OIC announces the success of TIF 2022 – Bangkok Post

published : 19 Oct 2022 at 13:47
OIC announces the success of TIF 2022 for achieving targets and moving the insurance industry towards international standards and the digital insurance ecosystem
Dr. Suttipol Taweechaikarn, Secretary-General of the Office of Insurance Commission (Secretary-General of the OIC) revealed that Thailand InsurTech Fair 2022 which was organized in a hybrid format from 7-9 October 2022 by the OIC’s Center of InsurTech Thailand (CIT) in collaboration with its partners, Thai General Insurance Association, Thai Life Insurance Association, Thai Insurance Brokers Association, Thai Association of Insurance and Financial Advisors, leading insurance companies, and Thai financial institutions under the concept “Reshaping Insurance to the Multiverse of InsurTech for the Future” at Hall 6, IMPACT Muang Thong Thani and online at www.TIF2022.com was hailed a success. This year we have seen the insurance industry moving towards international standards and a digital insurance ecosystem. We have received positive feedback from the event where insurance companies introduced insurtech innovations including products that utilize digital technology. 40 tech firms and startups from countries around the world such as Singapore, India, the United Kingdom, and Hong Kong joined the event to showcase their innovative products and participate in business matching to create networking opportunities. More teams are competing for the OIC InsurTech Award every year. This year we have seen interesting innovations that aim to truly meet people’s needs such as mental health insurance and metaverse insurance.
Activities at the TIF 2022 received better-than-expected response from participants. At the event, insurance premiums reached 1.063 billion baht while insurance policies sold reached 19,365 policies. Life insurance accounted for 905 million baht and 7,544 policies. Non-life insurance accounted for 158 million baht and 11,821 policies. 35,161 people attended seminars on 17 topics to listen to 27 local and international experts from across the world. At the exhibition hall, over 80 organizations including life insurance companies, non-life insurance companies, insurance brokers, banks, tech firms, and InsurTech startups from Thailand and abroad joined the event. 202,389 people attended the event with 43,821 joining the event at the venue and 158,568 joining online. 300 entities participated in the business matching session to discuss and exchange ideas to expand business opportunities of companies in the insurance industry.
The most important factor that attracted people to “Thailand InsurTech Fair 2022” was the hybrid format of the event that allows on-site and online participation in which people can attend the event at IMPACT Muang Thong Thani and virtually anywhere anytime via their smartphones or computers. Participants could also enjoy an interactive experience through their own avatar to engage in the event’s activities collecting points and redeeming rewards, creating a truly unique insurance event.
Another success factor was the variety of insurance products offered at special prices with discounts up to 30% and a chance to win cool prizes including Ora Good Cat EV and IT gadgets such as mobile phones, smartwatches, and other 40 items worth 1.6 million baht. There were 27 leading experts from the United States, Germany, Japan, Singapore, Malaysia, and Thailand who spoke on 17 different topics which could be viewed in Thai and English and later at www.tif2022.com. InsurVese Zone drew much attention by showcasing InsurTech innovations from tech startups and educational booths by the OIC, insurance associations, life insurance companies, non-life insurance companies, insurance brokers, tech firms, and InsurTech startups from Thailand and overseas. For next year’s event, we will focus more on technology, bringing in international startups, and inviting big startup companies that can showcase their solutions and products for everyday life at the event. He has no doubt that it will be a great event.
In addition, 40 prizes were given away to insurance buyers at the event. The prizes were drawn and presented at 7 PM from 7-9 October 2022. The list of winners is posted online at www.tif2022.com.
The OIC would like to congratulate Miss Nucharee Oonprom who received the grand prize, Ora Good Cat EV, worth 763,000 baht.
“We are very pleased to see tremendous interest and better understanding of InsurTech as well as greater public outreach. Apart from that, many people joined our seminar. A number of insurance brokers attended the seminar and visited the booths to gain new ideas on how to improve services for their customers using technology. We aim to bring this to the fore next year. Even though 40 InsurTech companies joined the event this year, we will invite many more impressive companies from around the world next year to showcase their innovations and technologies in order to create the greatest InsurTech fair where people can expand their horizons.
Finally, I would like to thank all participants who attended the event and purchased insurance products at Thailand InsurTech Fair 2022. I would also like to thank our partners who helped host the event. The OIC would not have been able to organize such an important event without your support. The success of the event has inspired us to continue organizing a good event. See you again at “Thailand InsurTech Fair 2023” which I assure would be more remarkable than this year’s event,” said OIC Secretary-General.
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