Manulife, a global life insurer, and Japan-owned Sathapana Bank yesterday launched a new distribution partnership.
Customers of Sathapana Bank will be able to discuss their long-term financial goals with Manulife’s Insurance Specialists stationed at Sathapana’s branches across the country.
The agreement was signed yesterday in a ceremony attended by representatives from the Ministry of Economy and Finance and the National Bank of Cambodia.
The partnership allows Manulife to reach more families in Cambodia to protect their financial future, said Robert Elliott, CEO and general manager of Manulife Cambodia.
“I am sure that this partnership is going to be very successful and will help us provide our innovative world-class solutions, including income protection, savings for children’s education and retirement to Sathapana’s customers,” Mr Elliott said.
Norihiko Kato, CEO of Sathapana Bank, said the presence of Manulife agents at Sathapana branches will help increase insurance awareness in the country.
“Insurance is in the early stage of growth in Cambodia and there is huge potential for growth in the future,” Mr Kato said.
“It is very important that more people in Cambodia have the opportunity to understand the benefits of insurance and use it to secure their financial future and protect themselves against any misfortune.”
In Meatra, director of the Insurance and Pension Department at the Ministry of Economy and Finance, meanwhile, said the life insurance segment has experience robust growth since it was first introduced in the country in 2012.
“The life insurance market has been performing remarkably well and Cambodian people have a lot of confident in this sector,” Mr Meatra said.
Rath Sovannorak, director of Banking Supervision at the National Bank of Cambodia, echoed the same sentiment, arguing that the country’s vigorous economic growth, coupled with a notable increase in people’s incomes, have enabled the life insurance segment to undergo spectacular growth.
“The economy has been very stable, which has worked in the favour of banks and insurance companies. At the same time, people’s living standards have risen dramatically, further contributing to this growth,” Mr Sovannorak said.