Insurance JV set to serve Cambodians
SOVANNAPHUM Life Assurance, a joint venture of Cambodia-based Canadia Bank and Muang Thai Life Assurance, has started marketing to Cambodians, who are placing greater importance on their children’s education and healthcare planning.
“Our first priority is to develop a variety of life-insurance products that will meet the needs of the consumer, such as savings for children’s education, life, health and accidental coverage, as well as credit-protection life insurance,” Umapan Charoenying, chief executive officer, said yesterday.
The company sees significant upside potential in the Cambodian market for life-insurance products and long-term financial planning.
Cambodia’s medium-income population and purchasing power are growing rapidly, and will continue to do so.
The working-age group accounts for 60 per cent of the population.
Canadia Investment Holding and Muang Thai Life Assurance have strong ties to their markets, and they place a premium on serving their customers with the best they have.
Sovannaphum Life Assurance is the result of the common values that both companies hold.
Canadia Bank’s extensive knowledge and experience in the local market, along with its extensive service channels, and Muang Thai Life Assurance’s extensive knowledge and expertise in developing quality insurance products that apply to the cultural, social and economic aspects of markets, will drive success for Sovannaphum Life Assurance.
Pung Kheav Se, chairman of Canadia Investment Holding, said that for over 25 years, Canadia Bank had placed great importance on serving the financial futures of customers and the needs of the Cambodian economy.
“Muang Thai Life Assurance conducts its business in a very similar manner, and to Canadia Bank, this is a very important element to our joint venture,” he said.
Sara Lamsam, president and CEO of Muang Thai Life Assurance, said the company was confident that Sovannaphum Life Assurance could offer life-insurance products appropriately and effectively to serve the needs of the people of Cambodia.
“The cooperation brings together Muang Thai Life Assurance’s 64 years of experience in the life-insurance business and Canadia Bank’s strong and trusted reputation, as well as it being one of the largest financial institutions in Cambodia, with its extensive customer service channels,” he said.
