The OIC reduces risks for the public and SMEs by developing strategies to help SMEs and the public understand how to utilize insurance, including being aware of insurance fraud.

Mr. Chuchat Pramuanphon, Secretary-General of the Office of Insurance Commission (OIC), revealed that one of the OIC's key missions is to promote the insurance industry. The OIC focuses on enhancing insurance knowledge among the public, including SMEs, who are numerous in the agricultural, manufacturing, wholesale and retail sectors, tourism and services, and transportation sectors. Furthermore, the OIC encourages the insurance industry to design insurance products that align with the economic conditions of each province, meeting the needs of the public and entrepreneurs in each province. Therefore, to ensure the stability of SMEs, insurance is crucial for managing risks in today's business environment.

The event was organized by the OIC's Legal and Litigation Division. Mr. Adisorn Pipatworapong, Deputy Secretary-General for Legal and Auditing, described the project's origins: "The project to promote insurance knowledge for small and medium-sized enterprises (SMEs) was initiated during the 2011 floods. At that time, the Disaster Insurance Promotion Fund was established to maintain appropriate insurance premiums and ensure public accessibility. At that time, the Office of the Insurance Commission (OIC) was a member of the Legal Subcommittee, along with legal experts from the private sector. Following a request and recommendation from a subcommittee representing the Federation of Thai Industries, the OIC organized training sessions to disseminate knowledge about insurance disputes, interpret insurance contract terms and conditions that frequently arise in disputes, and to promote comprehensive understanding and awareness of insurance. This aimed to enable SMEs to utilize insurance to manage risks appropriately, on a par with larger operators who possess a thorough understanding of risk management. Consequently, this project was initiated by the Legal and Litigation Division, which has been continuously implemented annually to provide knowledge about insurance for SMEs and insurance fraud. Furthermore, the project has expanded to include universities and high schools in the area to provide knowledge about insurance to youth." The objective of this activity is to promote and build insurance knowledge and understanding among all sectors of the public, emphasizing the importance of insurance in everyone's lives. Today, there are numerous risks associated with everyday life.

One form of risk management is risk transfer through insurance. While insurance does not eliminate risks or accidents, it can reduce expenses and alleviate financial hardship. In the event of damage to life, property, loss of income during business interruption, or a violation that results in legal liability to third parties, a wide variety of insurance policies are available to address different risks. Knowledge and understanding of the terms, coverage, and exclusions of various insurance policies is essential to help policyholders select the right insurance product for their individual or business risks.

The event featured a seminar by experts titled "Insurance for SMEs," which discussed insurance principles, essential types of insurance, business risk management through insurance, essential principles for considering insurance, and case studies. Furthermore, there was a seminar on "Insurance Fraud," which addressed the diverse forms of insurance fraud, including electronic fraud, solicitation to commit a crime, and insurance fraud, among others. This information is provided by insurance agents, brokers, and assessors, all of which cause damage to the public and the insurance industry. The economy and society at large, with many entrepreneurs and representatives from various agencies attending the seminar, such as representatives from the Life Insurance Association and the General Insurance Association, etc.

Go To Lead