Thailand's Office of Insurance Commission (OIC) is exploring Russia's use of data and technology in insurance supervision, compulsory motor insurance and fraud prevention as it seeks to strengthen the country's insurance regulatory framework.
News outlets across Thailand reported that OIC Secretary-General Chuchat Pramoolpol and senior officials held discussions with the Bank of Russia, the Russian Association of Motor Insurers (RAMI) and Russian pharmaceutical and biotechnology company R-Pharm during a visit to Russia from 13 to 16 July.
With the Bank of Russia, the OIC exchanged views on risk-based supervision, capital requirements, catastrophe and large-risk management, as well as the use of centralised databases, supervisory technology (SupTech) and predictive models to monitor insurers' financial positions and risk levels.
The OIC also studied Russia's centralised insurance database, which links policy-level information with government databases and is used for regulatory supervision, risk assessment, duplicate-policy checks and fraud prevention.
The regulator said the approach could provide insights for developing data-driven supervision in Thailand and enable risks to be identified and addressed more quickly.
Discussions with RAMI focused on Russia's compulsory motor insurance system, including its compensation fund, data sharing between insurers and the use of information to detect fraudulent activity such as staged accidents in real time.
The OIC also examined risk-based motor insurance pricing, including the use of driving and claims histories, driver age and experience, vehicle registration location and vehicle usage.
The regulator said these approaches could support fairer risk-based pricing, reduce fraud and improve claims processes in Thailand's motor insurance market.
The discussions also covered potential cooperation on insurance solutions for Russian tourists in Thailand, including links between healthcare networks and cashless medical services.
Separately, talks with R-Pharm covered developments in oncology treatment vaccines and potential cooperation in Thailand. The company also plans to introduce medicines and biosimilars to the Thai market, which could broaden treatment options and potentially affect healthcare costs and health insurance product design.
The OIC said the knowledge gained from the discussions would be used to support the development of data- and technology-driven supervision, compulsory motor insurance, large-risk management and the health insurance system as medical technologies evolve.