Local insurance companies are growing more aware of the importance of technology in boosting business performance, insiders said on Thursday at a forum attended by the industry’s main players.
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The conference sought to shed light on how global and domestic insurance firms are leveraging technology innovation to drive insurance penetration.
Eva Chen, CEO of Ly Hour Insurance, said digital technologies can help local players up their game.
“New technologies helps us improve our marketing and our distribution channels, boosting sales, improving performance and increasing efficiency,” Ms Chen said.
“It is helping us reduce costs and generate accurate reports from each department that lead to better decisions.”
Robert J. Elliott, CEO of Manulife, said local firms must capitalise on Cambodia’s growing population of netizens.
“Cambodians have adopted technology with amazing speed. People really understand the benefits of using digital technology to get information, interact with companies, and meet different needs,” Mr Elliott said.
He said 50 percent of Cambodian now have access to the internet and 43 percent are active on social media which creates a “big environment for people to engage with different industries through technology”.
He said technology can help cut costs and save time when reviewing insurance applications.
However, Mr Elliot said that given the short life of the industry in the Kingdom, most players are still not very preoccupied with adopting the latest technology available. He said general insurance companies have been around for just 15 years, while the first life insurer only started operating six years ago.
According to Mr Elliott, only two life insurers offer paperless applications to customers.
Last year, the general insurance industry grew by 26 percent, while the life insurance market expanded by 50 percent, Mr Elliott added.
There are now 28 insurance companies in Cambodia: In addition to the Cambodian National Insurance Company, there are 12 general insurance firms, seven life insurers and eight micro-insurance companies.
Thursday’s conference was organised with the support of the Insurance Association of Cambodia, and sponsored by Agile Financial Technologies and Sunwest.