The Cambodian insurance sector continues to grow at break-neck velocity, drawing international players into the local market and quickly expanding the range of available products. To discuss the sector in detail, Khmer Times’ Sum Manet sat down with David Nutman, the CEO of Prudential Cambodia, an international insurer present in the kingdom since 2013.
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KT: How would you qualify the current state of affairs in the insurance market? What is the competition like?
Mr Nutman: The market is still very young, and competition is growing really fast, but there is still a need to build awareness and understanding about insurance among the people, particularly in Cambodia.
So in the context of that, our job is to position our products and services to meet customers’ needs. We do research to understand what those needs are and then we can create products to meet those needs, because we can see what’s important.
KT: The Cambodian market is still young, particularly compared to neighbouring countries? What can be done to bring it up to par with the region?
Mr Nutman: We see a lot of potential in the market. The penetration level is still very small, so there is so much room for new players and new products.
Cambodia is still one of the poorest nations in the region. It is our long-term commitment and goal to continue to advance the availability of financial planning and protection to Cambodia’s family as they become more affluent and enjoy greater levels of income.
KT: Prudential is expanding to new provinces in Cambodia. How are you teaching people about the importance of life insurance?
Mr Nutman: This year, we expanded our network of branches, including offices in Siem Reap and Battambang. We will continue to expand that network over the next three years in terms of our long-term strategy.
And we already work with Acleda, Cambodia’s biggest bank, which has more than 250 branches nationwide. Their network will aid our own expansion.