A new partnership between money transfer company Wing and Prudential aims to simplify the process of paying for insurance, and will allow access to insurance products to the country’s unbanked population.
Wing Specialised Bank and Prudential, a London-based multinational life insurance company, signed yesterday a memorandum of understanding on the provision of payments for life insurance premiums.
Under the agreement, Prudential Cambodia customers will be able to pay their life insurance premiums through Wing’s extensive network of agents, its Wing Money mobile app, or via USSD messages.
“This new partnership will increase convenience, trust and payment security for the customers of both companies,” Wing’s CEO Jojo Malolos said at the signing ceremony.
“In addition to providing a convenient way to pay premiums, this partnership gives people, banked and underbanked, access to insurance regardless of where they reside,” Mr Malolos said, adding that previously people in many small towns and villages across the country lacked access to insurance products.
“Now, premium payment is at your fingertips through our mobile payment solution or through our network of agents,” Mr Malolos added.
David Nutman, CEO of Prudential Cambodia, said the partnership is in line with the company’s commitment to adopt and integrate advanced technology.
“Premium payments are essential for our customers to maintain the protection and the peace of mind of a life insurance policy, so we want to make sure they can do this as easily as possible wherever they are in the Kingdom,” he said.
“Using Wing’s robust and secure network to make premium payments was an obvious choice for us as we are always looking for ways such as this to use technology to improve our customer service,” he added.