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Cambodia’s developing InsurTech industry on show at 2022 CamTech Summit Powered by Prudential

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Mr. Sanjay Chakrabarty, CEO of Prudential Cambodia, delivered his collaboration remarks at the opening ceremony of the FinTech Stage at the Cambodia Tech Expo. PHOTO SUPPLIED

Cambodia’s developing InsurTech industry on show at 2022 CamTech Summit Powered by Prudential

Prudential Cambodia – the title sponsor of Cambodia’s flagship FinTech event –featured international keynote speakers showcasing the leading insurance company’s commitment to the Kingdom’s and the region’s ongoing Insurance and Technology (InsurTech) development.

The FinTech stage at the inaugural Cambodia Tech Expo (CTX) in November was organised by the Ministry of Economy and Finance, the Digital Economy and Business Committee, the Techo Start-up Center and the Cambodian Association of Finance and Technology (CAFT).

The holding of the annual CamTech Summit Powered by Prudential hosted by CAFT at November's CTX at the Koh Pich Convention and Exhibition Center in Phnom Penh made the event even more significant.

Sanjay Chakrabarty, CEO of Prudential Cambodia, said Prudential is committed to contributing to the growth of digitalisation in Cambodia through a number of innovative initiatives and public-private collaborations, as well as supporting education to prime future Cambodian talent.

“This ongoing support showcases our vision and belief that combining new technology with traditional knowledge in the delivery of financial services is of paramount importance to offer the best products and services to our customers and the community.

“To achieve this vision, we at Prudential Cambodia have been collaborating with many like-minded stakeholders – many of whom are present at the event – to ensure this developing technology is properly implemented with best practices and processes for the customer,” Chakrabarty said.

Increasing distribution channels for insurance products

HE Dr Sovathana Hor, Deputy Director-General of the Insurance Regulator of Cambodia (IRC), said: “After experiencing the disruption during the pandemic, the IRC saw the need for the adoption of technology to maintain the growth of the insurance industry in a sustainable way.

"The fast adoption of digital financial technology by the Cambodian people paved the way for the simple insurance products and services that are ready to be sold via a digital platform.

"The new regulations on bancassurance put in place in 2021 allowed for more distribution channels for insurance products to be distributed via banks and MFIs. In this regard, insurance companies can also leverage the existing FinTech capabilities of banks and MFIs.”

HE Huy Vatharo, chairman of the Insurance Association of Cambodia, said technology plays a hugely important role in the insurance value chain, starting from product development through to claim management.

“The Cambodian Insurance Association understands the need for our members to increase digital channels to the public, for example Prudential’s Insurance Selling Machines recently introduced to the local market.

"Trust is core in the insurance industry, and technology can play an important role in ensuring claims are properly paid in a fast and efficient manner,” Vatharo said.

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Panel Discussion: InsurTech: Opportunity to impact the next millions. PHOTO SUPPLIED

InsurTech most likely to help poor and rural communities

Prudential’s Chief Health Officer Andrew Wong highlighted how InsurTech was making healthcare more affordable and accessible by leveraging digital technologies and best-in-class principles.

According to the company’s latest "Health of Asia Barometer" survey, 80 per cent of people believed technology had already improved their access to health services, while 60 per cent said technology had reduced the cost of their health care.
Meanwhile, 70 per cent of the same respondents said they will rely on more technology in the near future to improve their health and wellbeing.

“Utilising emerging technologies, we believe, will be a key component in delivering seamless customer experiences across Asia, including Cambodia. We are using our Pulse ecosystem to support this throughout the region.

“While Cambodia has substantially improved its healthcare status since 1993, it faces the dual challenges of communicable and growing non-communicable diseases similarly to neighbouring countries.

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Mr. Andrew Wong, Chief Health Officer of Prudential PLC. PHOTO SUPPLIED

"In Asia, we have seen how technology has been effectively improving access to healthcare for remote and rural communities at scale,” he said.

Trust at core of Web 3.0’s impact on insurance sector

Andy Chun, Regional Director – Technology Innovation, Prudential, delivered his keynote speech on emerging Web 3.0 development, saying it will also move along the customer journey for healthcare and insurance, while trust will be at its core.

“Looking to the future with Web 3.0 for financial services and insurance real-world use cases, Prudential will be conducting marketing campaigns through the metaverse, with loyalty programmes through NFTs and by streamlining multi-purpose transactions with blockchain information sharing.

“Web 3.0 may also be used to reach out to the underserved populations of Cambodia and the region more broadly by with existing direct ledger technology, such as the National Bank of Cambodia’s Bakong mobile application,” Chun said.

He added that Prudential has already started using Web 3.0 technology, such as with its pioneering Insurance Selling Machines, to make insurance purchases even more convenient for customers.

With its commitment to helping people get the most out of life, Prudential leverages its digitally enabled multi-channel distribution platform to make healthcare affordable and accessible, and to promote financial inclusion.

Prudential believes that fully embracing InsurTech products and services will be of strategic priority to grow Cambodia's insurance sector in accordance with the government's Strategic Development Plan for the Insurance Sector 2021-2030. The plan outlines a goal of achieving a 5.5 per cent insurance penetration rate with $135 for insurance density by the year 2030.

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Engagement activity in Prudential Cambodia’s booth at the Cambodia Tech Expo. PHOTO SUPPLIED

About Prudential Cambodia

Prudential (Cambodia) Life Assurance PLC – (Prudential Cambodia) – began operations in January 2013. By providing tailored life insurance solutions to individuals and families, and conducting insurance seminars for the public, Prudential Cambodia helps Cambodians protect and secure their financial futures.

Prudential Cambodia is an affiliated company of Prudential plc. Prudential plc provides life and health insurance and asset management, with a focus on Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible, and by promoting financial inclusion.

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