Initiative to regenerate insurance

Regulator to unveil open data ecosystem

- NUNTAWUN POLKUAMDEE

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.