TDRI QUARTERLY REVIEW

Volume 36, No. 02, Month JUNE, Year 2021, Pages 1 - 12

The rise of insurtech in thailand opportunities and concerns

Pontakorn Vorapamorn, Nonarit Bisonyabut

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1. What is InsurTech? “InsurTech,” or insurance technology, involves the use of technology to innovate improvements in current insurance systems. A clear definition of this term has been coined by Valentino Ricciardi, insurance and InsurTech expert for McKinsey & Company. He defines InsurTech as “the ecosystem of focused, innovation-based companies that generate value for clients and/or insurance incumbents by disrupting or solving problems across the insurance value chain through the engagement of technology by following a lean and user-centric approach.”1 InsurTech can improve the insurance industry in three ways: 1. Basic improvements: using technology for better efficiency; for example, reducing the use of paperwork and process. 2. Accessibility: using technology to expand the customer base and their access to coverage; for example, expanding distribution channels through online platforms.

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