The launch ceremony was officiated by H.E. Bou Chanphirou, Director General, Insurance Regulator of Cambodia and Solmaz Altin, Director Strategic Business Group at Prudential Plc.
H.E. Bou Chanphirou, Director General, Insurance Regulator of Cambodia said “Cambodia’s insurance market has rapidly grown with an average annual growth of 25% despite the global crisis of Covid-19. 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. 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.”
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.
“Our business in Cambodia is in its 10th year of operations and we believe we 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.” Said Solmaz Altin, Managing Director, Strategic Business Group at Prudential Plc.
Making Insurance Accessible Nation-wide
With its own internet connection and power supply, the insurance selling machine serve 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 larger text display for elderly users.
“As a pioneer in digital insurance in Cambodia, we want to protect people from threats to their health and wellbeing, as well as support them to achieve their goals. We have created a range of digital solutions for first time insurance buyers to conveniently access affordable protection solutions via their smartphone.
“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. I’d like to express my heartfelt gratitude to our regulators who have always been there for us through this process and have approved nationwide deployment of insurance selling machines. None of this would have been possible without IRC’s support and guidance.” said Sanjay Chakrabarty, CEO, Prudential Cambodia.
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.
“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 nation-wide.” added Chakrabarty. Today’s 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.