Cambodia Investment Review

Prudential launches insurance selling machines across 50 locations to make protection solutions accessible for more Cambodians

Prudential launches insurance selling machines across 50 locations to make protection solutions accessible for more Cambodians

Cambodia Investment Review

Prudential Cambodia, the largest life and health insurance in Cambodia, has announced the launch of its pioneering Insurance Selling Machine to make insurance purchase more convenient for customers. 

These machines will be made available at 50 locations nationwide in 2022 and installed in more cities nationwide over the next few years.

The launch ceremony was officiated by H.E. Bou Chanphirou, Director General, Insurance Regulator of Cambodia and Solmaz Altin, Managing Director of Strategic Business Group at Prudential Plc.

H.E. Bou Chanphirou, Director General, Insurance Regulator of Cambodia commented that Cambodia’s insurance market has rapidly grown with an average annual growth of 25%. 

“The launching of Prudential Cambodia’s Insurance Selling Machine (ISM) creates innovation and makes insurance purchase more flexible and convenient for customers, in the digital era,” H.E. Bou Chanphirou said.

“I would like to thank Prudential Cambodia for its strong commitment to strengthening business activities and contributing to the development of the insurance sector in Cambodia,” he added.

Removing barriers to insurance purchase

Life insurance penetration is less than 1% in Cambodia and out-of-pocket medical expenses are estimated at $1.2 billion.

With its purpose to help people get the most out of life, Prudential leverages its digitally enabled multi-channel distribution platform to make healthcare affordable and accessible and promote financial inclusion. 

Solmaz Altin, Managing Director, Strategic Business Group at Prudential Plc said Prudential is in its 10th year of operations in Cambodia and the company believes they have only begun to capture the opportunity that Cambodia provides. 

“This launch illustrates our commitment to making healthcare and insurance accessible and affordable to all Cambodians. We look forward to seeing this become a success so that it can be replicated in some of our other businesses,” he added.

The launch of Prudential Cambodia’s pioneering Insurance Selling Machine.

With its own internet connection and power supply, the insurance selling machine serves customers at any location in Cambodia. 

This innovation enables customers to easily purchase a bite-sized insurance product for less than $10 per year, even at locations without access to stable internet or a bank branch. 

The inclusive user experience designed for the insurance selling machine is also optimised for customers requiring greater accessibility options, such as a larger text display for elderly users.

To read more about Prudential Cambodia making insurance more accessible click here.

Making insurance accessible nation-wide

Sanjay Chakrabarty, CEO of Prudential Cambodia said as a pioneer of digital insurance in Cambodia, the company wants to protect people from threats to their health and wellbeing, as well as support them to achieve their goals. 

He explained Prudential has created a range of digital solutions for first-time insurance buyers to conveniently access affordable protection solutions via their smartphones.

“As not all Cambodians have regular access to stable, high-speed internet connections, we now go the extra mile to bring protection solutions into local communities through our Insurance Selling Machines,” Chakrabarty said.

“I’d like to express my heartfelt gratitude to our regulators who have always been there for us through this process and have approved the nationwide deployment of insurance selling machines. None of this would have been possible without IRC’s support and guidance,” he added.

Prudential Cambodia Chief Executive Officer Sanjay Chakrabarty.

At the end of their purchases, customers can obtain receipts of their transactions from a printer connected to the Insurance Selling Machine, an important step for first-time users. 

Upon issuance of their policies, customers can instantly manage and submit claims through Pulse, the company’s all-in-one health and wealth management app. Customers can simply follow the details provided by the Insurance Selling Machine to download and register on Pulse.

The launch saw the Insurance Selling Machine installed at Prudential’s Branches in Phnom Penh, Siem Reap, Battambang and Kratie. To learn more about the Insurance Selling Machine, visit the nearest Prudential Branch. 

“After initially launching these Insurance Selling Machines at 50 locations, we will closely work with our customers to continually refine the user experience before making them available nationwide,” Chakrabarty added.

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