Lao PDR's Phongsavanh Insurance selects CSC for digital insurance innovation
Source: Asia Insurance Review | Dec 2016
CSC has signed a five-year license agreement with Phongsavanh Insurance (APA) Co Ltd to implement CSC’s Integral P&C, Integral Life and Integral Point-of-Sale systems. APA is CSC’s first local client in Lao People’s Democratic Republic (Lao PDR) and the first in the country to implement CSC Integral Suite to manage its portfolio of life and non-life insurance products.
A new entity in the largely untapped insurance market of Lao PDR, APA sought an integrated technology solution suite to help streamline and automate their operations across all insurance lines. The company also plans to optimise Integral’s features to create new insurance products and services in the future, bringing them to market quicker as demand grows. APA’s business model is based on digital-first principles and will use digital capabilities for sales and services – both direct and through branches of Phongsavanh Bank, their main distribution partner.
Implementation, customisation, training and testing of the CSC Integral components will be managed by the combined APA and CSC teams over the next few months. The roll-out is expected to be completed by early 2017.
Expanding business locally and regionally
“APA is forward-looking and we have ambitious plans to expand our business locally and regionally. The deployment of state-of-the-art technology to support the entire value chain of the insurance business – and one that could be scaled as we grow – was a key factor in our choice of vendor,” said Mr Sengdao Bouphakonekham, Chairman of the board, APA.
Mr Rajesh Iyer, CSC general manager for Asia, Middle East & Africa (AMEA), said: “With a population of nearly seven million, the insurance market in Lao PDR holds much promise. The opportunities for growth are tremendous as the country and its emerging neighbours like Myanmar and Cambodia start to embrace the digital economy. We are pleased APA has entrusted us to help build and manage their insurance portfolio and support them on their digital journey.”