Thailand's insurance regulator, the Office of Insurance Commission (OIC), has developed its objectives and key results (OKRs) for FY2027.
According to a statement by the regulator, the focus of the OKRs is on fostering a shared understanding of goals that align with Thailand’s 5th Insurance Development Plan (2026-2030) and systematically translating them into practice across all units.
This will drive the OIC towards becoming an organisation that creates tangible value and measurable outcomes for the public.
OIC Secretary-General Chuchat Pramoonpol also stated that the Insurance Development Plan serves as a compass for the OIC, guiding the operations of all departments in a unified direction.
The main challenge
According to the OIC, a key challenge in developing OKRs for FY2027 is the rapidly changing context of insurance, meaning regulations must move beyond mere compliance checks towards proactive governance.
This involves anticipating risks, assessing impact on policyholders and the stability of the insurance system, as well as implementing appropriate, timely and proportionate regulatory measures.
OKRs for FY2027
As such, according to Mr Chuchat, OKRs in FY2027 include:
- Applying digital technology and AI in regulation, data analysis and public service delivery to ensure operations are fast, accurate and responsive to change.
- Enhancing product governance
- Increasing insurance penetration
- Promoting open insurance
- Reducing the protection gap
- Using risk-based supervision of insurance companies