The Office of the Insurance Commission (OIC) is preparing to launch an open insurance system, unlocking the industry in the digital era with a transparent, secure, and standardised data ecosystem.
Chuchart Phramoonphon, secretary-general of the OIC, said the open insurance initiative is a data exchange system designed to revolutionise Thailand's insurance industry, emphasising this development is critical and necessary for the sector's transformation.
The platform harnesses the power of data and technology to reduce operational costs, enhance service accuracy, and develop more personalised insurance products, he said.
The system also fosters collaboration among stakeholders to drive innovation and prevent fraud, a persistent issue that undermines public trust. By enabling reliable and verifiable data exchange, the platform enhances transparency and integrity within the industry.
This initiative also supports preventive supervision, allowing regulators to proactively oversee the industry using real-time, data-driven insights. It creates a collaborative space for regulators, insurers and technology providers to jointly develop new innovations and sustainably advance the insurance sector.
"The OIC's open insurance project marks a crucial step toward fostering industry-wide cooperation. The goal is to establish open insurance as the new standard infrastructure of Thailand's digital economy, improving service efficiency, expanding business opportunities, and increasing transparency across the board," said Mr Chuchart.
The open insurance system will help regulators shift from reactive to preventive, potentially alleviating many of the industry's problems, particularly fraud. The exchange of data across industries will transform the insurance industry in the digital era, he added.
To achieve this vision, the OIC calls for strong collaboration from all sectors involved in the insurance ecosystem. A shared framework that is accepted by all stakeholders is essential to ensure the system's smooth implementation and long-term success.
"With standardised, transparent and secure data exchange as the foundation, we hope Thailand's insurance industry will be better positioned to compete on a global scale," said Mr Chuchart.
The industry and related parties need to develop a truly functional and effective system, building a solid foundation for a globally competitive insurance industry, he said.
