The Impact of AI on the Thai Insurance Market
Executives in the Thai financial sector emphasize the critical need for artificial intelligence (AI) technologies to operate under thorough governance, ensuring secure and efficient business processes. This involves improving underwriting procedures, minimizing manual interactions, personalizing insurance services, supporting investment advisors, and advancing digital payments. At the Asian Banking and Finance and Insurance Asia Summit 2026, industry leaders highlighted AI’s potential in automating routine checks and improving customer response times, but stressed that ultimate decision-making should not rely solely on machines.
Chanitha Supavivat from ShopeePay Thailand detailed AI's impact on their credit operations, replacing paper-based processes with digital solutions. By utilizing alternative data alongside AI, ShopeePay can swiftly approve loans for customers who meet Know Your Customer (KYC) and underwriting criteria. Supavivat noted, “More than 90% of our customers can get an instant decision,” underscoring AI’s advantages in the digital finance sector.
AI in Life Insurance and Beyond
In the life insurance domain, Montree Thirasakthanam of Thai Life Insurance acknowledged the complexities surrounding underwriting and policy issuance. The company aims to create "instant policy insurance," crucial for the burgeoning life insurance market in Thailand, where success hinges on policy retention and renewal premiums. Ocean Life Insurance is likewise integrating AI to enhance customer interactions. Ornusa Khowvadisai emphasized that AI tools assist sales personnel in better understanding clients’ needs, reducing reliance on centralized analytics teams.
AI’s adoption extends beyond underwriting, with a 2025 Roots report indicating increased use in claims processing, fraud detection, customer service, and risk assessment, highlighting its strategic importance. Bangkok Bank underscores AI's role in wealth management services. Cholathee Pornrojnangkool explained that AI helps customize client services by analyzing data to suggest suitable products and portfolio adjustments, while human input remains vital for comprehensive financial advice.
Overall, the Thai financial sector is effectively leveraging AI to streamline operations and enhance service quality, maintaining human oversight in key decision-making areas to ensure compliance and effective risk management.