Insurance, tech sector teaming up in Kingdom
TOKYO-based- Daiichi Life Insurance PLC signed a Memorandum of Understanding (MoU) with Viettel Cambodia (Metfone) and EMoney Payment Solutions Plc to jointly promote information technology and digital services and products in the field of life insurance in Cambodia.
Vietnamese-owned mobile operator Metfone and E-Money, a smartphone financial services provider, will co-support Dai-ichi Life as an ICT-enabled life insurance company.
Digital technology will be used to provide financial services and life insurance products to Cambodia, according to the companies.
Dai-ichi Life Insurance CEO Allen Thai said on Wednesday the MoU would help the companies to work closely together to benefit all customers in Cambodia as life insurance services are growing rapidly in the Kingdom. Dai-ichi Life Insurance is a subsidiary of Tokyo-listed Dai-ichi Life Holdings, Inc.
“This is a unique partnership that enables my company to provide affordable and competitive life insurance services to a wide range of Cambodians on the technology systems of Metfone and E-money,” Allen said.
Metfone CEO Phung Van Cuong said his company will provide insurance premium collection services that customers pay to Dai-ichi Life via E-Money or mobile accounts. The insurance company will also be able to make cash payments to customers and advertise insurance services on E-Money and My Metfone apps.
“I believe this MoU will provide a solution that is fast, saves time and makes it easier for customers to access life insurance from the company,” he said.
Mey Vann, director of the department of industry and finance at the Ministry of Economy and Finance, said at a separate event marking the inauguration of AIA Insurance Company on Wednesday, the insurance sector in Cambodia is becoming another pillar of the financial and banking sector.
“Covid-19 disease has not affected the insurance industry in Cambodia. The government will continue to encourage international companies to continue investing in this sector to create job opportunities for Cambodians,” he said.
According to data from the Insurance Association of Cambodia, the insurance sector in
Cambodia took in $133.5 million in premiums, an increase of more than 12.1 per cent in the first half of 2020 compared to $119.1 million in the same period last year.
Vann said 38 insurers are operating in Cambodia, including 18 general insurers, 14 life and six micro-insurers.
Gross premiums totalled $252 million in 2019, up 30 per cent compared to 2018, while customer compensation was about $36 million.