Athistha (Nop) Chitranukroh, lead partner of Tilleke & Gibbins’ insurance practice and joint head of the firm’s technology industry group, has been heavily quoted by Intelligent Insurer in a recent article discussing the rise of technology in the insurance sector in Southeast Asia. In discussing the technology movement in the region, Athistha stated “we see a lot more Insurtech, Fintech, and tech players who are playing a more significant part in the insurance industry.” She specifically noted key achievements in the region, including: the creation of the Center of Insurtech Thailand earlier this year; the establishment of a regulatory “sandbox” in Vietnam, expected later this year; and the first Fintech association in Cambodia, established in 2017.
Later in the article, Athistha commented on the increased collaboration of Asian tech companies and local insurers that is helping to pave the way. She is quoted as saying “we are starting to see more involvement of Alibaba, LINE, Grab, and Go-Jek in the insurance industry, particularly for jurisdictions that would need tech transfer to make the market more tech-sophisticated.” These partnerships will surely expedite continued improvements in the insurance industry, but they are by no means risk free. The further inclusion of technology opens the door for cyber breaches, which have already struck Singapore’s government health database and two of Thailand’s major banks. In her closing comments, Athistha stated that “…local insurers need to be able to underwrite these risks appropriately.”
All of the quotes used in this article were collected during the 15th Singapore International Reinsurance Conference, taking place at Sands Expo & Convention Centre, Singapore from October 29 – November 1, 2018. To read the full article, please visit Intelligent Insurer’ s website.
