Prudential launches insurance selling machines across 50 locations to make protection solutions accessible for more Cambodians

The release ceremony was officiated by H. Electronic. Bou Chanphirou, Movie director General, Insurance Regulator of Cambodia and Solmaz Altin, Movie director Strategic Business Group at Prudential Plc.  

H. E. Bou Chanphirou, Director Common, Insurance Regulator associated with Cambodia said “Cambodia’s insurance market has rapidly grown with the average annual growth of 25% despite the global crisis of Covid-19. The launching of Prudential Cambodia’s Insurance Selling Device (ISM) creates innovation and makes insurance purchase more flexible and convenient can be, in the digital period. I would like to give thanks to Prudential Cambodia for its strong commitment to strengthening business routines and contributing to the introduction of the insurance sector within Cambodia. ”

Removing Barriers to Insurance policy Purchase

Life insurance penetration is less than 1% within Cambodia and out-of-pocket medical expenses are usually estimated at $1. 2 Billion. Using its purpose to help people get the most out of life, Prudential leverages its digitally enabled multi-channel distribution platform to make healthcare affordable plus accessible and market financial inclusion.  

“Our business in Cambodia is in its 10 ^th year of operations and we think we have only begun to capture the opportunity that Cambodia provides. This launch demonstrates our commitment to making healthcare and insurance available and affordable to any or all Cambodians. We anticipate seeing this become a success so that it could be replicated in some of our own other businesses. ” Said Solmaz Altin, Managing Director, Tactical Business Group from Prudential Plc.

Making Insurance plan Accessible Nation-wide

With its own internet connection and power supply, the insurance selling device serve customers any kind of time location in Cambodia. This innovation enables customers to simply purchase a bite size insurance product for less than $10 per year, even at locations with no access to stable web or a bank department.

The inclusive user experience designed for the insurance offering machine is also optimised for customers requiring greater accessibility options, such as larger text screen for elderly customers.

“As a pioneer within digital insurance in Cambodia, we want to guard people from risks to their health and wellbeing, and also support them to attain their goals. We have created a range of electronic solutions for first-time insurance buyers in order to conveniently access affordable protection solutions through their smartphone.

“As not all Cambodians have normal access to stable, high-speed internet connections, we now proceed the extra mile to bring security solutions into local communities through the Insurance Selling Devices. I’d like to communicate my heartfelt gratitude to our regulators who may have always been there for us through this process and have approved nationwide application of insurance selling machines. None of this could have been possible without having IRC’s support plus guidance. ” said Sanjay Chakrabarty, CEO, Prudential Cambodia.

At the end of their particular purchases, customers can acquire receipts of their dealings from a printer coupled to the Insurance Selling Device, an important step designed for first time users. On issuance of their guidelines, customers can instantly manage and submit claims through Heartbeat, the company’s all-in-one health and wealth administration app. Customers can simply follow the details offered by the Insurance Selling Machine to download plus register on Heartbeat.

“After initially launching these Insurance Selling Machines at 50 locations, we will closely work with our customers to continually refine the consumer experience before making them available nation-wide. ” added Chakrabarty. Today’s launch saw the Insurance Selling Machine set up at Prudential’s Twigs in Phnom Penh, Siem Reap, Battambang and Kratie. For more information about the Insurance Marketing Machine, visit the nearest Prudential Branch.