Thailand-based Dhipaya Group Holdings Public Company Limited has announced that Prapas Kong-Ied has resigned from his roles as an independent director and chairman of the Corporate Governance Committee, citing other professional obligations.
His resignation took effect on Jan. 20. The company has initiated the process of identifying a replacement and will provide updates once a new appointment is confirmed.
The board announcement comes after Dhipaya Group Holdings Public Company Limited (TIPH) entered into a joint venture with Beryl 8 Plus Public Company Limited to establish Horixon T8 Company Limited.
Announced in December, the newly formed entity will focus on providing technology services for TIPH’s insurance business while exploring potential expansion into other sectors.
The board of Beryl 8 Plus approved the partnership in August 2024, followed by a resolution from the company’s Executive Committee in October 2024. The company did not immediately disclose the agreement to the Stock Exchange of Thailand (SET) due to ongoing negotiations at the time.
Horixon T8 will have a registered capital of THB 50 million, with TIP ISB Company Limited holding a 51% stake and Beryl 8 Plus Public Company Limited owning 49%.
The joint venture spotlights the growing number of insurers integrating artificial intelligence into their operations, although many face delays in implementation and increased compliance challenges, according to Earnix’s 2024 Industry Trends Report.
The report, based on input from over 400 insurance executives, highlighted a significant shift toward AI-driven real-time predictive analytics. While fewer than 30% of insurers currently use these models, 70% of respondents plan to adopt them within the next two years.
Compliance requirements are also a rising concern. More than half of surveyed executives said their companies had to pay fines or issue refunds due to operational errors over the past year. In response, 70% of companies anticipate allocating more resources to regulatory compliance in the coming year.
Despite increasing interest in AI, insurers report challenges in updating their systems. The survey found that 58% of respondents take more than five months to implement a rule change, while 21% require over seven months. Additionally, 49% acknowledged that their companies are lagging in modernizing legacy systems.
The survey, conducted by Earnix in partnership with Market Strategy Group LLC, gathered responses from 431 executives across multiple regions, including Asia, North America, and Europe. Participants represented various roles, including actuarial, analytics, product management, IT, and executive leadership.
