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
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.
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
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.