Cambodia Investment Review
Prudential celebrated its 10th anniversary in Cambodia at the Raffles Grand Hotel d’Angkor recently. This was followed by a gala dinner at Thommanon Temple in Siem Reap province. The celebration marked a major milestone for Prudential Cambodia, a subsidiary of Prudential Plc., which celebrates its 175th anniversary of history worldwide this year. The event highlighted the company’s positive impacts in the industry and community, its digital transformation, and its commitment to social responsibility.
The event was presided over by:
- H.E. Ros Seilava, Secretary of State, Ministry of Economy and Finance
- H.E. Bou Chanphirou, Director General of Insurance Regulator of Cambodia
- Mr. Huy Vatharo, Chairman of Insurance Association of Cambodia
- H.E. Dominic Williams, UK Ambassador to Cambodia
- Mr. Lun Sam Ol, Director of Supervision Department I of National Bank of Cambodia
- Mr. Seng Sotheara, Director of Department of Tourism and Culture Department of Apsara National Authority
- Dr. In Channy, President & Group Managing Director, ACLEDA Bank
- Shriti Vadera, Chair, Prudential Plc
- Mr. Solmaz Altin, Managing Director, Strategic Business Group, Prudential Plc.
- Mr. Sanjay Chakrabarty, CEO, Prudential Cambodia
Prudential Cambodia has been instrumental in promoting financial inclusion in Cambodia, providing access to life insurance products and services to thousands of customers across the country. The company has been recognized for its contributions to the industry.
Giving back to the community
Prudential Cambodia has been devoted to making a positive impact in the community, having donated more than USD 7 million since 2013. Most of this has been used for educational projects, like First Read in partnership with the NGO Save The Children and Safe School projects, which received USD 5 million and USD 735,000 respectively. The company has also supported other causes, like the Cha-Ching project, the Covid-19 Relief Fund and Run for Kantha Bopha for Children.
Contribution of the life insurance market to the growing economy
H.E Ros Seilava, Secretary of State, Ministry of Economy, and Finance said,“Cambodia’s economy has grown at a high rate over the last two decades, which has led to a dynamic and fast-growing insurance market. The market has experienced an average growth rate of 25% per annum over the last 10 years, and the Non-Bank Financial Services Authority has issued several regulations to strengthen the regulatory framework for insurers. The achievements of Cambodia’s insurance sector are a result of strong commitment and close cooperation among stakeholders, including Prudential Cambodia.”
H.E. Bou Chanphirou, Director General of Insurance Regulator of Cambodia added, “In 2022, Prudential Cambodia has contributed significantly to Cambodia market, gaining a 36% market share with various protection, saving, and endowment products. Prudential Cambodia has trained 5,502 professional insurance agents to serve the market as the company’s sale staff, individual agents, and salespersons in Bancassurance. The company’s adoption of InsurTech has allowed them to continue serving customers during the COVID-19 pandemic.”
Read more: A Decade of Protection: Prudential Cambodia and ACLEDA Bank Partnership
The company has also adopted an omnichannel approach, providing customers with multiple options to purchase its insurance products using their preferred channels. The insurance products and services offered through the bancassurance partnership have helped to increase access to insurance in Cambodia, which is essential for the financial well-being and security of individuals and families.
Trustworthiness, customer focus and excellence
Solmaz Altin, Managing Director, Strategic Business, Prudential Plc. said, “Prudential was among the first international life insurers to set up operations in Cambodia in 2013. While Cambodia may be a relatively new market for Prudential, we are clear about its long-term potential and the role we can play to increase financial resilience and inclusion. We are committed to working with the government, regulator, and partners to develop innovative solutions to help people get the most out of life.”
Mr. Sanjay Chakrabarty, CEO, Prudential Cambodia said, “Prudential Cambodia has been operating for 10 years, becoming one of the largest life insurers in the country. We have provided customizable solutions to over 321,000 customers, approving more than USD 18 million in claims last year. As we have sold thousands of digital policies, we will continue to innovate digital policies and uphold core values of trustworthiness, customer focus, and excellence.”