GC Life Insurance – with the Kingdom witnessing a tapering off of Covid-19 – is leveraging on its customer-friendly digital platforms combined with a skilled workforce to tap demographic trends and harness the market.
Underscoring that there is a “big potential market” for insurance in Cambodia, with market penetration levels remaining low compared to neighbouring ASEAN countries, the insurer is rolling out personalised products – specifically targeting women and children this year.
“GC Life focuses on launching different types of unique insurance products to enrich people’s lives, such as our GC Neary Care – which has been specifically designed for women – and GC Scholar, especially for children, who will be the next generation to lead the Kingdom,” said GC Life Insurance CEO Michael Tee.
Based on recent statistics, women are playing an increasingly crucial role in providing financial support for their families.
According to the Cambodia Socio-Economic Survey 2019-20, females comprise 49 per cent of the labour force in the Kingdom, with 38.6 per cent self-employed and 40.9 per cent salaried.
“We can see that Cambodian women are contributing more to the country, society and their families than ever before – GC Life has noticed this and launched the first life insurance product in Cambodia specifically designed for ladies called GC Neary Care,” said Tee.
GC Neary Care covers women when they have children, require health check-ups or suffer from female-related cancers, or should they encounter other issues.
An interesting feature of the policy is that it comes with a maturity benefit at the end of the insurance policy term that provides a lump sum cash payment.
GC Life has also developed a wide range of insurance products with affordable premiums, such as savings, education and loan protection – all aimed at protecting Cambodians in different ways based on their needs.
“GC Scholar was developed to protect children and provide education saving benefits. Also, our optional Juvenile Critical Illness Rider was the first child critical illness rider in the market.
“GC Life’s mission is to enrich people’s lives, and we want to protect every Cambodian and not just the head of household.
“In addition, GC Life has saving products, pure protection products and group products with different types of coverage,” said Tee.
GC Life is relying on digitisation extensively as it wants to be environmentally friendly and provide the best customer service, with the process of digitisation having accelerated during the pandemic.
“Currently, we are in phase two of our business enhancement, especially in helping our sales force expand their customer base with other alternative distribution channels to engage with potential customers.
“As for recruitment, we are in the process of implementing our electronic recruitment process that encourages a paperless working environment. GC Life is also moving further towards the next step of online self-purchasing and customer applications to provide a better platform for our customers and partners.
“This milestone is expected to be launched within the second half of this year. And in 2022, GC Life will focus more on corporate social responsibility.
“We foresee Cambodia being in the recovery phase from the pandemic this year, and we would like to contribute to society by supporting those who suffered during it by providing better education through campus improvements and medical needs through blood donations,” said Tee.