130628-Insurance English

Insurance Cambodia

- Health insurance - life insurance - vehicle insurance - Employee health and accident insurance plans - Construction and business insurance

a Phnom Penh Post Special Report

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Insurance Cambodia

THE PHNOM PENH POST • JUNE 28, 2013 www.phnompenhpost.com

Infinity reports increased revenue, profits D

avid Carter, the CEO of Infinity Insurance, says his company wrote $7 million in premiums in a total insurance market of $36 million, with a 10 per cent revenue increase and 25 per cent profitability increase over 2011.

“2012 marked our fifth anniversary in July and that was a very good year,” Carter said. “Our solvency compared to the market is the highest in the

market. Solvency means solvent assets which is cash. Compared to our competitors we are the strongest in the marketplace and we are in the best position to be able to get our claims paid quickly.”

Carter said another key part of Infinity’s financial strength was laying off risk to high quality reinsurers.

“We lay off proportions of our risk to professional reinsurance companies who have the strongest market security including companies

David Carter blows out the candle at the fifth birthday party of Infinity Insurance last year at The Exchange. Stuart Alan Becker

such as Swiss Reinsurance.

We will continue to have the strongest market security.”

Since he first joined Infinity in May 2008, the company has grown by 200 per cent.

Carter and Chief Operating Officer Michael Girling are the two expats, along with

about 50 Cambodians.

“Our senior Cambodian management within Infinity has all been there since the inception, including people who are in their sixth year with the company.”

Last year, Infinity trained and tested key staff in accordance with the standards of the Australian and New Zealand Insurance Institute and have enrolled four people so far, Carter says.

“We are representatives for the Australian and New Zealand Insurance Institute, and we have been running the Australian course and have set up a little college in our board room. I’m very happy to say that our guys are passing these exams with distinction,” Carter said.

“The course is recognised as being as strong and worthy and superior to other courses offered locally. If our guys get qualified here, then they can go and work in Australia, Vietnam: anywhere else and their qualifications will be internationally recognised.

We are proud of that, and we are the only ones doing it in the market.”

Carter says an important part of Infinity’s strategy is building capacity by investing in young Cambodians.

“The pay-off is that Infinity becomes a stronger company. If you have stronger people, you get a stronger company.”

The biggest part of Infinity’s business is medical insurance, according to Carter, with growth in property and construction insurance.

“We’ve beaten our budget for every year and I want to continue doing that by offering market leading service to our customers.”

Carter says it all comes down to making and keeping promises.

“If you make promises and don’t live up to them, your reputation can be irreparably damaged. I teach people you’ve got to be realistic. If we can’t insure something, we can provide reasons why. Everything is about

managing expectations.

If you do that, you build your reputation as being dependable. There is so much change going on here and dependability leads to growth in business,” Carter said.

“When all else is changing, and people know they can rely on you, where are they going to go? I’m very happy to say we’ve got customers that go way back to when we started. We also know that we’ve got to be competitive in our pricing.”

Included in the suite of products sold by Infinity is “hole in one” insurance for golf tournaments.

“These are fully supervised and we put a person on the hole who films every attempt and prizemoney is put up, typically in the form of the car. If you hit the hole in one,

anywhere in Cambodia, Infinity will deal with the police on behalf of the customer.

“Police training is very important especially in first response. The police officer has to know what to do and documentation is very important. A legal system can’t function without proper documentation.”

Infinity Insurance and its communications partner riverorchid Cambodia both received awards for creative work at the 19th Annual Communicator Awards, held in May in the United States.

The agency riverorchid won two gold awards for their Infinity Insurance “helmet” road safety effort and “Speedometre” promotion ad.

Riverorchid Cambodia, which was awarded

Everything is about managing expectations.

If you do that, you build your reputation as being dependable. you get the car. We charge a premium against the hole in one happening, and if someone hits a hole in one, we pay out,” Carter said.

Other fun insurance includes fishing competitions.

“If somebody catches a tagged fish, we pay out,” he said.

For vehicle insurance, Carter says the roads are improving and the laws are in place, but the challenges are in the implementation of the law and in the increasing number of cars on the road.

“There are more cars on the road than ever before, more accidents, and more police in attendance. That is proving to be a stress.

The roads are better, but if you got more cars, they can speed. There are more accidents happening.”

Carter says if a customer gets into an accident

Campaign Asia Pacific’s Creative and Media Agency of the Year 2012 accolades for Cambodia, Laos and Myanmar, garnered two Awards of Excellence (Gold) in the print category for Infinity Insurance’s “Helmet” road safety effort and “Speedometre” promotion ad. Infinity Insurance CEO David Carter said that the road safety recognition was particularly meaningful.

“With the perennial road safety concerns in Cambodia, our aim was to create a print ad that would engage our customers and all Cambodians through a compelling visual. And by working with our partners at riverorchid Cambodia, we were able to create a simple yet outstanding print ad that emphasises the importance of wearing a helmet while on your motorcycle,” Carter said.

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Insurance Cambodia

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Insurance Cambodia

THE PHNOM PENH POST • JUNE 28, 2013 www.phnompenhpost.com

Insurance Cambodia

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Micro-insurance takes hold L

ow-income Cambodians who take out microfinance loans can also get basic health coverage for $5 per year.

The micro-insurance is available through Prevoir Kampuchea Micro Insurance Plc or PKMI, which is a subsidiary of the French family-owned insurance company Group Prevoir that has been in operation since 1910.

PKMI CEO Solene Favre had previously been working to insure low-income people both in India and Cambodia when Prevoir opened in Cambodia in October, 2011.

“They had a strong wish to do micro-insurance for both life and health,” Favre said.

With 19 Cambodians, CEO Favre and another French lady who serves as the firm’s actuary, PKMI targets both clients of microfinance institutions (MFIs) and the staff of companies to provide health and life insurance.

“For example we insure the

staff of Hagar Catering,” Favre said.

PKMI works with MFIs including Vision Fund, CMK and Chamroeun to add an insurance benefit alongside a loan.

Favre feels what she’s doing is beneficial to the poor because health insurance enables people to survive costly medical procedures without having to sell off their important assets like land.

“I always go out to the field and meet the insured in places like Pursat to see how they feel. I saw a lady who needed some surgery and insurance changed her life because she didn’t have to sell her land to pay for the removal of her appendix,” Favre said.

“For the 50 per cent of the population living around the poverty level, one medical expense can pull them down below the poverty line,” Favre said. “We work with people one level above poverty, so they don’t fall down into poverty.”

A lot of PKMI’s work is training people from the MFIs who then attach micro-

insurance to microfinance in the provinces.

“The credit officer in the field has the confidence of the people and if he is convinced they need to get insurance, he will sell better and relationship will be easier.”

Favre says PKMI enjoys support from UNDP on a project to show how microinsurance can protect people from vulnerability. She says people need to be educated about insurance and must make the choice themselves.

“Micro-insurance is still not compulsory in cases of microfinance and people can still choose. Insurance education is not enough. You can take your own choice only if you know the consequence of your choice,” she said.

Favre says she enjoys seeing the Cambodian staff at PKMI growing and preparing to take responsibility for their own lives and seeing that translate to success in sales.

“What I like every day is working to give people the autonomy and see them make the decisions and taking the lead. This is their company.”

She loves the Cambodian willingness to learn.

“The Cambodians have a willingness to learn and open minds. First we have to convince our staff and then they can spread the world. It can be you, your child or your neighbour or someone you don’t even know,” Favre said.

The $5 per year health coverage is people who take out loans from microfinance institutions and it covers surgery and hospital, with up to $150 available for treatment.

“Our products are competitive and flexible,” she said. “It matches with their needs and their capacity to pay.”

The same health coverage is available to anybody for $25 per year, when not in conjunction with a microfinance loan.

“If they go into a private contracted health facility, they don’t have to pay but it is up to a limit. They can go anywhere, and they can pay and we will reimburse afterward up to a limit. The same process goes for the insured staff of a company,” she said.

PKMI also offers $6 per year accident insurance for medical expenses, just for accidents and not linked to illness.

Favre is looking for more partners so that PKMI can insure large numbers of people. She would like to have more MFIs and mobile operators.

“There are 30 MFIs in Cambodia and the scope is quite large,” she said.

Originally from the French coastal region of Brittany, Favre came to Cambodia two years ago after working in the poor areas of Indian cities including Mumbai. Before that, she worked for 10 years in the national social security service of France.

Her two years insuring slum dwellers for a company called Uplift India funded by a French insurance group and the ILO taught her the basics of community health insurance.

“It was community based health insurance. I could see the solidarity among all the slum dwellers,” she said.

“It was mostly women who had small jobs like banana sellers and tailors. Others

PKMI CEO Solene Favre.

were rickshaw drivers or tea vendors.”

Like much of the work today in Cambodia, the scheme was in partnership with an MFI and the idea was to educate people about the benefits of health insurance, which was sold automatically with the loan. “In India the level of education on insurance is a bit higher than in Cambodia because it is not as new there as it is here,” she said.

“The MFIs made the microinsurance compulsory with the loan. The borrowers understood what they were paying for,” she said.

When she first came to Cambodia In 2011 to work for the French NGO called Gret, she directed a micro-insurance program called Sky for rural workers to provide health coverage to poor people as well as a health insurance pilot program.

Cambodian Life starts to sell more policies The life insurance company which is 51 per cent owned by the Royal Government of Cambodia’s Ministry of Economy and Finance (MEF) and 49 per cent owned by shareholders from Thailand, Indonesia and Hong Kong is starting to sell more policies this year following an opening in May last year.

The Director General of Cambodia Life Insurance Company Plc, also known as “Cambodian Life”, In Meatra, says he wants to see the entire industry develop in Cambodia.

“We need to provide best practices in the insurance industry right from the start,” he said, “Life insurance is

about long term savings.”

Cambodian Life has four insurance products licensed by the Ministry of Economy and Finance: term life, whole life, housing loan insurance and group term life insurance.

Only in operation for a year and with a government majority shareholder, In Meatra said Cambodian Life had been focused on educating Cambodian people about the benefits of long term financial planning.

“To raise public awareness we have gone around Cambodia in the provinces and at the universities in Phnom Penh to educate people how life insurance can

help their life and family,” he said.

In Meatra said about 100 policies have been sold since the company opened last year, including two term life policies with $500,000 payouts.

“This is the time to build a life insurance foundation and I’m pleased to work with all insurance companies to understand the real needs of the Cambodian people,” he said. “We must provide good care to our customers and build momentum. It may take some time to make money and we need to spend a lot of time and resources and budget to provide education

The Director General of Cambodia Life Insurance Company In Meatra.

to Cambodian people.”

Cambodia Life is reinsured

by Hanover Re of Germany, the third-largest reinsurance company in the world.

“Hanover Re is a close partner of Bangkok Life and they have worked together

for a long time and have a lot of trust. They provide us with knowledge and have given our staff some scholarships to go overseas for training which is a great benefit to us,” he said. He said all the insurance industry players needed to abide by same set of laws and regulations mandated by the government. While insurance companies compete, In Meatra said they could join forces to educate the public.

“We need to have a close relationship and discuss what we can provide to the industry. We are business and we compete, but on the other hand we can conduct public education together with our

competitors,” he said.

“We need to have a close relationship between government and industry and harmonise the two. We cannot go separately. Like ASEAN in 2015, we can join hands in the regional context of development with common interest.”

Cambodia Life is rolling out two new “endowment” products, one for education and one called premium payback. The prepared policies have been sent to the MEF. “We hope for approval soon,” In Meatra said. “The education product will benefit people who need a safety net for their children’s education.”

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Insurance Cambodia

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Campu Lonpac rolls out ag insurance Campu Lonpac Insurance General Manager Chan Lek Wei answered some questions this week about his company and a new insurance product aimed at rubber plantations.

You have a new insurance product to insure rubber plantations. What do you cover?

We have recently developed and will be introducing a new insurance policy specially designed for rubber plantation.

It is a ‘fire policy for the insurance of growing trees – rubber’. Besides covering the risks of fire and lightning, this policy can be extended to include other associated risks like damage caused by animals, floods, windstorms, damage caused by aircraft or other aerial devices dropped therefrom, riots, strikes and malicious damage.

Is this new for Cambodia?

This is a totally new and exciting product for rubber plantation owners in Cambodia. We look forward to being the first insurer to provide cover for growing rubber trees. We will be providing all relevant details and seek the blessing from the Ministry of Economy and Finance before launching

this new product; tentatively by the fourth quarter of this year. As a start, we are only introducing the insurance cover for rubber trees. In the future, we plan to extend this type of insurance product for other kinds of plantation and crops as well.

Do they have such plantation insurance in Malaysia?

Such plantation cover is available in Malaysia. Besides rubber, insurance for oil palm and rice growers are also available in Malaysia as well.

How do you apply the insurance coverage to a rubber plantation?

The sum insured is based on the value of the rubber trees per hectare. Depending on the age of the rubber trees, the value per hectare is unique in that it is pre-fixed and agreed by both the rubber plantation owner and Campu Lonpac Insurance Plc at the onset of the insurance. The value is derived by adding up the purchase price of seedlings plus maintenance of the plantation that includes the cost of felling, clearing, plowing, planting, upkeep including weed and pest or disease control, manuring and other overheads. In the event

of a claim, the amount and method of loss settlement is also very clearly spelled out in our policy. For example: Where more than 80 per cent of the trees in a field or an area in the aggregate are destroyed to an extent requiring replanting, the entire field or area will be treated as a total loss provided the entire field or area is replanted. Settlement is 100 per cent for trees whose tap roots are broken; trees which are destroyed by stagnant water; and trees with more than 75 per cent of the bark destroyed up to a height of 10 feet. Settlement is 50 per cent for trees with more than 50 per cent of the bark destroyed up to a height of 10 feet. The plantation owners can refer to the policy contract for the full list of coverage and terms and conditions under this policy.

Is it expensive to purchase this kind of insurance?

Insurance premiums are usually very small when compared to the value of the risk at stake. You may be surprised that the estimated premium for a small plantation with sum insured of $250,000 is in the region of only $1,000 per year.

How do you see the plantation

interested owners to purchase insurance, there is a spread of risks and additional cover for other types of plantations, besides rubber, will be made available.

Campu Lonpac Insurance General Manager Chan Lek Wei

industry evolving in Cambodia in general?

The government of Cambodia has plans to cultivate the rubber industry as one of the main industries in the country. Currently, the total hectare with rubber is about 120,000 hectares and the government intends to expand this to 150,000 hectares by year 2015. In the near future, the government estimated that the income of 10 per cent of the population will be derived from the rubber industry. As the economy of the country grows, it is a natural progression that there will be more investors and the size of the plantations will also increase. Insurance is based on the law of large numbers. Once there is sufficient number of

What is the main business of Campu Lonpac Insurance?

We are a general insurance company and our products include property insurance that covers fire and named perils, property, all risks, electronic equipment, machinery breakdowns, burglary, marine cargo and private car. We also have what’s called pecuniary insurance that covers business interruption, machinery breakdown, loss of profit and money. Another is liability insurance that covers public liability, product liability, and professional indemnity. Our employee’s benefits insurance covers group personal accidents, group hospital and surgical. Finally, our project insurance includes coverage for contractor’s all risks, erection all risks and workers’ accidents.

How long has Campu Lonpac been in operation?

Since our incorporation on August 15, 2007, our staff force has grown to 50 and

we have a team of highly trained personnel to meet the demands of the customers.

Our teams of dedicated and competent claims personnel are always ready to provide our clients with 24 hours claims assistance.

How do you insure loans from Cambodian Public Bank Plc? We work closely with our parent company, Cambodian Public Bank Plc through Campu Bank’s wide distribution network. The property owner can obtain the necessary loan from any of the bank’s 25 branches upon meeting the bank’s requirements. When the insurance policy is issued, the interest of Campu Bank will be noted in the policy to protect both the interest of the owner and that of the bank.

How do you see the insurance market evolving here in Cambodia?

Traditionally, the insurances that are available in the country are the basic fire, motor, personal accident and health policies. As the country progresses, the types of products being introduced will also grow in tandem to cater to the needs of the insuring public.

Insurance Cambodia

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Manulife celebrates one year anniversary in Cambodia oday is the first anniversary of Manulife Financial in Cambodia, the Canadaheadquartered life insurance giant that has made quite a big splash in Cambodia.

CEO Robert Elliott sat down for an interview last week to describe the challenges of educating Cambodians about the benefits of life insurance and long term financial planning.

“We started from scratch.

There was no life insurance industry in Cambodia,” he said. “This Cambodian market is in its infancy stage.

The regulatory framework is designed mostly for general insurance, whereas life insurance is more about long term financial planning and long term protection of your income,” he said.

Elliott said another challenge of starting a life insurance industry from scratch in Cambodia was overcoming the lack of local expertise in the industry.

“One of the great benefits to a company like Manulife is that because we are in seven of the ASEAN countries, we are able to bring expertise in various disciplines including actuarial, underwriting, claims, IT systems. We are able to tap into regional support to help us,” he said. “Our offices in the region take people for training and bring people in for training. They have supported us in building up our operations,” he said.

One young Cambodian at Manulife, Head of Agency Sales Rotha Chan, has been recognised by Manulife Financial as a Young Global Rising Star and was able to travel with his family to Manulife headquarters in Toronto to receive the award.

“Manulife will serve as an indispensable pillar for the long term good of Cambodian people both customers and staff,” Chan said. “I feel very proud and honoured to be part of this giant and socially responsible company.”

Elliott said Chan was thrilled when he received news of the award.

“He got this award by the amount and quality of work he did in helping us establishes our distribution,” Elliott said.

T

Manulife Remorque launched.

“Manulife loves to recognise talent and hard work and Rotha certainly deserves it.”

Also during Manulife’s first year of operation in Cambodia, a claim was paid to the family of a man who died climbing Mount Everest.

“It was very tragic for the family, but we were glad to be in a position to help. We paid the claim and it went to his parents. The significance is that it was the first one ever for Cambodia and it was a learning experience for us and our staff. I think it helped prove to Cambodians that Manulife is a company that can be trusted to deliver on its promises,” Elliott said.

Other events during a year of raising public awareness included reaching out to the Cambodian public about the relevance of life insurance and long term financial planning

When you’re asking people to invest their hard earned money in an intangible product it is important that they have confidence to the emerging middle classes, with more than 10,000 Cambodians attending the seminars.

“We undertook to run a number of seminars to explain our industry to the public, how it works and the history of our company. People ask a lot of questions about trust: how do we know you’ll pay out?

How do we know you’re going to stay in Cambodia?”

Elliott says the key has been clarity about Manulife’s long-term commitment to Cambodia.

“Manulife is a company that is here to stay. We have a 116 year history of continuous presence in Asia and Cambodia is a very important part of our future,” he said.

“These education seminars, the career seminars and the branding seminars we’ve done are part of that.”

During the course of the year, Elliott says he’s seen a shift public perception, from people asking first about trust and now more about life insurance product.

“People don’t always know what product they want but they always know what they need. They need things like a way to protect their family in case something happens to them but also a way to save, so if nothing happens they’ve got a secure nest egg.

Or they need a way to help them pay for their children’s secondary education or university. Our job is to show them how insurance is a good and reliable way to help them achieve these goals.”

“We have got a savings protection product, an endowment so you’re putting money in, it protects you if you die, and in 10 or 15 years, whatever term the policy holder has, it matures. We’ve also launched two education policies to pay for secondary school and university.”

Elliott says the education policies will pay out school fees for families when their children become old enough to enroll.

“This will pay out their fees every year, it will pay out when they are at university and if the policy holder is unable through sickness or accent, Manulife will pay and the premium will be protected,” he said. “The money is invested and it will grow.”

Manulife has 80 employees and a sales staff of 600. Some of the sales staff are full time and some are part time.

“The sales staff attend our seminars and follow up on people who are interested in learning more about our products and our company,” Elliott said. “All our sales staff go through an initial training program of five days through the week and even over the weekends.”

As a career life insurance man with experience in markets all over the world, Elliott said the difference with Cambodia is that the concept of insurance is new to many people here.

“The key difference between Cambodia and the rest of the world is that the whole concept is new. That’s why we have been investing in our brand to build up trust in the community, running seminars to have people ask questions of me and my team, and then having to find and develop key staff and developing our sales

From left, Rotha Chan, Head of Sales, Robert Elliott , CEO & GM, Sambath Chau, Operations Manager.

distribution,” he said. “What we’ve learned is that people in Cambodia are no different to people anywhere else. They love their children and they want to protect their families.”

Manulife made a deliberate strategic decision to raise brand name awareness in Cambodia.

“The concept and the product has never existed before in Cambodia and life insurance is about protecting your future income. We have invested in increasing the knowledge of the brand.

“When you’re asking people to invest their hard earned money in an intangible product it is important that they have confidence in that organisation. Branding is one way, or part of doing that.

The other is making sure our staff are well trained and supported,” he said.

It all comes down to making promises and keeping promises, Elliott says.

“I believe this is a very noble profession. You are asking people to think long term, not just today or tomorrow. That’s actually extraordinarily hard for people to do. Are they going to be financial independent? Will their mortgage be paid off?

Will their children be able to be educated if something happens to them? It is a noble profession to be able to sit down with somebody, to help raise their quality of life and give them peace of mind.”

Manulife made donations to Kantha Bopha Children’s Hospitals in Siem Reap and Phnom Pehn during the last year, totaling $33,000 as well as sponsoring “Youth Stars” to take students from universities and recognise their entrepreneurial talent through a

business model competition through University of Puthisastra.

“We’ve also donated 425 helmets to the Sampov Meas Primary school,” Elliott said.

“There is a great enthusiasm from the children and parents for safety. I felt it was important not only for the children but for the parents as well, as a good example. We did that in conjunction with the Asia Injury Prevention Foundation (AIP),” he said.

Another memorable event for Elliott during Manulife’s first year of Cambodian operations was an email he got from CambodianAmerican Sambath Chau, 35, of Boston who worked for Manulife subsidiary John Hancock. When he found out Manulife had opened in Cambodia, he sent Elliott an email.

Chau asked Elliott if he could transfer over to Cambodia and Elliott hired him immediately. Today he serves as Manulife’s operations manager.

“The work is fun and exciting working, but it’s also challenging,” Chau said of his transition from American to Cambodian life.

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Insurance Cambodia

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Property is the biggest thing at Forte Insurance

New health cover worldwide; travel insurance available online

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ambodia’s leading insurance company grew from a 33 per cent market share in 2010 to a 38 per cent share in 2013, according to Youk Chamroeunrith, director and general manager of Forte Insurance.

The expansion is part of a growth trend for the whole insurance industry in Cambodia.

“Overall our peers in the insurance industry have grown at about the same rate of 25 per cent because of the growth of investment in Cambodia and also because Cambodians are starting to understand the benefits of insurance for their lives and their businesses,” he said.

He said that for insuring properties, both existing and under construction, Forte team members would conduct a risk survey at the location and make a recommendation to clients.

“We reduce the probability of loss which benefits both

the client and us,” he said.

In the case of construction projects, policies for ownercontrol and contractor-control are both possibilities.

“We have a broad spectrum of coverage from buildings to power plants to dams,” he said, “but existing facilities are the biggest part of the business.”

For building owners who wish to have fire insurance, Forte insists on the presence of fire extinguishers, hose reels, hydrants and sprinkler systems.

According to Forte’s Associate Director Terrence Anderson, the policies cover not only physical damage but also business interruption loss.

“We make recommendations on how to approve the risk,” Anderson said.

“The higher degree of risk prevention we’re looking at covers not just on physical damage but also business interruption damage.”

After property, Forte’s second-largest industry

segment is vehicle insurance.

Youk Chamroeunrith said road accidents have been increasing as more and more people are buying their own cars.

“People are starting to understand the importance of automobile insurance,” he said. “Most of our automobile insurance customers come direct to us, but also through the dealer and through the banks. We support the banks on financing automobile loans. The banks give the loan and they transfer the risk to the insurance company,” he said.

Forte provides a hot line number in case a policy holder has an accident.

“You can call us 24 hours a day and we can assist you in remote areas and talk to the police about how to settle their case. If the accident is within the city, our people will be there on the scene as soon as possible,” he said.

Anderson said Cambodia’s insurance industry, compared to other countries, was still

in a development phase and people were starting to learn more about it.

“Insurance as part of Cambodia’s GDP almost non-existent,” he said.

“We’re seeing a gradual transition toward increased understanding of insurance and an increase in disposable income,” he said. “Our consumer lines including auto insurance, travel insurance and homeowners insurance are all growing in tandem with the economy. A big part of that is people have more disposable income,” Anderson said.

Forte has rolled out a new $3,500 per year full coverage medical insurance policy called Medi Plus which Anderson said is the first such policy in Cambodia. The policy covers people anywhere in the world and has a high limited of $2.5 million.

“We feel that health insurance is very important to everybody. If you are sick and admitted to hospital, worldwide, there’s no need

CEO of Infinity Insurance David Carter.

to pay the medical bill. Our network people will pay directly,” Youk Chamroeunrith said.

Anderson said the policy represents the first in Cambodia that covers both Khmers and Expats.

“We underrate based on age and if you have a credit or debit card you’ll be able to pay monthly,” he said.

Forte also offers a micro insurance product for low income people that includes basic medical cover for $7 per year.

“We’re covering all segments of society, not just high income people. From rural people to factory workers and all the way up,” he said.

Forte also has travel insurance available for

purchase with a credit card on their website at www. forteinsurance.com.

“You can purchase this online,” Anderson said. “It costs about $2 a day and covers medical, accidents and lost baggage.

The minute you click to purchase the travel insurance, you get a notification that you have purchased a policy, and we give them a hot line to call if they have a problem.”

Anderson said 90 per cent of travel insurance claims were medical and accident related.

“That’s really the biggest reason to by travel insurance,” he said. “Many countries mandate that tour operators provide travel insurance,” he said.