PR news

24 November 2022

“Nualphan Lamsam” reflects the business aspects after the “APEC CEO Summit 2022” conference.

Thailand hosted the ABAC and APEC CEO Summit 2022 conferences, which took place from November 16 to 18, 2022. In these world - class conferences, the leaders of 21 Asia Pacific economies discussed and exchanged their visions on ways to advance economic and environmental integration. They also discussed business issues currently happening or expected to occur in the future. These conferences were supported by the private sector, with Muang Thai Insurance Public Company Limited as the main sponsor.
As a sponsor and businesswoman who has worked in many fields, “Madam Pang” Nualphan Lamsam, the president and chief executive officer of Muang Thai Insurance (MTI), believes that the 3 concepts of ‘Embrace, Engage, Enable’ are important things that business leaders should consider. If the private organizations have these three concepts,  it will create “Inclusive and Sustainable Growth.” This is because we are living in a VUCA work environment, which relies on the business’s adaptability to cope with unexpected situations and the ability to use its strengths to gain advantages over competitors. At the same time, businesses in the VUCA environment should also be able to help the government and private sector drive the economy and society forward. Having these abilities will provide Inclusive and Sustainable Growth in the economy.
     “The COVID-19 crisis became a challenge for insurance businesses because it made people see the advantages of insurance ;and the advantages of diversifying economic risks and unexpected issues that may arise in the future. The insurance business has covered the loss that may happen on both business and personal level.  For this reason, we have to work with honesty and focus on improving our service for a better customer experience.  Moreover, we have to develop society through CSR activity. The organization itself should be ready to cope with any change based on “human-centricity” ideas.  This is because in the future, businesses will have to support each other to strengthen and build business confidence while going through economic and social uncertainty and other disruptions, such as those in technology,  public health, the environment, and energy. Muang Thai Insurance sees uncertainty as certainty because we have expected and predicted all the worst - case scenarios that may happen. This allows us to cope with all the issues that may arise in the future.
     Apart from insurance, Nualphan Lamsam also added that as a person who has worked in the sports industry for almost 16 years, football has become more popular and more valued after the crisis. This popularity may increase the inclusive growth of the economy. This happened because of 4 main points that were caused by sports: competition, audience, trading, and tourism. It can be seen that when there is any kind of regional or national sporting competition, it will cause a circular economy at the same time. Moreover, to increase inclusive growth, the government and private sector should consider setting policies that will encourage the cooperation of related parties.
     “Thailand is a country rich in various resources. Thus, if you want tourism and sports to become more valuable and the main source of income in Thailand, you should set a strategy that conforms to the Thai competitive advantages: geography, human resources, and culture. Adapting sports with Thai identities, such as Thai boxing (Muay Thai), long- boat racing, and sea boxing (Muy Talay), will directly distribute regional income. Moreover, promoting traditional products, foods, or souvenirs will drive business growth for a small business. Both sports and traditional products can be used as soft power, which plays an important role in growing economic value.”
     Finally, Muang Thai Insurance’s CEO stated that “for the past years, business should not only focus on profit but it should also focus on helping each other based on UN Sustainable Development Goals (SDGs). This is due to the fact that a business will only be sustainable if society is sustainable. So, under the BGC and ESG, we would like to play a small role in fostering societal sustainability.