The insurance industry
The insurance industry, known for its traditional practices, has now incorporated new technology into its landscape, propelling it into the next generation to enhance customer services. Comarch, a Polish multinational software and systems integrator, is introducing the latest IT solutions with a real-life case study from Thailand's well-established insurance company, Viriyah Insurance. This case study highlights both the growing development and the potential approach to combating possible frauds within the industry.
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00:00 [MUSIC PLAYING]
00:03 Today, Komach invite our guest speaker,
00:18 who has been an experience in the insurance industry
00:22 and involved in IT and insurance strategy planning
00:26 at Riya Insurance for almost 20 years.
00:28 Please welcome Khun Vishakorn Ninmanath.
00:31 Thank you.
00:31 It's good to be here.
00:33 Thank you for coming with us as well.
00:35 Let's start with my first question.
00:37 As you're involved in the insurance industry
00:40 for almost 20 years, which specific technology
00:43 do you believe will have a profound impact
00:46 in the insurance industry in the near future?
00:49 In my point of view, AI or artificial intelligence
00:53 will play a significant role in our industry.
00:56 There's many use cases that AI, which is traditional AI,
01:01 can successfully integrate it into our value chain.
01:05 From beginning of the customer journey,
01:07 such as the insurance plan prediction, personalized
01:11 pricing, and evident recognition,
01:15 that can help with the speeding underwriting.
01:19 And also with the claim, AI can help the company expedite claim
01:24 estimation and also the payment.
01:28 And with the emerging of the generative AI,
01:31 the large language model can help the insurance focus more
01:35 on the use case that can have a greater customer
01:40 service, like personal assistant, automated claim
01:45 reporting.
01:47 With the emerging of the generative AI and large
01:50 language model, insurance industry
01:52 will keep focusing more on the use case that
01:55 have a greater customer service, like a personalized insurance
01:59 assistant.
02:00 And also with the emerging of the generative AI
02:04 and large language model, insurance industry
02:07 will keep focusing on more use case
02:12 that can lead to greater service,
02:15 like personalized insurance assistant or automated claim
02:19 reporting.
02:21 However, the advancement of the AI
02:24 can potentially be a threat to insurance also.
02:28 So in the long term of evolution in the insurance industry,
02:32 what emerging technology do you think
02:34 will play a significant role?
02:37 And how might they shape the insurance
02:39 landscape in the near future?
02:42 Apart from AI, I think technology such as Web3,
02:47 Digital Twin, Spatial Web, will start to emerge.
02:50 And we will see the clearer view of the practicality use
02:53 of them.
02:55 There's so many use case that we can
02:57 make use of this technology, such as Digital Twin.
03:01 Digital Twin is the way that we capture a lot of data
03:05 from the physical asset into the digital asset.
03:08 How it's going to use it?
03:10 Because we, insurance industry, usually hungry for data.
03:17 When we capture a lot of data, we
03:19 can make use of them to assess risk more accurately.
03:23 So eventually, people will start to have more understanding
03:29 of the physical world.
03:30 This is the thing that we cannot be used in the old world
03:34 of data analytics.
03:37 This is one example of the Digital Twin.
03:40 Another one is the Web3.
03:43 Web3 and also the smart contract.
03:46 Smart contract is a way that self-executioning contract
03:53 written into the code.
03:56 Insurance industry always use the contract
03:59 as the meaningful for the way that people
04:03 interact with each other, such as insurance company
04:06 and then insurance.
04:10 When a smart contract come in, we
04:13 can see that the way that we trigger the claim,
04:17 automate the claim, and also when
04:19 the data is coming from the Digital Twin, which
04:22 is passing through the Oracle protocol,
04:27 then we can see that we can see a lot in the future
04:32 to reduce the administrative overhead for the insurance
04:36 company and combine it with the Digital Twin, which
04:40 is have a lot of data that coming in.
04:42 We can see there's a lot of automated claim,
04:46 distributed insurance platform, peer-to-peer insurance,
04:50 parametric micro-insurance, and a lot more.
04:54 Let's talk about your organization.
04:56 What technology initiative or activity
04:59 have you undertaken to adapt to the evolving digital landscape
05:04 at the moment?
05:05 We've been implementing technology
05:07 to stay competitive and help with the customer service.
05:12 Some of the technology that we actively use
05:17 is the adapt the thing on the cloud computing,
05:21 API for connectivity, chatbot process automation,
05:25 location-based services, the WebRTC for video call,
05:30 and also AI for image recognition.
05:34 Here comes to my last question.
05:36 What do you consider to be the most significant challenges
05:40 in the future?
05:41 I think this technology holds significant promise
05:45 to the insurance industry.
05:47 But also, it is important that the regulatory challenge
05:51 will be an issue and needs to be addressed.
05:55 For AI, while AI has potential to transform
05:59 many aspects of our insurance industry,
06:02 it also presents various concerns,
06:04 such as the explainability and responsibility of its decision.
06:08 AI can have a hallucination, which
06:10 might lead to the implication of insurer liability,
06:15 or deepfake evidence, which might
06:18 lead to the greater insurance fraud dispute.
06:22 And for Web3, technology like blockchain, cryptocurrency,
06:26 smart contract can have a significant impact
06:29 on the insurance regulation, such as the ways
06:33 my conflict with the proof of insurable interest issue,
06:37 the regulatory territory which might be applicable
06:41 when the smart contract itself is borderless.
06:45 Peer-to-peer insurance also have an issue with the legal
06:49 as well, such as the anonymity may
06:53 have the conflict with the proof of insurable interest.
06:57 Regulatory territory might also be not applicable
07:02 when the smart contract can be borderless.
07:05 And also peer-to-peer insurance might
07:08 have the issue with the legal insurer entity.
07:12 With all of these implications, technology has to evolve,
07:17 and the insurance industry has to adapt to accommodate
07:21 this innovation change.
07:23 Thank you, Khun Vishukorn, for participating in this interview
07:26 with us and sharing your invaluable insights
07:30 and information of the insurance industry.
07:33 Thank you very much.
07:34 Thank you.
07:36 (upbeat music)
07:38 [MUSIC]