Singapore based Phillip Life Assurance Plc has launched its first office in Cambodia following the issuance of a insurance license by the Ministry of Economy and Finance Cambodia on June 29, 2018, the company’s director and executive vice president Noppol Beokhaimook said on Monday.
Phillip Capital Group, which is also based in Singapore, provides investment and financial services in 17 countries and has enjoyed stability and continuous growth for more than 40 years. It has operated a life insurance business in Thailand since 2013.
PLA-Cambodia will use the technical know-how and experience gained from its business in Thailand by synergising technology, operational process and services, product development, marketing strategy and distribution channels. Account will be taken of the continuous success of the online channel in Thailand.
“We are confident that we will be able to respond to Cambodian customers’ needs. The life insurance business has high potential for growth in both Cambodia and Thailand, as do our services using the Customer Centric policy,” he said.
As of June 30, Phillip Life Assurance was seeing new business growth rate of 23 per cent while the growth rate of total premiums stood at 16 per cent. Both growth rates are higher than the average growth rate of the overall life insurance business in Thailand. The company is also reporting assets of more than Bt9.6 billion. “This shows our continuous success in market expansion as well as strong financial status of the company,” Noppol added.