVERSE." In the final round competition held at the Thailand InsurTech Fair 2023, 11 teams that successfully passed the selection process from over 300 interested applicants were selected to present their InsurTech projects. The competition was divided into two categories: the student category and the general public category. |
Public Category: Winner
“Good muscle health affects insurance premiums and comprehensive coverage.”
Their platform addresses the problems associated with office syndrome by storing detailed data about individuals’ behavior. |
Student Category: Winner
“Guaranteed TREE can start when danger comes.”
Their application offers natural insurance services for trees to farmers, enabling them to estimate the amount of Carbon Credit from their trees and engage in Carbon Credit trading. |
InsurGame Competition
The InsureGame Competition is a competition of the online game called "OIC Defender," developed by the Center of InsurTech Thailand to raise awareness and enhance understanding of the importance and benefits of insurance among the public. The competition was held at the Thailand InsurTech Fair 2023, with the top five ranked players competing for the grand prize, a PlayStation 5, and many other rewards.
Demo Showcase
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The Demo Showcase is a session for sharing information about insurance innovations from various InsurTech companies. This year, it has received positive responses from domestic and international insurers and tech startups, including 33 companies from five countries: Indonesia, Hong Kong, Singapore, India, and China. |