OIC promotes tech investmentInvestment in technology is a must for insurance companies to integrate new technologies, artificial intelligence (AI) and health tech to deal with challenges from changes in demography, technology and external volatility, says the Office of the Insurance Commission (OIC). Suthiphon Thaveechaiyagarn, secretary-general of the OIC, said the insurance industry faces many challenges, including the ageing population and resulting demand for healthcare and medical services. "New technology will also assist with the insurance process, insurance premium calculation and new product development." The OIC is also undergoing digital adoption to upgrade regulations for sustainable growth in the insurance industry. "Our regulation principles [in 2020] will supervise insurance companies as necessary to promote the industry, especially technological innovations, as well as increase the efficiency of insurance coverage," Mr Suthiphon said.

Source: Bangkok Post October 02, 2019 23:44 UTC