Cambodia’s life insurance penetration is low at around 0.5% [as at 2020] and out-of-pocket medical expenses are at $856 million [as at 2018] reflecting a large unmet financial protection gap. Two barriers to insurance purchase are cost and convenience of purchase.
Prudential is aiming to increase financial inclusion by 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.
“As a leading life insurer, we want to do our part and ensure insurance is accessible and affordable for all Cambodians. Technology is making it possible for all health and wealth services to be available to customers via their phones at a lower cost. We are also able to turn around claims much faster using technology” said Sanjay Chakrabarty, Chief Executive Officer of Prudential Cambodia.
Currently, customers can choose from three digital insurance solutions, covering infectious diseases, road accidents and hospitalization. These products can be customized to fit customer needs. Below are some additional details of each product.
- មូសសុំចាញ់ provides financial protection against dengue and malaria. It starts at $4/year and the benefit can be used to help reduce the burden of unexpected hospital expenses and covers the unfortunate event of death.
- PRUសុវត្ថិភាពខ្ញុំ protects customers against fractures, loss of limb, severe burns or death due to motorcycle accidents. It starts at $7.25/year and can help with medical expenses. Road traffic accidents are one of the leading causes of deaths and injury in the Kingdom averaging 13,700 injuries and five deaths daily
- PRUអ្នកការពារ and PRUការពារប្រចាំថ្ងៃ helps customers with hospitalisation. It starts at $9.90/year. and helps against unexpected medical expenses.
“I purchased PRUសុវត្ថិភាពខ្ញុំ because I was concerned about medical expenses in case I met with an accident. Unfortunately, I did meet with an accident and broke a bone. I raised the claim on Pulse and Prudential paid me the claim in one day” said Lay Keanghok, 26, a PRUសុវត្ថិភាពខ្ញុំ Policy holder.
Pulse is an artificial intelligence (AI) – powered mobile app designed to bring holistic health and wealth solutions to Prudential’s customers and the communities in its markets across Asia and Africa. In addition to affordable insurance, customers also get access to health and wealth features and services.
For example, customers can take an AI powered health assessment, join an online community such as running, dancing, young mothers, locate the nearest hospital and learn how to manage their finances better through educational content. The app is available on both Android and iOS, can be downloaded for free and a user can register with just their phone number.
Pulse is part of Prudential’s strategy to provide affordable and accessible healthcare and to make financial planning simpler to everyone. Launched in Malaysia in August 2019, Pulse is now available in 19 markets and 11 languages in Asia and Africa and has been downloaded more than 30 million times.
Download Pulse now: https://onepulse.page.link/PHPRUShoppe