The Use of Weak Signal in Strategic Scanning to Turn Covid Threat to Opportunity: A Case of Health Insurance Business in Thailand

Abstract

Weak signals are hints of the future to come. Being able to recognize weak signals requires proactive scanning and communication within office units to predict potential changes. This study researched how weak signals could be used for product development within the health insurance business to develop methods to change threats into opportunities. Weak signals literature, news, and grey literature was reviewed for its usage in strategic scanning and competitive strategy. Primary data collection was done using group interview by purposive sampling of 15 managers and team members of Thai and international insurance organizations. The results showed that weak signals were used in strategic scanning while believing it is useful. Furthermore, use of weak signals in health insurance business can help address crises like COVID-19 through risk mitigation and scenario planning. Interviewed members shared their venture into new product development which provided new business opportunities, innovation and lost prevention. Use of weak signal for strategic scanning for the health insurance business can provide increased opportunities for innovation. Comprehensive and holistic strategic scanning and weak signal tools and training, including short-term and long-term, provides insurance business with a competitive advantage and risk mitigation methods.