Giving everyone the opportunity to access their own data openly, transparently, and securely by linking the data with the banking sector, which is the centre of financial services, will lead to the development of financial products and services that better meet consumer needs, according to the Office of Insurance Commission (OIC).
Mr Chuchatr Pramoolpol, OIC secretary-general, speaking on 3 October at the launch of the project "Your Data to Financial Services That Meet Your Needs”, organised by the Bank of Thailand, said that the OIC has been continuously driving the open insurance data policy. In this, the OIC engages in four main dimensions as follows:
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Dimension
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Details
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Use of data to develop insurance services and products
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Such as linking medical treatment cost data between private hospitals and insurance companies, including setting standards for medical treatment fees
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Connection of data between agencies
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Linking data between government and private agencies to facilitate analysis and decision-making.
For instance, the Compulsory Motor Insurance System (CMIS) of the OIC reports compulsory motor insurance via electronic media immediately after the insurance is acquired. The CMIS is linked with the e-Service system of the Department of Land Transport to facilitate the checking of Compulsory Motor Insurance by vehicle owners before renewing car taxes.
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Disclosure of insurance statistics in an easy-to-understand and practical format
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Consumers and the business sector can access important statistics of the insurance industry and information on insurance products, etc.
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Promotion of open insurance
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Provides support for InsurTech innovations to use data creatively to develop insurance services that better meet consumer needs, are safe and efficient, resulting in fair competition and reducing costs for consumers.
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Mr Chuchatr said that open data is important in promoting a strong economic system because when consumers have confidence in the financial and insurance systems, they will choose tools to better cope with future risks.
“However, the Open Data policy cannot happen without cooperation from all sectors,” he said, as he thanked the Finance Ministry, the Bank of Thailand, and the Securities and Exchange Commission for their support and close collaboration.