Taking the lead to highlight the importance of insurance

Content image - Phnom Penh Post

Taking the lead to highlight the importance of insurance

More and more Cambodians are walking up to the fact that insurance plays an important role in their lives. And if you're the nation's leading insurer, it's safe to say that your company plays a key role in highlighting just how crucial insurance is.

Last year, Forte Insurance was acknowledged by the Insurance Association of Cambodia as the market leader with a 45.3% share. This year, the company received three country based awards from leading international magazine Global Banking & Finance Review - Best Non-Life Insurance, Most Innovative Insurance Product and Best Insurance Customer Service Company.

To add icing to the cake, Forte is the largest insurance company here, and among the oldest. Since setting up as an insurance underwriting and brokerage wing in Phnom Penh in 1998, they've expanded with branches in Siem Reap, Battambang, Kampong Cham and Sihanoukville.

To CEO Charles Cheo, being recognized for the company's history and services is something to be proud of. Accolades and awards, however, come in a distant second to Forte's mission of placing the benefits of insurance squarely in the spotlight.

"We've come a long way, but there's more to be done if we want everyone to realize how insurance can enrich their lives and provide them peace of mind," said Cheo. "We aim to change existing mindsets and continue to develop an already growing industry."

In leading the call for all Cambodians to better protect their loved ones, property and themselves, Cheo relies on two of Forte's biggest assets: their staff and strategy.

"Forte's success is not only due to our customers, but our employees," he said. "We have an experienced, professional team that continuously improves themselves and provides the highest levels of quality service to help us achieve our mission."

Aside from committed staff, Forte's strategy plays a key role in developing Cambodia's insurance industry. The company has a solid track record of launching innovative insurance solutions and growing existing product lines.

"All our new and existing services are aimed at improving claim services to benefit our clients and help them manage risks," he said. "Forte continuously researches the needs of the local market and the suitability of products to offer services that make a difference in terms of value, innovation and overall customer experience."

Forte has seen its premiums increase steadily in line with the overall growth of the market. Over the last five years, the Cambodian insurance industry grew from $24.8 million to $61.6 million.

The Kingdom's total premiums for general insurance increased from $53 million in 2014 to $61.6 million in 2015 while property and fire insurance premiums surged 35% to reach $24.5 million.

For Forte, this translates to more people securing insurance coverage, and not necessarily from the company itself.

"We are thankful that an increasing number of Cambodians are realizing the importance of insurance in providing them security and safety," said Cheo. "Insurance, however, is not only about savings but also about taking care of loved ones and being prepared more or less for when the inevitable occurs."

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