Page 302 - India Insurance Report 2023- BIMTECH

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from regulatory bodies or seek partners in order to keep up with changes and new environments. Besides,
proper measures, such as the transfer of business or a combination of companies, have to be in place to
support those companies that are not able to adjust themselves to keep up with changes and protect
stakeholders who may be affected.

5.2.Distribution Channels

The distribution channels for life insurance become more hybrid. For simple, non-complicated life
insurance products will be offered online. For other products, insurance intermediaries remain the primary
distribution channel. Technology is adopted as a tool to better give advice and offer products for sale.
Moreover, insurance intermediaries have to adjust their role to become a person who gives knowledge,
assesses risks, and provides advice on financial planning to people.
For non-life insurance products, especially personal lines, they are mostly sold via digital channels.
However, commercial line products are primarily offered for sale by insurance intermediaries.

5.3.Insurance Product

Life insurance products will emphasize more on protection products such as health insurance
products, products for elderly and retired persons to provide diverse protection and meet specific needs.
There is more product diversification other than a motor insurance product. New products are
developed to meet specific behaviour and need of consumers. Also, an effort is made to develop the
insurance products to meet needs of low-income people and farmers.

5.4.Regulatory Body

The supervisory body has an important role in facilitating the development of insurance
infrastructures, such as laws and regulations, insurance personnel, insurance data centre, and central
platforms, to reduce operating costs and build an environment that enhances insurance companies’
competitiveness. Moreover, the regulatory body may work with other agencies to contribute to the
sustainable growth of the insurance business.

6. Key Issues

6.1. Insurance Business and Cost Reduction, Increase of Operational Efficiency, and
Development of Insurance Technology and Data

Thai insurance business structure consists of small and medium insurance companies that do not