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Well, the answer is “everything.”
We have to rethink our strategies and compete in a smart way. We must control our operating expenses and
increase operational efficiency. We must provide services beyond customer expectations. We must be prudent in
managing risk and capital. We must use technology as platforms for innovation.
We need to disrupt ourselves. We have to be our own disruptors and make things work for our customers and
other stakeholders. Or otherwise, our competitors will.
It is our priority to create a new kind of insurance company.
Nowadays everything is connected in a global and digital economy and all technological changes occur rapidly.
Trends such as FinTech, InsurTech, and technology startups are disrupting many existing business models and digital
disruptive innovations will inevitably affect all manners of insurance practice and unimaginably reshape the insurance
industry in the future. Some of non-traditional companies are competing for our business while others are trying to
substitute or complement what we have to offer.
In the world of Internet of Things, where Big Data, Social Media, and Smartphone Apps are already the norm, where
the emergence of Peer-to-Peer Insurance and Usage-Based Insurance are growing, where entry of non-traditional firms in
insurance is threatening many different parts of the insurance value chain, the challenges that CEOs are facing today and
years to come will never be the same.
Although the Thai insurance industry has successfully weathered major challenges in the past 10 years and turned
them into significant opportunities, the advancement of new technologies and rapid change in customers’ behavior and
expectations, however, are creating a whole new world and a whole new way of living in ways that we could not have
imagined. We are in a new era of risk…
If we want to thrive in a changing and challenging market and be part of the future, we must anticipate for changes
and prepare for the future. We must transform ourselves and stay ahead of the game. We have to be the company that
knows and understands our customers better than anyone else. We have to be the company that sees unmet needs and
is willing to disrupt ourselves to fulfill those needs. We have to embrace new ideas, new technology, new people, new
ways of working, and new ways to serve our customers.
We must also be prudent in pricing and underwriting. We must focus on talent development. We must go
beyond traditional ways of thinking, explore the megatrends, and keep pace with the Social, Technological, Economic,
Environmental and Political developments ahead. We must work collaboratively with regulators and contribute more to
the society, especially to the government and public sectors.
Let’s not forget that we are in a risky business. Risk cannot be eliminated but it can be intelligently managed.
We need to understand the risks we face and take control of our destiny. A seminar like this is a very valuable platform
for discussing both upside and downside risks within the insurance industry. I wish all of you a productive discussion,
a fruitful exchange of ideas as well as a great networking.

Thank you.
Sawasdee Krub.

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