Prudential Corporation Asia, part of UK-based Prudential plc, has announced the commencement of its life insurance operations in Cambodia. Through its wholly owned subsidiary Prudential Cambodia, Prudential will begin providing life insurance products to the Cambodian people.
To mark this significant milestone, Prudential presented a special commemorative plaque to its first Khmer policyholder. Cambodia is the 13th market in Asia where Prudential has life insurance operations.
Alongside the launch of its business operations, Prudential Cambodia and ACLEDA Bank, the largest retail and commercial bank in Cambodia, also announced the establishment of a long-term distribution partnership, the first of its kind in the country.
The partnership will leverage the strengths of ACLEDA Bank and Prudential. ACLEDA Bank offers a wide range of financial services products to a large customer base throughout Cambodia.
ACLEDA Bank will provide its customers with access to Prudential’s products via its extensive network of 238 branches and offices nationwide. Its customers will be able to access PRU myfamily, the flagship product from Prudential Cambodia, that offers the benefits of life insurance protection and guaranteed cash benefit at its maturity.
Prudential’s sales staff will be located across the ACLEDA Bank branch network to advise customers about life insurance. Prudential will also extend its expertise to ACLEDA Bank in the areas of product development, insurance sales management, staff training and customer services to help build a strong platform to meet the needs of customers.
This partnership also supports the Cambodian government’s strategic focus and efforts to foster the development of the life insurance sector, which is in its formative stages and set for future growth, as well as enhancing public awareness of the need for long-term financial planning.
Commenting on the launch, Barry Stowe, Chief Executive, Prudential Corporation Asia, said: “Today is a milestone for Prudential in Asia as we begin our operations in Cambodia. We are grateful to the regulators for their support in granting us the licence.
“The life insurance industry is an important pillar in Cambodia’s economic and social development. We are committed to working closely with the Cambodian government and our partner ACLEDA Bank to develop the industry and help citizens of Cambodia protect their families and build a sound financial future.”
In Channy, President and CEO, ACLEDA Bank, said: “The partnership marks another step in ACLEDA Bank’s continued efforts to develop the financial services industry. We are very pleased to have Prudential as our strategic partner and look forward to working together to meet the growing life insurance needs of our customers.
“We will build on our distribution strength and harness the expertise of a pan-Asian life insurer with demonstrated capabilities in bancassurance distribution partnerships to broaden the depth and breadth of our offerings and services to our customers.”
Pankaj Banerjee, CEO, Prudential Cambodia, said: “Working closely with our distribution partner ACLEDA Bank, we will leverage Prudential’s vast experience of around 90 years in Asia and ACLEDA Bank’s unmatched local knowledge to develop jointly tailored products to suit the financial needs of the Cambodian people. We look forward to a successful relationship with ACELDA Bank.”
Prudential set up a Representative Office in Phnom Penh in December 2010 and received in-principle approval from the Ministry of Economy and Finance in July 2012 to establish a wholly owned life insurance operation in Cambodia. Prudential received the full operating licence from the Ministry on 31 December 2012.
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