The insurance industry contributes materially to economic growth by improving the investment climate and promoting a more efficient mix of activities and complementary development of other relevant services than would be undertaken in the absence of risk management instruments. In Thailand the insurance sector generates annually more than THB 850 billion (€23 billion) in revenues. It is a significant player in the economic wellbeing of the country.

Representing a cross-section of insurance businesses operating in Thailand, that have in one form or another European influence over them, the EABC Insurance Working Group represents the members seeking a greater participation in the growing insurance markets of the ASEAN region.

Objectives of the Insurance Working Group

To create favourable conditions for investment and sustainable growth in the insurance industry and to bring benefit to the Thai economy and consumers, it is the wish of EABC that the following issues are brought to the attention of the Royal Thai Government:

  1. Increasing capital requirements to strengthen the industry base with long term investment.
  2. Reviewing current regulations with regards to the issuance of new products and use of technology for improvement of consumer experience.
  3. Building necessary pre-conditions for Thailand to become an attractive investment destination of foreign insurance investors and to bring in expertise.
  4. Relaxation of foreign shareholding limits and progressive liberalisation.
  5. To bring an understanding of relevant EU policies, laws and regulation and world best practice options for resolution of issues and problems.
  6. To be a thought leader and producer of attractive and value-adding solutions on the insurance sector; builder of consensus in the European business community and wider.
  7. To bring an understanding of relevant EU policies, laws and regulation and world best practice options for resolution of issues and problems.

Information about Working Group Chair

Matthew has been working in the Thailand insurance industry for 25 years. Having begun his career at Commercial Union Insurance Ltd., the then oldest established insurer in the Kingdom, he has subsequently held senior executive level positions at Aviva, MSIG Insurance and Direct Asia, and helped many other insurers build the business capability needed to compete successfully and sustainably in the Thailand market.

His fields of expertise and experience include integrating end customer centricity in and on to legacy distribution models, CX – customer journey transformation, strategic HR – insurance business partnering, including building Employee – Customer aligned value propositions, and organizational transformation. He has also driven many initiatives to help both individual companies, and the industry as a whole, develop professionally, including university partnered internships, graduate and management trainee programs, scholarships and continuing professional education programs.

Attachments

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