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Keynote Address

by Mr. Anon Vangvasu
President of the Thai General Insurance Association
A.M. Best Thailand Seminar 2016

August 4 , 2016
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Dr. Suthiphon Thaveechaiyagarn, Secretary General of the Office of Insurance Commission
Dr. Roger Sellek, Chief Executive Officer of A.M. BEST Europe, the Middle East and Africa, and Asia Pacific

Honorable Speakers, Distinguished Guests, Ladies and Gentlemen,
On behalf of the Thai General Insurance Association, I would like to extend my warm welcome to all participants
in this A.M. Best Thailand Seminar 2016, co-organized by the Thai General Insurance Association.
The global insurance marketplace in which we operate requires us to understand the risks we face, both local and
global. As you all may already know, the Thai Non-Life insurance industry has proved highly effective in weathering the
2011 flood, the most devastating hydrological disaster in Thailand’s history. The introduction of the Risk-Based Capital in
2011 also played a significant role in shaping ERM practices of the Thai insurers. Today’s topic, “Liberalization of the Thai
Market,” is a very timely one. It is among so many challenges that would definitely have enormous impact on the industry
in the very near future.
The Asian insurance market has become a driving force of the global economy and will remain so for decades
to come. Market liberalization under the AEC would definitely provide growth opportunities and, at the same time, bring
more foreign competition to Thailand. Since Thailand is well-positioned as a gateway for local, regional, and global
insurers to get access to this ASEAN market, it is important that we look out into the future and think about what we need
to do to make ourselves thrive in an open market where there is a free flow of goods, services, financial capital, intellectual
capital, and human capital.
That is why I would like to address today’s challenges beyond liberalization.
I want to begin with the question that we all should frequently ask ourselves … “Why are we here in this
business?”
We should not forget that we are in this business to safeguard the financial interest of individuals and entities from
uncertainty and ensure that the public and private sectors are adequately and fairly protected. We exist to manage risk
professionally, promote economic growth, and be the backbone of the economy.
This is why we must make ourselves relevant to our customers and deliver our services and products in the best
possible way. We must be customer-centric in our approach and make sure that the needs of our customers are met and
their expectations are exceeded.
Disruption happens when business do not pay close enough attention to the needs of their customers. Disruption
happens when business do not think and act in the best interest of their customers. And disruptions are more profound,
more frequent, and more intense than ever before.
So what should we do with our existing way of doing business?

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