Big Data’s Growing Impact on Thailand’s Insurance Industry

On November 14, 2024, Harprem Doowa, CEO of Eazy Digital, spoke at InsurTech Summit 2024, hosted by the Office of Insurance Commission (OIC) and the Center of InsurTech, Thailand (CIT) at Casean Ratchada in Bangkok.

Held under the theme “Shaping Insurance, Building Community,” the summit brought together leaders from insurance, technology, and digital transformation to explore how innovation, data, and emerging technologies are reshaping the insurance landscape in Thailand and across the region.

Unlocking Thailand’s Potential Through Big Data

As part of the summit agenda, Harprem participated in a panel discussion titled “Unlocking Thailand’s Potential: How Big Data is Revolutionizing the Insurance Sector.”

The session was moderated by Cyrus Cruz, Corporate Innovation Lead at ABeam Consulting, and featured industry leaders including Jan Willem van Walsum, Partner at AccelerAsia and Chief Revenue Officer at Quincus, and Henry Wong, Vice President of Business Development for Asia at Munich Re.

The discussion highlighted how big data, analytics, and data-driven decision-making are becoming foundational to innovation in the insurance sector. As businesses and consumers become increasingly digitally connected, insurers have a growing opportunity to use data to improve operational efficiency, enhance customer experience, and unlock new growth opportunities.

Key Takeaways for Insurers and InsurTech Leaders

Start Small, Then Scale with Confidence

Becoming a data-driven organization does not require an immediate large-scale transformation. One of the key messages from the panel was to start small. By focusing on solving a single, clearly defined business challenge with data, organizations can gradually build their data capabilities and scale with confidence over time.

Data Is a Strategic Responsibility, Not Just an Asset

Data is more than something to collect and store. Effective data management requires continuous effort, including cleaning, mapping, organizing, filtering, and maintaining data to ensure accuracy and relevance. Without proper governance, data quickly loses its value. Insurers must recognize the operational and cost implications of data management and treat data as a long-term strategic responsibility.

Speed and Agility Drive Data-Led Innovation

To fully realize the value of big data, executive support and organizational agility are essential. The panel emphasized the importance of enabling teams to move quickly, test ideas, and iterate without being slowed down by rigid processes. Flexible budgets and streamlined decision-making help organizations translate data insights into meaningful business outcomes.

Eazy Digital’s Perspective on Data-Driven Insurance Transformation

At Eazy Digital, we are excited about the role big data plays in shaping the future of insurance in Thailand. As a company focused on insurance digital transformation, we continue to explore ways to help insurers use data more effectively to improve operational efficiency, deliver better customer experiences, and support sustainable growth.

We extend our sincere thanks to the Office of Insurance Commission (OIC) and the Center of InsurTech, Thailand (CIT) for organizing an impactful event and for inviting us to contribute to the conversation on the future of insurance in Thailand.

As the industry continues to evolve, we look forward to working with partners and industry leaders to help strengthen Thailand’s position in the global digital economy. Stay tuned for more updates from Eazy Digital as we continue to lead the way in data-driven innovation and digital transformation.

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