Cambodia Investment Review

Leader Talks: Jeffrey Chew on Travel Insurance Trends for Foreigners Living in Cambodia

Leader Talks: Jeffrey Chew on Travel Insurance Trends for Foreigners Living in Cambodia

Cambodia Investment Review

Traveling overseas comes with a host of uncertainties, but Phillip General Insurance (PGI) is focused on providing tailored insurance solutions for travelers from Cambodia. In a conversation with Jeffrey Chew, Chief Executive Officer of Phillip General Insurance, he detailed the company’s approach to addressing the specific needs of both Cambodians and foreign expatriates traveling out of the country, while also highlighting broader trends in the travel insurance sector.

Tailored Travel Insurance for Foreigner

Chew emphasized that PGI’s travel insurance product is designed to cover essential risks travelers may face abroad, such as medical emergencies, flight delays, trip cancellations, and lost luggage. “At PGI, we understand the unique needs of both Cambodians and foreign travelers departing from Cambodia. That’s why we have crafted a travel insurance product that provides protections tailored for their journey,” Chew explained. He noted that medical support, emergency medical evacuation, and repatriation are key components of their offerings, adding that the stress of dealing with lost belongings or disrupted flights can be particularly overwhelming for anyone navigating a foreign environment.

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While PGI’s current focus is on outbound travel insurance, Chew revealed that inbound travel insurance products are in development and pending submission for approval from the Insurance Regulator of Cambodia. “We are committed to expanding our offerings to better serve all travelers, ensuring that your journeys are as safe and worry-free as possible,” he added, signaling the company’s dedication to catering to both Cambodian and foreign inbound travelers in the near future.

Streamlining the Claims Process for Efficiency

One of the standout features of PGI’s travel insurance, according to Chew, is the ease of access for customers. Policies are available through local partners, including banks, brokers, agents, and travel agencies, making the product convenient for a wide range of users.

On the topic of making claims, Chew outlined a streamlined process designed for efficiency and client satisfaction. “Our dedicated Claims Hotline is available 24/7 for policyholders seeking guidance on lodging a claim or dealing with emergencies,” he said. Once travelers return to Cambodia, they can submit their claims with supporting documentation, such as medical reports or receipts, and the company’s claims officers handle the case promptly. “We are committed to ensuring that customers receive their reimbursements or assistance without unnecessary delays, contributing to a positive customer experience,” he explained.

Reflecting on the state of the travel insurance market in Cambodia, Chew observed a growing demand for travel insurance products, driven in part by the country’s youthful population and expanding economy. “Cambodia is experiencing growth, with many Cambodians enjoying greater earning and spending power, leading to a surge in overseas travel for both work and leisure,” he noted. Destinations such as Singapore, Thailand, Japan, Korea, Dubai, and Europe have become increasingly popular, not only among Cambodians but also among expatriates residing in Cambodia.

However, Chew also pointed out that one of the key challenges is the general lack of awareness regarding the importance of travel insurance. “Despite the increase in travel, many Cambodians remain unfamiliar with the essential benefits of travel insurance, such as coverage for medical emergencies and lost luggage,” he said. This gap in awareness presents a unique opportunity for insurers to educate consumers and promote the value of travel insurance, Chew suggested.

Opportunities and Challenges in Cambodia’s Growing Travel Insurance Market

Looking ahead, Chew is optimistic about the future of the travel insurance sector in Cambodia and the broader Southeast Asian region. He pointed to several trends shaping the industry, including the growing demand for customizable coverage that allows travelers to select specific protections, such as adventure sports coverage or car rental protection. “Personalizing the travel insurance experience is becoming more important, as travelers want to feel secure in their unique travel activities,” Chew said.

In addition to customizable coverage, Chew also highlighted the increasing digitalization of the travel insurance market. “As Cambodians and foreign expatriates alike embrace digitalization, we envision a future where more people will access travel insurance information and make purchases online,” he said. PGI has ambitious plans to adapt digital solutions by 2025, including AI-powered claims processing, which will enhance the efficiency and user-friendliness of the claims experience in the coming years. “We aim to streamline processes and capitalize on market trends by integrating our travel products into online platforms,” he added.

Chew sees significant growth potential in the region, driven by increasing intra-regional travel among ASEAN countries. By remaining at the forefront of these trends and innovations, PGI is positioning itself to meet the evolving needs of travelers and ensure their journeys are well-protected.

Do not let unforeseen events dampen your travel plans! Whether you are taking a weekend getaway or exploring a far-off land, travel insurance ensures that you and/or your family are covered against unexpected event. Get a quote with PGI today!

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