Dr. Suthiphon Thaveechaiyagarn, Secretary General of the Insurance Commission (OIC), gave such declamation at the seminar in IFoA Asia Conference 2018 on May 10, 2018, at the Berkeley Hotel, Bangkok. The conference was organized incorporation between the Institute and the Faculty of Actuaries (IFoA) from the UK and the Society of Actuaries of Thailand (SOAT).
It was the venue for insurance executives and actuaries from around the world to exchange information, experience, insurance technical know-how, practical guideline to the changing digital world, applied technology, financial report and insurance business management in Asia. More than 400 participants attended.
Based on the regulatory authorities’ perspective, on this occasion, the Secretary-General of the OIC referred to the development of the Thai insurance industry to be in line with the changing business environment from digital technology. Examples are applying technology to the regulatory compliance or "RegTech" and to the regulatory supervision or "SupTech", as well as regulatory updates to the changing business environment.
He also mentioned the lack of actuaries in the Thai insurance industry currently amidst the continuously growing insurance industry every year. Therefore, the OIC has formulated the long-term plan to increase the number of actuaries by cooperating with the higher education institutions and the Association of Actuaries of Thailand in order to promote, encourage and educate the students to have the better understanding of roles, responsibilities and the importance of the actuarial profession.
As the actuary is one of the main backlashes of the insurance company and systems with the missions of premium calculations, insurance reserve valuation and risk assessment, and has to be withstood against the changing environment, such as the new IFRS17 accounting standard or the FSAP co-assessment of the insurance industry to be held this year-end, the OIC has had to raise the rule, procedure and standard in compliance with the international standards. The issue related to actuaries is the ORSA rules which the actuaries play an important role in the ORSA process of the assessment of the adequacy of risk management and simulate future security positions under various circumstances.
Realized the important role of the actuary as mentioned above, the Secretary-General of the OIC remarked to the actuary that "Intelligence alone is not sufficient. Self-development to technology, rapid changes and honesty are also needed".