AIA (Cambodia) Life Insurance Plc and Amret Microfinance yesterday strengthened their cooperation in bancassurance with the official signing of a partnership agreement.
Under the new agreement, AIA agents will be stationed at all Amret branches across the country, giving clients of the microfinance institution access to life insurance consultation as well as all products offered by AIA.
The agreement was signed yesterday at Amret’s newly inaugurated headquarters in Phnom Penh, in a ceremony that was attended by representatives of the Ministry of Economy and Finance.
“The complementarity of the two institutions’ products and service forms a comprehensive suite of offering for the financial needs and protection of Amret customers,” a joint media release said.
Richard Bates, AIA Cambodia’s CEO, said the partnership aims to improve the financial security and well-being of Cambodians.
“As Asia-Pacific’s largest life insurer we are well-placed to serve the customers of this excellent and long-standing microfinance partner,” he said.
“Our AIA Life Planners, joining force with Amret staff, are committed to providing full-time professional consultation and solutions using state-of-the-art technology,” Mr Bates said, adding that they will introduce pioneering life insurance solutions to help Amret’s clients lead healthier, longer and better lives and guarantee their financial security.
Amret’s CEO Chea Phalarin said the new partnership will help spread awareness of the importance of life insurance.
“The first and foremost objective of this partnership is to bring about more benefits and better peace of mind to our customers.
“We are excited to work with AIA Cambodia to better meet the long-term financial needs of Cambodians.”
In April, Amret Microfinance obtained approval from the National Bank of Cambodia and the Ministry of Economy and Finance to collaborate with life insurance companies and act as a referral agent for the purpose of introducing life insurance solutions to customers.
Since then, Amret has been working with AIA Cambodia to integrate the partnership into its operations. Clients of 22 of Amret’s 156 branches already enjoy access to AIA agents.
Hor Sovathana, deputy director of the life Insurance and Pension Department at the Ministry of Economy and Finance, said at the signing ceremony yesterday that the life insurance sector in Cambodia is growing rapidly.
“Since the government established life insurance in 2012, we have observed that this sector has been playing a bigger and bigger role in the local financial system.
“We’ve seen the creation of a wide range of life insurance products not just for enterprises and middle and upper class individuals, but also for people of low means,” he said.
13 banks and MFI’s in Cambodia are licensed to offer bancassurance products, according to Ms Sovathana.