On November 14, 2024, Haprem Doowa, CEO of Eazy Digital, had the privilege of speaking at the InsurTech Summit 2024, an event hosted by the Office of Insurance Commission (OIC) and the Center of InsurTech, Thailand (CIT) at Casean Ratchada in Bangkok. This year’s summit, themed "Shaping Insurance, Building Community," brought together some of the most influential voices in the insurance and technology sectors to discuss how digital innovation is transforming the industry.

During the summit, Haprem participated in a panel discussion titled "Unlocking Thailand’s Potential: How Big Data is Revolutionizing the Insurance Sector." The panel, moderated by Cyrus Cruz, Corporate Innovation Lead at ABeam Consulting, featured a distinguished group of thought leaders, including Jan Willem van Walsum, Partner at AccelerAsia and Chief Revenue Officer at Quincus, and Henry Wong, Vice President of Business Development for Asia at Munich Re.

The conversation focused on the pivotal role of Big Data in driving innovation and reshaping Thailand's insurance sector. The panelists explored the enormous growth potential in the country’s insurance industry and how data-driven solutions are at the forefront of this transformation. As businesses and consumers become more digitally connected, the insurance industry stands to benefit from harnessing the power of data to enhance efficiency, improve customer experiences, and create new opportunities for growth.

Several important insights emerged from the discussion that businesses in Thailand—and across the global InsurTech landscape—can take to heart as they embrace digital transformation:

1. Start Small, Think Big
   The journey toward becoming a data-driven organization doesn’t have to start with a massive overhaul. One of the panel's key points was to “start small.” Rather than attempting to solve every problem at once, businesses should focus on solving one specific challenge at a time. By using data to address one issue, organizations can gradually build up their data infrastructure, eventually transforming into a company that runs on data.
2. Data Isn’t Just a Resource—It’s a Responsibility
   Data isn’t something you simply gather and store. Data management is a critical process that requires careful handling. It needs to be cleaned, filtered, mapped, organized, and regularly updated. Without these steps, data becomes virtually useless. The costs of managing data—from storage to analysis—should not be overlooked, and businesses must commit to the ongoing effort of maintaining high-quality data for it to be effective.
3. Speed and Agility Are Key to Innovation
   For businesses to truly unlock the potential of data, executive buy-in and organizational agility are essential. The panel emphasized that for data-driven projects to succeed, management must clear a path for teams to execute quickly and iterate on ideas without being bogged down by bureaucracy. This requires providing small, agile budgets and resources that are free from rigid processes. The faster an organization can move, the quicker it will be able to leverage data for real-world impact.

At Eazy Digital, we’re excited about the opportunities Big Data presents for the future of the insurance industry in Thailand. As a company focused on digital transformation, we’re constantly exploring ways to help businesses harness the power of data to drive operational efficiencies, create better customer experiences, and unlock new avenues for growth.

We’d like to extend our sincere gratitude to the Office of Insurance Commission (OIC) and the Center of InsurTech, Thailand (CIT) for organizing this incredible event and for giving us the opportunity to contribute to the conversation about the future of insurance in Thailand. We look forward to continuing to work with industry leaders to shape the future of InsurTech and help Thailand strengthen its position within the global digital economy.

Stay tuned for more updates from Eazy Digital as we continue to lead the way in data-driven innovation and digital transformation.

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