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handle risks. This includes the use of cutting-edge technology to serve as an enabler for agencies and
business entities to predict and assess uncertainty.

7.3. Encourage insurance business to develop new body of knowledge to contribute to development and
understanding of modern-day customer behaviours, lifestyle and current preference. Digital
technology and AI, especially social media and cyber social networks have influenced changes of
customer behaviours. Knowing significance of digital marketing tools and customer relations are
vital for the business to cope with frequent change of customers’ expectations.
7.4. Promote robust management system in insurance businesses using AI and internet related technology
can help the insurance company to reduce costs of the operation. Apply agile management approach
and encourage in-house innovation to enhance business performance of the company. These require
both business leadership abilities and tech capacity of the business organizations.

7.5. Continuous education and training for board of directors and executives of the insurance business
on business strategies, sustainable investment and managing sustainable growth. In doing so, insurance
sector needs support and technical assistance from regulator and supervisory agents to help building
capacity of insurance businesses.

7.6. Assess and development capacity of the insurance business on modern tools to effectively assisting
customer to choose the insurance product that meets their individual need and risk profile, such as
a website or application that collects all of the available insurance products to compare the premium
rates, benefits, or conditions of the policies easily and completely.

7.7. Joint effort of the key stakeholders in insurance sector to raise awareness and enhance practical
knowledge on financial literacy and financial planning for communities and people. Knowledge and
skills to develop individual / family financial plan are very important to ensure sustainable growth
of insurance sector.

7.8. Enhance knowledge and skills of the entire sector on climate risk insurance, as well as green growth
/ green economy. For instance, the aspect related to carbon credits / net zero efforts are the
opportunity for climate related risk insurance.

7.9. Develop capacity of insurance business sector on new rules and regulations, such as new accounting
standards (IFRS 17), Market Conduct, Data Privacy Law, and Cyber Security Law, etc. These subjects
have impacts on work processes and operating expenses of insurance companies.