Phillip Capital now a growing insurance presence in Cambodia

Content image - Phnom Penh Post
(From left to right) Andrew Liew (Head of Retail Banking) and Han Peng Kwan (GM) - Phillip Bank; Violet Chia, GM – Phillip General Insurance (Cambodia); Andrew Ong, GM - Phillip Life Assurance (Cambodia); Ong Teong Hoon - Shareholders’ representative - Phillip Capital Group. Photo supplied

Phillip Capital now a growing insurance presence in Cambodia

PhillipCapital, headquartered in Singapore, operates in financial hubs of over 15 countries, including Australia, Cambodia, China, France, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, Sri Lanka, Thailand, Turkey, UK, UAE, USA and Vietnam. It offers a full range of quality and innovative products and services to retail and high net worth individuals, corporate and institutional customers.

These include broking in securities, futures, foreign exchange, bonds, precious metals and commodities, unit trusts, contracts for difference, exchange traded funds, fund management, managed accounts, insurance planning, regular savings plan, investment research, equity financing and property consultancy.

It also offers institutional corporate finance and advisory services, and bespoke IT solutions.

Since 1975, the PhillipCapital network has grown into a global presence, an integrated Asian financial house with over 5,000 employees and more than one million clients worldwide, with assets under custody/management exceeding US$35 Billion, and in excess of US$1.5 Billion shareholders’ funds.

From its first foray into Cambodia in 2009 investing into First Finance MFI, and now more visibly with Phillip Bank, it has a growing network of bank branches that will soon be serving customers throughout the country. And there will be a significant expansion of financial services in 2019 offered by both Phillip Life Assurance (Cambodia) Plc and Phillip General Insurance (Cambodia) Plc.

Phillip General Insurance (Cambodia) Plc – 18 months and growing stronger

On 9th June 2017 Phillip General Insurance (Cambodia) Plc became the first of Phillip Capital’s two insurance companies to obtain its licence in Cambodia. Ms Violet Ko, its General Manager, swiftly pressed ahead in obtaining approval for its first two products. Over the next 18 months it has issued an increasing number of policies for both individuals and corporations.

Ms Ko added “We aim to meet the insurance needs of the people and businesses of Cambodia who are exposed to risks, whether it is for the individual houseowner who needs to protect his home and contents against fire, or a business owner who requires insurance cover to protect his factory, restaurant, supermarket or any other commercial operation against exposures to various risks.

We stand ready to help by providing risk management services whenever we can recommend risk improvement measures, such as identifying and highlighting fire protection improvements and how to modify them and offer appropriate bespoke policies to suit the specific needs of each individual household or business.”

A cornerstone of Phillip General Insurance (Cambodia)’s service culture is to offer a fair and prompt claims service, because the proof of service for an insurer lies not just before it accept risks but also later, when a claim is made.
Ms Ko also emphasized that being part of Phillip Capital’s nest of companies in Cambodia is also very important, stating that “the Phillip Capital Group, headquartered in Singapore, has invested a very sizeable capital into the financial market here and is committed to contributing to the Kingdom’s progress and prosperity.

We at Phillip General Insurance (Cambodia) are proud to be associated with our banking, finance and life assurance partners in the Group. Together we are confident in the growth of the economy of Cambodia “

For more info, visit our Facebook page: PhillipGeneralInsuranceCambodia

Thinking ahead – Phillip Life Assurance (Cambodia) Plc and the tango with technology

We have a very intimate relationship with technology – it permeates our work and personal lives in so many ways. We must also somehow trust it, yet often know so little about it, nor how it changes the way we work and live. What’s undeniable is that it can radically remove inefficiency and outdated murky practices that are profitable for companies but now have also lost customer confidence and satisfaction.

The life insurance industry is a good example, trying to drag itself from high inefficiency towards better customer service. Which is why customers of Phillip Life Assurance will applaud the insurance company for being a first technology mover.

By innovatively offering a straightforward online application process for some of its life insurance products, Phillip Life Assurance in Thailand has made applying easy for all its customers, making it stand out in the competitive insurance landscape. And Phillip Life Assurance Cambodia aims to make that impact in Cambodia too.

What about the future? The much hyped blockchain technology is a long-term prospect for life insurance. Currently held back by competing technology platforms, loss of customer confidence in brands’ ethical practices, legal and political constraints, this transparent distributed ledger holds promise for supply chains in many industries. For example, giant shipping company Maersk is experimenting with a blockchain-based distributed ledger with 94 of its supply chain partners to speed up its approvals process.

Life Insurance may seem different to shipping, and appear a simple business, but it isn’t. Its claim process alone is complex, time consuming and inefficient. By adopting a distributed ledger system based on blockchain, insurers could create a supply chain of medical panels, government regulations, secure identity and medical history, and smart payment contracts for its partners. This would accelerate claims and help customers, removing tedious paperwork, and become almost instantaneous. But customer confidence in the ethical use of their medical data must be a priority.

Blockchain could even stimulate new products and markets. For example, people on low income could have greater access to shorter term cover or on more narrowly defined terms based on their specific needs. So, new products could be developed and deployed quickly, responding to changing customer requirements or evolving markets.

Cambodia is a young market for life insurance, with only about 5 years exposure to it. Yet this is its very advantage, an opportunity to leapfrog other countries and offer more innovative and consumer-centric products and services, such as focusing on education and suitable needs.

At Phillip Life Assurance (Cambodia) PLC we look forward to offering Cambodians not just life insurance but also a chance to develop a more transparent and efficient way of ensuring that all Cambodians get the right cover they need. Visit our Facebook page: PhillipLifeCambodia

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