Thailand's insurance regulator, the Office of Insurance Commission (OIC), has launched an insurance database system (IBS) in collaboration with the Thai General Insurance Association and general insurance companies.
The database can be accessed by the entire government sector. Insurance sector and the public. The data available therein would be put to practical use concretely, bringing benefits to both the government sector. Insurance sector and the public.
Mr Chuchat Pramunphon, secretary-general of the OIC, says that the data available in the IBS can be used for:
statistical analysis by the government, the insurance industry, and research institutions
actuarial analysis to support the determination of appropriate premium rates for various insurance plans
designing good and efficient services.
in-depth analysis to support the development and expansion of the general insurance business.
The non-life IBS is also expected to improve transparency, build public trust, and support new forms of risks.
Source: asiainsurancereview.com
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