Life insurance company AIA Group Limited, celebrated 100 years of service this past weekend. Although new to the Kingdom, AIA is proving to be yet another international company that Cambodians have welcomed with open arms.
Festivities took place on Saturday January 19, at the Sokha Hotel and Residence, in Phnom Penh. The event was extremely well attended with reports of 2,000 guests, including customers, staff and their families.
There was a full day of family fun and activities to be enjoyed. The event centered on a 1km run. Participants and guests were offered free health check-ups and general medical consultation.
Also on display was the Healthy Living Gallery, offering information and tips on exercise and physical fitness, nutrition, mental well being, and how to achieve a healthy work life balance.
For children AIA ensured there was no lack of activities to keep them occupied.
AIA Cambodia’s CEO, Richard Bates was excited to release details of AIA’s latest CSR initiative, “I’m also particularly excited to be marking our Centennial by rolling out our new 100 Football Fields initiative. We will provide 100 schools across Cambodia with equipment to enhance their football fields and help instill a love of sport and healthy living in the next generation,” said Bates.
Each of the 100 schools chosen will receive two goal posts, four A-boards, 10 footballs, 30 players bibs, and 40 training cones.
AIA have set about marketing their products to the Kingdom by positively impacting the lives of Cambodians, the company is determined to “continue this journey” well in to the future.
AIA aim to support their customers by offering “market-leading life insurance solutions which are tailored to your needs”, providing support to customers during their life journeys, but perhaps most importantly they are committed to operating in a simple, straightforward and transparent way.
Anyone who has tried to navigate the confusing world of insurance cover and policies will understand the importance of a simple intuitive approach.
AIA has a strong presence in the Asia-Pacific region but is a relatively new player in the Kingdom. So far their presence has been welcomed and they are using their 100 years of experience to tailor their offerings to the Cambodian market.
Some of the factors that make Cambodia an attractive option for AIA are, the rapid economic growth, sustained over a number of years at around seven per cent.
The second factor that Bates refers to as being an important factor is the “young and emerging population with a middle-income population bubble” that is growing quickly, and finally “it is a highly mobile and connected market”.
These factors together provide a very attractive market from AIA’s perspective.
These three factors obviously play a role in the industries attractiveness for new entrants, but there are also other factors that are specific to the Cambodian market. For instance the level of awareness with regard to insurance is fast growing.
Because “Cambodian culture is built on the family at the core” protecting families, and ensuring their future earning capacity is not harmed should the breadwinner/s fall ill or become injured.
This safety net is a very attractive option for upwardly mobile Cambodian population that requires and desires more economic stability.
But of course AIA would prefer their customers and policy holders to participate in preventative measures to ensure their ongoing quality of life.