PRU­DEN­TIAL CAM­BO­DIA SETS SIGHTS ON LONG-TERM GROWTH

A young pop­u­la­tion and low lev­els of mar­ket pen­e­tra­tion mean Cam­bo­dia is an ex­cit­ing place for life in­sur­ers to do busi­ness – and Pru­den­tial is lead­ing the charge, ac­cord­ing to David Nut­man, the com­pany’s new CEO

Southeast Asia Globe - - Healthcare Special -

Prior to tak­ing the helm at Pru­den­tial Cam­bo­dia, you worked as chief com­pli­ance of­fi­cer in the wider Asian re­gion. How will you draw on this ex­pe­ri­ence to drive Pru­den­tial Cam­bo­dia’s growth?

Com­pli­ance is all about un­der­stand­ing the busi­ness and work­ing with stake­hold­ers to find so­lu­tions; lead­ing a com­pany in an emerg­ing mar­ket re­quires sim­i­lar skills. The or­gan­i­sa­tional, gov­er­nance and man­age­ment skills I ac­crued through work­ing in com­pli­ance will help me to en­hance Pru­den­tial’s abil­ity to meet the pro­tec­tion needs of Cam­bo­dian fam­i­lies. Given that close to 70% of Cam­bo­di­ans are un­der the age of 35 and there is no his­tory of long-term fi­nan­cial plan­ning in the coun­try, how does Pru­den­tial in­tend to pro­mote the ben­e­fits of life in­sur­ance in the King­dom?

We are work­ing closely with the gov­ern­ment to pro­mote the im­por­tance of good fi­nan­cial plan­ning and have specif­i­cally tar­geted the coun­try’s young pop­u­la­tion through our schoolaware­ness pro­gramme, Cha-Ching. The pro­gramme is aimed at chil­dren aged seven to 12 and in­volves an­i­mated mu­sic videos, as well as on­line re­sources and ac­tiv­i­ties that teach­ers and par­ents can work through with chil­dren.

We also have a strate­gic distri­bu­tion part­ner­ship with ACLEDA Bank, which gives us a coun­try-wide pres­ence through their net­work of branches, as well as around 2,000 agents work­ing in Ph­nom Penh, Bat­tam­bang and Siem Reap prov­inces.

What’s more, we de­velop strong re­la­tion­ships with our cus­tomers to en­sure that our prod­ucts closely align with the needs of Cam­bo­dian fam­i­lies. Ul­ti­mately, pro­tect­ing the

fi­nan­cial well­be­ing of in­di­vid­u­als and fam­i­lies is in our DNA. In an in­creas­ingly com­pet­i­tive Cam­bo­dian mar­ket, what makes Pru­den­tial stand out from its com­peti­tors?

We have worked hard to en­sure our shared val­ues of trust, re­spect and in­tegrity are rep­re­sented through­out our en­tire com­pany. As a re­sult, our cus­tomers recog­nise the su­pe­rior qual­ity of our staff and prod­ucts and un­der­stand that we will put their needs first. Fur­ther­more, we are able to reach more cus­tomers through our part­ner­ship with ACLEDA. Ac­cord­ing to the In­sur­ance As­so­ci­a­tion of Cam­bo­dia, gross pre­mi­ums of life in­sur­ance grew to $8.9m dur­ing the first quar­ter of 2016, an in­crease of 123% com­pared to the same pe­riod last year. To what ex­tent is this rate of growth sus­tain­able?

Un­der­pinned by favourable de­mo­graph­ics and an im­pres­sive an­nual GDP growth of 7%, Cam­bo­dia’s po­ten­tial for fu­ture growth is sig­nif­i­cant. Not only is the pop­u­la­tion young, the coun­try’s mid­dle class is grow­ing. Cou­pled with the life in­sur­ance mar­ket’s low pen­e­tra­tion, these de­mo­graph­ics bode well for the in­dus­try’s fu­ture growth. The World Eco­nomic Fo­rum on Asean 2017 is be­ing held in Cam­bo­dia in May. What does this say about Cam­bo­dia’s econ­omy?

Host­ing the fo­rum will pro­vide Cam­bo­dia with a fan­tas­tic op­por­tu­nity to demon­strate its in­vest­ment op­por­tu­ni­ties and im­pres­sive eco­nomic po­ten­tial to an in­ter­na­tional au­di­ence. It is a wel­come boost for the coun­try and one which will al­low it to learn from and ex­change in­sights with ex­perts and del­e­gates from fur­ther afield.

The launch of Pru­den­tial Cam­bo­dia's 'Safe Steps' road safety pro­gramme

David Nut­man at the launch of Pru­den­tial Re­la­tion­ship In­dex, a re­gional sur­vey of more than 5000 peo­ple

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