Prudential Cambodia - the largest life and health insurer in the Kingdom - recently announced the launch of its pioneering insurance-selling machines to make purchasing insurance more convenient.
These machines will be made available at 50 locations nationwide in 2022 and installed in more towns nationwide in the coming years.
Removing barriers to buying insurance
Life insurance penetration in Cambodia was less than 1% as of 2021, while out-of-pocket medical expenses were estimated in 2019 at $1.2 billion.
With its purpose to help people get the most out of life, Prudential leverages its digitally enabled multi-channel distribution platform to make healthcare affordable and accessible, and promote financial inclusion.
Mr Sanjay Chakrabarty, CEO of Prudential Cambodia, said, “As a pioneer in digital insurance in Cambodia, we want to protect people from threats to their health and wellbeing, as well as support them to achieve their goals.
“We have created a range of digital solutions for first time insurance buyers to conveniently access affordable protection solutions via their smartphone. “As not all Cambodians have regular access to stable, high-speed internet connections, we now go the extra mile to bring protection solutions into local communities through our insurance selling machines,” said.
Making insurance accessible nationally
With their own internet connection and power supply, the insurance-selling machines can serve customers at any location in Cambodia.
This innovation enables customers to easily purchase a bite-sized insurance product for less than $10 per year, even at locations without access to stable internet or a bank branch.
The inclusive user experience designed for the insurance selling machines is also optimised for customers requiring greater accessibility options, such as larger text display for elderly users.
Having completed their purchases, customers can obtain receipts of their transactions from a printer connected to the insurance selling machine, an important step for first-time users.
Upon issuance of their policies, customers can instantly manage and submit claims through Pulse, the company’s all-in-one health and wealth management app.
Customers can simply follow the details provided by the insurance selling machine to download and register on Pulse.
“After initially launching these insurance selling machines at 50 locations, we will closely work with our customers to continually refine the user experience before making them available nationwide,” said Chakrabarty.
The September 2 launch saw insurance-selling machines installed at Prudential branches in Phnom Penh, Siem Reap, Battambang and Kratie.