Four months after the successful launch of the country’s first mobile delivered life insurance product; Smart Life Insurance, underwritten by BIMA, now financially secures more than 20,000 Cambodian families.
The first and only mobile-delivered life insurance product in the market has exceeded many expectations, and is the first in a series of mobile insurance products made available via the partnership between Smart and BIMA, powered by the joint belief of better serving customers by offering innovative and affordable financial security.
Early December saw the first Smart Life Insurance claim payout to the family of a 24-year-old young man. BIMA maintains its impressive claim handling track record established amongst its operations worldwide, processing the claim and beneficiary’s payment only three days after the submission of supporting documents. BIMA’s claims manager Bunhay Heang commented, “BIMA recognises a family’s need for immediate financial support in cases of unfortunate events, especially in cases when unfortunate events happen to household income providers.”
Globally, BIMA’s insurance products are often the first its customer base experiences. With an average of only 14 per cent of the customers in regional markets having previous exposure to other insurance providers. BIMA anticipates a similar statistic for its Cambodian customers, and now with over 20,000 subscribers in four months, it is achieving its goal of leading insurance penetration in the Kingdom of Cambodia.
The reason for BIMA taking the lead in penetration of the insurance market lies within the ease to register. Apart from subscribing through BIMA insurance sales consultants, the subscription can also be made by dialing a short code *2248*1#, or the Smart–BIMA Call Center hotline at 010 242 248. On top of this Smart sends its subscriber base notifications with information on products they offer.
With the success of Smart Life Insurance there is growing anticipation surrounding the prospect of more innovative mobile-delivered insurance products. For many subscribers, this innovatiove solution holds the prospect of affordable financial security that is easily accessible.