MILVIK (Cambodia) Micro Insurance Plc, the Kingdom’s leading provider of mobile-delivered health insurance, and Smart Axiata Co Ltd, its leading mobile telecommunications operator, have announced an upgrade to the Smart Life Insurance plan to meet the needs of a growing middle class.
With the upgrade, customers will be covered with up to $5,000 and $10 per night for up to 32 nights of admission to hospital under Smart Hospital Insurance.
Kim Tol Am, the CEO of Milvik Micro Insurance – which operates under the brand name Bima, said insurance offerings need to meet the needs of a growing middle class with enhanced products and coverage.
She noted lower-income families in Cambodia are not able to access mainstream commercial and social insurance schemes.
“At Bima, we are working every day to increase the effectiveness of our products so that we can successfully remove their vulnerabilities and accompany them towards becoming the middle class of tomorrow.
“Since 2014, our partnership with Smart Axiata has helped us reach more than one million Cambodians with life, hospital, personal accident and health insurances.
“Through continued innovation and partnership-building efforts, we expect to be able to scale and at the same time provide valuable risk-management services to the underserved,” Tol Am said.
The on-going partnership between Bima and Smart Axiata allows many customers to use these vital services, she said.
Smart Axiata chief marketing officer Stjepan Udovicic said the mobile telecommunications operator goes beyond providing traditional services to its customers.
The company pledges to continue to find new ways to enhance the lifestyles of its customers through diverse value-added services and innovative propositions such as Smart Insurance, he said.
“With Bima, we hope to expand the reach of life and hospital micro insurance through simplified processes and cashless modes of payment.
“By leveraging Smart’s strong consumer brand, we also aim to raise public awareness on the benefits of having insurance and promoting the expansion of micro insurance distribution channels,” he said.
Tol Am said customers pay $1.60 to $2.40 per month under Smart Life Insurance. “Customers who pay for one month will then be covered for the following month. Full premium payments are needed to access the full benefits.”
She said Bima currently has more 350,000 customers and a total of 265,000 are on Smart Life products.
Hor Sovathana, deputy director of the General Department of Financial Industry’s Department of Insurance and Pension under the Ministry of Economy and Finance, told The Post that insurance coverage in the Kingdom has increased significantly over the last few years.
“The government has been holding a lot of public forums to help people understand and be aware of the benefits of using insurance.
“We want them to know that insurance will help them financially when they unfortunate incidents happen and they are faced with financial expenses,” Sovathana said.
She said there are currently 11 major life insurance companies, 16 general insurance companies and seven small insurance companies operating in Cambodia.