Regional insurance plan corporations are increasing a lot more aware of the importance of technological innovation in boosting company functionality, insiders reported on Thursday at a discussion board attended by the industry’s principal players.
The conference sought to shed mild on how global and domestic insurance coverage corporations are leveraging technologies innovation to push insurance coverage penetration.
Eva Chen, CEO of Ly Hour Insurance coverage, stated digital technologies can support regional gamers up their match.
“New systems aids us make improvements to our advertising and our distribution channels, boosting product sales, bettering overall performance and raising effectiveness,” Ms Chen stated.
“It is aiding us reduce expenses and produce exact reports from every single department that lead to superior decisions.”
Robert J. Elliott, CEO of Manulife, mentioned area corporations ought to capitalise on Cambodia’s escalating inhabitants of netizens.
“Cambodians have adopted technological innovation with wonderful speed. Persons truly comprehend the positive aspects of using digital know-how to get information and facts, interact with providers, and meet up with unique needs,” Mr Elliott said.
He stated 50 p.c of Cambodian now have obtain to the world wide web and 43 % are active on social media which makes a “big natural environment for people to interact with different industries by technology”.
He reported know-how can assist slice expenses and help save time when examining insurance policy purposes.
On the other hand, Mr Elliot mentioned that provided the quick lifetime of the field in the Kingdom, most gamers are continue to not incredibly preoccupied with adopting the most up-to-date technological innovation readily available. He mentioned common insurance plan organizations have been all over for just 15 a long time, when the first existence insurer only begun functioning 6 a long time ago.
In accordance to Mr Elliott, only two everyday living insurers present paperless apps to buyers.
Previous yr, the normal insurance plan sector grew by 26 %, when the lifestyle insurance sector expanded by 50 %, Mr Elliott included.
There are now 28 insurance businesses in Cambodia: In addition to the Cambodian Countrywide Insurance policies Firm, there are 12 typical insurance coverage firms, 7 existence insurers and 8 micro-insurance policy providers.
Thursday’s convention was organised with the help of the Coverage Affiliation of Cambodia, and sponsored by Agile Monetary Systems and Sunwest.