Evidence shows the extensive adoption of AI by insurance companies worldwide, profoundly affecting key operational areas including underwriting, claims processing, and customer service. This has resulted in tangible benefits, including cost reductions and enhanced profitability. Consequently, Thai insurance companies are increasingly inclined to explore and incorporate these technologies into their operations. The OIC cannot afford to delay and must initiate proactive considerations on how to regulate these technologies promptly.

 

From a regulatory standpoint, the Office of the Insurance Commission (OIC) must address several pivotal considerations. A key example discussed was the fairness of pricing and underwriting models: What measures can be taken to prevent AI models from favoring wealthy individuals with lower insurance premiums based on their healthier lifestyles and less exposure to health risks?

 

Just as insurance companies can harness AI in numerous ways, the potential applications of AI for the OIC are also limitless. Beyond the evident efficiency enhancements of day-to-day task, the OIC can also utilize AI for tasks such as pattern detection to identify unlawful practices and providing early warnings for large-scale disaster events by leveraging climate data (e.g., major flood).