Harrison White
ABA Bank and Manulife Insurance have partnered to help better protect Cambodians from the financial burden of accidental death or permanent disability caused by road and other accidents launching their first digital insurance product ‘Manulife Soksabay’ together accessible through the ABA Mobile application.
The Manulife Soksabay insurance product covers Cambodians aged between 18 and 65 if Death, accidental Total and Permanent Disability, and Accidental Dismemberment is caused by a road accident – one of the leading causes of death and disability in Cambodia.
According to the latest Road Safety Working Group for Worker Protection report Cambodia recorded more than 5,000 road accidents involving factory workers in 2022, with more than 150 killed and nearly 6,000 others injured.
The figures were revealed in a report presented to review the work carried out in 2022 and to review plans for 2023 by the working group, which is administered by the National Social Security Fund (NSSF).
In addition, the 2022 annual report on traffic accidents released by Cambodia’s National Police reported 1,709 fatalities with the institute for Road Safety director Mr. Kong Ratanak stating: “The high number of traffic accidents, as well as the deaths and injuries caused, proves road safety remains a major problem in Cambodia.”
The UN Development Programme in Cambodia has stated that road traffic accidents also impose a major economic burden on the Kingdoms citizens and economy. The report estimated the cost of road traffic accidents in Cambodia over 10 years and finds this to cost the economy around $466.8 million annually, equivalent to 1.7% of annual GDP.
Of this total cost, 88.8% is due to loss of life and associated lifetime earnings. Families are most often responsible to carry the immediate costs of funerals and emergency responder costs after an accident potentially running into the thousands of dollars.
Helping Cambodian’s be financially protected
To help Cambodians financially protect themselves and their families against accidental death and disability ABA Bank and Manulife have partnered to provide Manulife Soksabay which can be purchased via the ABA Bank mobile application in under a minute and provide protection of up to $10,000 in the event of road and other accidents.
According to the provider, the issuing process is simple and convenient starting from just $1.33 a month ($16 per year) making the product affordable to all Cambodian, in addition customers do not need a medical check-up before getting the protection.
Once the insurance product has been successful purchased the policy will appear under the ‘My Policy’ tab section located at the bottom of the Manulife digital platform accessible within the ABA Mobile app.
There is also a ‘Claim’ tab located at the bottom of the platform for policy holders to easily submit claims and review its status, again all accessible within the customers Mobile app.
Askhat Azhikhanov CEO of ABA Bank said in a statement the Bank was delighted to support its strategic partner by referring ABA customers to Manulife for affordable insurance choices.
“As a leading digital bank in the Kingdom, we believe in wider accessibility of essential financial solutions. That is why we see Manulife Soksabay in ABA Mobile as a socially responsible initiative that brings affordable and convenient accident insurance to more Cambodians,” Askhat said.
“The Manulife Soksabay insurance becomes essential for daily commuters, especially motorcycle drivers, as it brings peace of mind to them and their loved ones in case of road accidents,” he added.
Digital insurance makes it easy to purchase and claim
ABA Bank customers can simply purchase the insurance product by opening their ABA Mobile application clicking on the ‘Services’ icon and scrolling down to the Insurance section and selecting the Manulife Cambodia tab.
Customers will then be directed to the Manulife Insurance Soksabay product page and can follow the prompts and select a plan that is relevant to their circumstances, payment can then be made from their ABA bank account.
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Mr. Justin Helferich, CEO and General Manager of Manulife Cambodia commented at Manulife, we remain true to our mission to help build a better future for the Cambodian people. Becoming a digital market leader is a key strategy for us to achieve that mission, and the launch of Manulife Soksabay reflects our commitment to it.
“With strong collaboration with ABA Bank, our strategic partner, we believe that Manulife Soksabay will enable more Cambodians to get the right financial protection for their needs,” he added.
ABA Bank and Manulife hope that an increase in both affordable and easily accessible insurance products will continue to drive more Cambodians to take out policies as they understand the importance of financial protection in all aspects of life and for all Cambodians.
