Driving insurance innovation and growth: Seizing investment, student mobility, and navigating evolving regulations in Thailand

In response to Thailand’s evolving insurance landscape, MSIG is actively shaping its strategy to address emerging market trends and opportunities. With the rise of Thai students studying in China, accelerated Chinese investments, and ongoing changes in regulatory requirements for the bancassurance sector, the company is implementing targeted initiatives to meet changing needs and drive future growth.

In an interview with Insurance Asia, Rattapol Gitisakchaiyakul (left), CEO of MSIG Thailand, and Shingo Adachi (right), Senior Vice President, Mitsui Sumitomo Insurance Thailand, discuss how they leverage data analytics for customised solutions, capitalise on investment momentum, maintain strict compliance as regulations evolve, prioritise customer protection, and prepare for the next major shifts in the industry.

Here are excerpts from the interview with Insurance Asia.

MSIG Thailand is focusing on retail insurance, particularly travel coverage for students. How does MSIG plan to leverage data analytics and personalised marketing to effectively target this demographic, and what are the key challenges in providing relevant and affordable insurance solutions to students traveling between Thailand and China?

Gitisakchaiyakul:
We see a real opportunity to better serve the growing number of students traveling between Thailand and China. By using data and insights into their travel habits, preferences, and behaviors, we can tailor insurance plans that will meet their needs — whether it's coverage for medical expenses, study interruption benefits, or round-the-clock assistance through MSIG Assist for Medical and Travel Assistance. That said, there are a few key challenges we're mindful of. Students' needs can vary widely depending on their study plans, length of stay, and their personal preferences. Tailoring insurance products to meet these diverse needs requires comprehensive data analysis and flexible product offerings —so flexibility and smart use of data are essential. Affordability is just as important; we need to strike the right balance between competitive premiums and comprehensive coverage. And because this is cross-border travel, our solutions must comply with regulatory requirements in both Thailand and China. It's a complex space, but one we're committed to navigating well for the benefit of these students.

With an estimated THB170 billion in new Chinese investment expected to flow into Thailand in 2024, how is MSIG preparing to meet the increased demand for insurance products? What strategies does the company have in place to capture this significant growth opportunity?

Adachi:
With Chinese investments in Thailand on the rise, this partnership puts us in a strong position to support Bank of China's corporate clients with a comprehensive range of insurance solutions – from construction and logistics to property. Our branch has the financial strength and capital base to take on large-scale projects, especially in the construction space. But we don't just offer products – we bring deep expertise in risk management. Through our network, we carry out detailed risk surveys and analyses, and deliver customised risk improvement recommendations. This proactive approach helps our clients mitigate potential risk exposures more effectively, build operational resilience, and protect their long-term investments. We're proud to be working alongside Bank of China to provide integrated financial and insurance solutions that support sustainable business growth of Chinese businesses in Thailand.

What are the main regulatory and compliance challenges that MSIG must address when developing bancassurance partnerships in Thailand?

Adachi:
Bancassurance is a growing space in Southeast Asia, and in Thailand, it comes with a clear responsibility to uphold strict regulatory and compliance standards. We take that responsibility seriously, and we ensure that all our offerings in corporate insurance are fully compliant with local regulations, from product design to how they're marketed and sold. But for us, it goes beyond just ticking boxes. Ethical sales practices and customer protection are central to how we operate. We work closely with broker partners and also BOC to make sure customers are getting advice that truly reflects their needs, not just what's on offer. Our teams follow a consultative sales approach, and we've put in place clear processes for handling feedback and complaints, in line with local rules. We also believe in being transparent about our service commitments. Our Service Level Agreement is publicly accessible, ensuring that our customers know exactly what to expect from us at every stage, including claims. Ultimately, it's about earning and keeping our customers' trust.

Gitisakchaiyakul:
At MSIG Thailand, we've been in the bancassurance business for over 20 years, working closely with leading banks and financial institutions across the country. We operate fully under the guidance of the Office of Insurance Commission, and our bancassurance activities also comply with the Bank of Thailand's requirements. Protecting customer data is something we take very seriously. We've put strong safeguards in place to ensure full compliance with Thailand's Personal Data Protection Act, and we constantly review and strengthen our practices to stay ahead. Just as important is how we conduct ourselves. Our teams and partners are trained in ethical sales practices, and we make sure all sales and customer feedback management are carried out transparently, fairly, and in line with both local regulations and our Group's Code of Conduct.

Looking ahead, what are the biggest disruptors MSIG anticipates in the Thai insurance market over the next five to ten years?

Adachi:
The risk landscape is becoming increasingly complex and dynamic, and we see a few major shifts ahead that will challenge all of us in the industry. One big factor is climate change. Take earthquakes for instance – they used to be seen as a low risk in Thailand, but with weather patterns becoming more extreme and unpredictable, we can't make those assumptions anymore. We need to stay ahead with sound underwriting and risk assessment practices. Another big shift is demographics. Thailand's population is aging quickly, and that's going to have ripple effects across the economy. It'll change the kind of coverage people need – from healthcare and life insurance to long-term care and retirement planning. Rising healthcare costs are only adding to the pressure. At the same time, younger generations are coming in with very different expectations. They want insurance that's digital-first, easy to understand, and fits their lifestyles. That means we can't just keep doing what we've always done. We have to evolve. For us, the challenge is not just to keep up, but to lead: finding new ways to manage risk, serve people better, and stay relevant in a market that's moving quickly.

Gitisakchaiyakul:
As we look ahead, we expect to see several key shifts shaping the Thai insurance market over the next five to ten years. Technology is moving fast, and it's going to continue transforming how we serve customers, especially through data and digital tools that allow for more personalised and efficient service. We're also keeping a close eye on the increase in foreign investment, both in commercial and retail sectors, and we're ready to support businesses as they grow in Thailand. At the same time, regulatory frameworks are evolving, and staying compliant while adapting quickly will be crucial. Economic changes and shifts in consumer behaviour will also play a big role in shaping insurance demand. And of course, competition is intensifying, both from local players and international ones. That's a good thing; it pushes all of us to keep improving, stay relevant, and continue finding new ways to create value for our customers.

The full interview was published in the article titled "Mitsui Sumitomo Insurance targets Chinese nationals in Thailand”