Cambodia Investment Review
Prudential (Cambodia) Life Insurance, a leading provider of insurance protection in Cambodia and around the world, hosted an event for the Insurance sector and Royal University of Law and Economics students (RULE) to award the winners of an essay competition promoting access to insurance for women.
The main theme for the essay was “Improving access to affordable insurance among women” which received several applications from the university students. A panel of five judges comprising leaders from the Insurance Regulator of Cambodia, Royal University of Law and Economics, and Prudential graded the entries to identify the three winners.
Attending the event was the first-place winner Ms. Saing Muylin, second place Ms. Kagnak Tevy Ponlork and third place Mr. Dysam Sodyna.
The event was also attended by Ms. Sovathana Hor the Deputy Director-General of Insurance Regulator of Cambodia, Mr. Sanjay Chakrabarty Chief Executive Officer of Prudential (Cambodia) Life Insurance and Mr. Laurent Mesmann Research Advisor at the Royal University of Law and Economics.
Speaking at the event Sovathana Hor said: “The essay topic is very meaningful and important, as well as in line with government policies that have been focusing on promoting gender equality and empowerment of women and girls. Women make up around half of the population so they must be allowed to become future potential resources to contribute to social and economic development, especially in the finance and insurance sectors.”
“In 2017, about 49% of women worked for Prudential Insurance Company. This is a source of pride for women, and I’m really excited when women are getting more involved in the insurance industry,” she added.
Sovathana explained that Prudential and the Insurance Regulator of Cambodia are working to promote women in the insurance industry in Cambodia.
Financial inclusion for women in Cambodia
Sanjay Chakrabarty said: “Financial inclusion for women has been a very important issue for Prudential and the Royal Cambodian Government. These tailored packages allow us to price the product better and makes it easier to target in need groups,”
“I am very proud to be a part of this process and we are looking to tap into the collective wisdom that exists in this up and coming generation,” he added.
Prudential has been at the forefront of offering new and innovative products to Cambodia’s rapidly maturing insurance market already introducing products offering simple and affordable digital insurance products starting at less than $10/year.
These products can be purchased on the Pulse by Prudential app at any time of the day with just a few clicks. The policy is issued immediately after payment is made.
Cambodia’s life insurance penetration is considered low at around 0.5% and out-of-pocket medical expenses are at $856 million reflecting a large unmet financial protection gap.
Saing Muylin the competition winner said: “Many women, especially in the older generation, are not trusting of current insurance products however this can be overcome with effective marketing that can change the culture and perception throughout the county.”
“Before the competition, I too was also skeptical about the effectiveness of insurance for everyday people however after researching the sector I now understand its importance,” she added.
Kagnak Tevy Ponlork and Dysam Sodyna both added their appreciation to the Insurance regulator, Prudential and the University for supporting the competition as well as the initiative assisting their overall studies.
Focusing on education about the insurance sector
Prudential has made a point of focusing on educating the Cambodian market about the value of insurance as well as the possibilities of working in the sector. Most recently Prudential executives invited students to take the first step by applying and committing to learning on the job.
In addition, Prudential has been collaborating with higher education institutions to ensure that students have the appropriate skills and know-how to transition productively into the workforce.
Laurent Mesmann said: “One of our main tasks is equipping our students with market integration and cooperating with the private sector to develop new projects and initiatives. This particular initiative was met with great enthusiasm from Prudential and relevant stakeholders,”
“At the RULE we also pay special attenuation to gender equality so this program followed our university agenda and we are very proud of all the participants involved,” he added.