FORMULATION OF LIFE INSURANCE FUND STRATEGY FOR A PERIOD OF 5 YEARS (2023-2027)

Abstract

The Life Insurance Fund plays a crucial role in protecting creditors entitled to receive payments from insurance claims in cases where an insurance company has its license revoked. It aims to enhance the stability and security of the life insurance sector. To ensure effective strategic management, the Fund must develop a five-year strategic plan (2023-2027) that aligns with various master plans, including the national strategy and the fourth Insurance Development Plan, through a comprehensive analysis of both internal and external environments. This plan includes a vision and mission, along with four strategic initiatives: 1) Developing a stable life insurance business to foster trust, 2) Enhancing resources and capabilities of personnel, 3) Driving the Fund with innovation and digital technology, and 4) Creating a collaborative ecosystem that benefits all stakeholders through partnerships. Furthermore, the plan outlines strategies, expected outputs, outcomes, performance indicators, operational goals for three- and five-year periods, and project examples to support implementation.