Cambodia-based CB General Insurance Plc was selected as the Insurance Start-up of the Year at the prestigious Insurance Asia Awards 2020 for their insurtech-related innovations to provide services to customers, it announced on Sunday.
The award recognises CB Insurance’s determination in navigating industry challenges to deliver new value and innovation, it said.
Now in its fifth annual edition, the Insurance Asia Awards celebrate the most outstanding insurance firms in Asia-Pacific that respond strategically to market challenges, maximise client satisfaction and stakeholder value, and maintain healthy revenues.
This year, more than 70 insurance companies from 22 countries won awards.
CB Insurance general manager Bun Chanmakara said it was quite an accomplishment to receive the prestigious award from such a well-known institution as a company representing the Kingdom.
She said: “This award is a great recognition of the achievements and efforts of our young team. We are committed to bringing new technology and new business models to the Cambodian market, and to continuously contribute to the growth of the Cambodia insurance industry.
“We will maximise the potential of insurtech in the Cambodian market wherein products and services can be easily accessed from the comfort of one’s home. We also look forward to more milestones, achievements and more awards for our team at CB Insurance.”
CB Insurance developed the CB Mobile App in December, which introduced the use of convenient medical e-cards, replacing the traditional physical card, it said.
The app provides customers with easy access to the particulars of their policies, and allows them to upgrade to other plans and locate partner clinics and hospitals, it added.
The insurance sector in Cambodia earned $133.5 million in premiums in the first half of this year, up 12.1 per cent compared to the $119.1 million in the same time last year, data from the Insurance Association of Cambodia (IAC) show.
Of that, general insurance premiums accounted for $57.9 million (up 17.5 per cent year-on-year), life insurance premiums $72.8 million (up 9.7 per cent) and micro-insurance premiums $2.8 million (down 17.7 per cent).
The surge in general insurance segment revenue was buoyed by a 67 per cent year-on-year rise in income from property insurance – especially in the marine, aircraft and transport sub-segments – engineering insurance (up 27 per cent), health insurance (up 20 per cent), fire insurance (up 12.2 per cent) and vehicle insurance (up 11.2 per cent).
The insurance sector paid out around $15.4 million in claims in the first half of the year, he said. General insurance accounted for $11.5 million, life insurance $3.4 million and micro-insurance $0.5 million, the Ministry of Economy and Finance reported.