Cambodia: Insurers turning to mobile to boost sales
Source: Asia Insurance Review | Oct 2015
Insurance companies are tying up with mobile service providers to boost sales and improve services.
BIMA, the Cambodian arm of Swedish micro-insurer Milvik, works with telecommunications service provider, Smart Axiata, to provide life insurance to consumers.
The country’s first mobile delivered life insurance product, Smart Life Insurance, underwritten by BIMA, was launched a year ago. BIMA country manager Amritha Mani had told Khmer Times that the company had reached more than 75,000 subscribers for its life insurance product by late July.
Forte Insurance has also started working with Smart – to deliver personal accident insurance. According to Smart, interested customers choose the insurance they want – either life or personal accident. The costs for these policies start at US$0.02 per day. Although the mobile provider works with different insurers, it offers a different type of product from each.
Another life insurance provider, Manulife, does not work with mobile products to the same extent but has a mobile option for premium payments, in partnership with mobile payment service provider, Wing.
Cambodia has a population of 15.5 million. BIMA cited an industry study which found that 93% of Cambodians have cellphones.