Dr. Somporn Suebthawilkul, President of the Thai General Insurance Association, said that over the past year, the non-life insurance industry has faced challenges from climate change risks and catastrophes caused by natural disasters, as well as consumer expectations for faster, more transparent, and more digital service. At the same time, competition from new entrants and technology platform providers has continued to intensify, along with rapidly advancing technology. All of these are important factors challenging the role of the insurance business as a “professional risk manager” for the country’s economy and society.
In this context, artificial intelligence, or AI, particularly Generative AI, has emerged as both a “strategic opportunity” to adjust business models and raise operational efficiency and service quality, and a “systemic risk” that must be carefully managed, in terms of the reliability of outputs, fairness, data security, and governance of use in line with laws and the expectations of relevant stakeholders.
For this reason, the Thai General Insurance Association, through the Insurance Business and Academic Development Committee, held the 30th Insurance Seminar under the theme “Artificial Intelligence – The Good, the Bad, and the Unthinkable,” to portray the current state of AI, future trends, key issues in its application, and appropriate risk management approaches, so that the non-life insurance business can leverage this technology to build competitive advantage and appropriately respond to the needs of all sectors.
This seminar was honored by distinguished speakers with expertise across multiple dimensions, which helped provide a clear perspective on AI, so that executives and practitioners can build on it as effective and efficient policies and plans, including:
Mr. Jaray Sittiwong, Partner, Baker & McKenzie Ltd., lecturing on “The State of AI and AI Trends Outlook”
Mr. Ekkarat Klinbubpha, Thailand AI Sales Specialist, Google (Thailand) Co., Ltd., lecturing on “AI Adoption and Implementation Challenges”
Mr. Chakkarin Terdpapiyanak, Executive Director, Business Advisory, and Mr. Thanayut Sriariyawat, Executive Director, Financial Services Advisory, KPMG Phoomchai Business Advisory Ltd., lecturing on “AI Governance and Risk Management”
Mr. Sirawit Chayavanich, Head of Priceza Money, Priceza Money Co., Ltd., lecturing on “Key Challenges in the Era of Generative AI”
“In a world where technology is advancing rapidly, particularly Generative AI, the non-life insurance business cannot look only at the dimension of increasing efficiency or reducing costs. It must also give importance to responsible use, together with systematic risk management. This forum aimed to connect perspectives from multiple sectors, from the overall trend outlook and practical technology to legal frameworks and governance, so that the adoption of AI is appropriate and maximally beneficial, alongside balanced technology development, and supports the non-life insurance industry in raising its competitiveness, while serving as a risk manager for the economy and society stably and sustainably in the long term,” the President of the Thai General Insurance Association concluded.