YAMA Winner 2015 - Oudamsoriya Hun
HER WINNING IS NOTHING SHORT OF HARD WORK. MII SPEAKS TO OUDAMSORIYA HUN, THE HEAD OF LEGAL AND CORPORATE INTEGRITY OF PRUDENTIAL CAMBODIA TO KNOW MORE ABOUT HER SUCCESS.
What does it mean to be named the Recipient of this year's award?
Back in 2010, I attended the AYIM (ASEAN Young Insurance Manager) Program in the Philippines where I learnt that YAMA was a forum for the ASEAN talents award and a Cambodian was once granted such an award in 2006. It was my dream to be such an ambassador for the insurance industry in Cambodia.
When I was selected as one of the finalists, I further committed myself as it was not only for my own benefit, but rather for my nascent insurance industry as well. I firmly understood that winning this award would lift up the reputation of the Cambodian insurance industry and also serve as a reminder to all the talents and youth today to commit to excellence, and enhance both knowledge and knowhow to contribute to the improvement of the industry.
I firmly understood that winning this award would lift up the reputation of the Cambodian insurance industry...
It’s also a testament of the effort to build the insurance industry to a full-fledge stage like other countries. This is a real national pride and prize. I think I feel a real deep need to represent Cambodia and maybe in a way, catch the local’s attention to learn from my success model. I feel proud of the fact that I was selected by a panel of judges from various insurance industry representatives in ASEAN who believed that I can be one of the catalysts to bring local talents to the same page.
What is your advice to the future young leaders/ managers of the industry?
Vision and goal-setting
We must have a clear vision of the end state we are trying to achieve before we take action to reach our goals. We need to have a clear mental image of who and where we will be in the future. It is a “picture” of what we aspire to and be inspired by.
Innovative and create opportunity
We need to pursue new initiatives and challenge ourselves to create opportunities. Don’t just wait for the opportunity, create one and go for it.
One of the primary characteristics of this new 21st century management is its emphasis on innovation management. We need to be innovative and creative on how we work and serve the customer. This includes digitalisation and product R&D to provide a sophisticated process and tool for sustaining and accelerating business growth while bringing high class technology and services to the market.
Maintain perseverance and continuous professional development
I would encourage the young leaders/managers of the industry to keep yourself updated with the advancement of the insurance industry to reach your fullest potential, not only within your own country but in a broader perspective across the region, in reference particularly to fully understand and be ready for the AEC integration. You should actively participate in regional platform to exchange idea and experiences with other insurance practitioners to stay on top of the game.
How do you see yourself in the areas of personal contribution towards the industry in the next couple of years?
I am in a position to really contribute to the insurance industry and I will continue my mission even more actively; this engagement will be clearly shown in my capacity as a YAMA winner. I will be a role model and a YAMA ambassador to bring inspirational message to other talents and youth in the industry to shape their expertise.
As a nearly 10-year veteran of the insurance industry, I’ve so far either directly or indirectly been providing a helping hand to the industry to a certain extent. I expect to engage more pro-actively on any issues arising from or relevant to the industry.
In the capacity as a Head of Legal, I believe I will be able to contribute more to the industry particularly on the legal and corporate governance. As a part-time trainer at the Malaysian Insurance Institute (MII), I can continue to share, mentor and coach the local people on insurance and legal knowledge, know-how’s, and pragmatic experiences for a skilled pool and dynamic workforce development.
As a qualified lawyer specialising in insurance, I will be able to positively influence peers from the legal profession with awareness and enforcement of insurance. The purpose is to have more legal counsels specialising in insurance to really provide valid advices for the industry in terms of consumer protection and fair competition, etc.
Can you tell us about your educational and professional backgrounds?
I have been in the insurance industry for almost 10 years, it is my first job after graduation. Back in 2006, I was employed at a local general insurer where I became the claim manager in charge of both claims management and legal works. In 2012, I joined Prudential (Cambodia) Life Assurance PLC. as a Manager of Legal & Compliance and subsequently, a Head of Legal and Corporate Integrity. I can confirm that I am now the first lawyer specialising in insurance in Cambodia.
On top of that, I am currently a lawyer for a local law firm and also a registered part-time insurance trainer for Association of Insurance in Cambodia in co-operation with the Malaysian Insurance Institute (MII) to provide insurance training to the locals wishing to pursue a globally-recognised professional course in Insurance.
As for my educational background, I was admitted as a licensed lawyer to the Bar Association of Cambodia and completed my legal study both LL.B. and LL.M. specialising in private law at the Royal University of Law and Economics. I am also an Associate of Malaysian Insurance Institute (AMII), and Associate of Chartered Insurance Institute (ACII), UK. I am also a Senior Associate and Certified Insurance Professional [ANZIIF (Snr CIP)] of Australian and New Zealand Institute of Insurance and Finance and a member of Association of Certified Fraud Examiners.
Currently, I’m pursuing Life Certificate of the Life Office Management Administration (LOMA), a US Life Insurance Professional Program.
Cambodia’s GDP in the last two decades grew at an annual average rate of 7.7 percent, which is the sixth-fastest in the world...
Who have influenced you most in your life?
The greatest influence in my life is my mother. She is a great role model and I really admire her hard work, commitment and finance management/saving in the family even with her low income. She is an orphan who finished Grade 4 in elementary school and was a factory worker with low wages, but she tried to support the whole family of four children. She is neither a Ph.D. holder nor any practitioner, but her hard life and sound advices really instilled in me the values of hard work, perseverance, honesty and the importance of striving for excellence. She always challenges and encourages me to aim higher and higher to have a far better life. Because of her love, affection, kindness, devotion, dedication and self-sacrifice, I become who I am today – a qualified lawyer and head of legal of a leading multinational company. I am thankful and blessed to have had someone like her to always inspire me for my success and endeavours.
What is your vision for the Cambodian insurance industry?
The untapped life insurance in Cambodia has substantial potential for growth due to the young population and robust economic development. Cambodia’s GDP in the last two decades grew at an annual average rate of 7.7 percent, which is the sixth-fastest in the world during the period of 1993-2013, making its GDP per capita hitting US$1,035 in 2013. This has resulted in the fast growing and large number of Cambodian middle class. Further, the average annual growth rate for the insurance sector in Cambodia stands at 20.2% leaving more room to grow. It is believed that the growth trend is set to continue. The industry will develop further and attain proportions that will enable the industry to contribute in the economic development and GDP growth.
In spite of the significant growth, and if compared to other ASEAN countries the premium is still a small proportion and the penetration rate is relatively low. However, I could see the outward-looking of ASEAN insurance industry playing a pivotal role in the international foray, and advancing ASEAN’s common interest .i.e. AEC.
The local standard market will be raised, the value of the local talents will be enhanced, and customers will enjoy better services. The digitalisation and product R&D with the sophisticated process and tool will enhance the market with high class technology and services like other ASEAN countries.
I am optimistic that the legal framework for insurance will be further developed to provide more protection to the consumers and the industry stakeholders, create fair competition and ensure sustainable growth of the marketplace. On top of that, the insurance regulators and formal insurance institutes will be established to strengthen the professionalism and secure the image of the industry. All of these will benefit from the reform-minded government and greater regulatory oversight.
Given the growing size of the business, together with the rising corporate governance standards, I truly believe that this emerging sector will continue to present attractive investment opportunity and become one of the backbones of the economy.