Logo of Phnom Penh Post newspaper Phnom Penh Post - Sovannaphum Life marking five successful years in style

Sovannaphum Life marking five successful years in style

Content image - Phnom Penh Post
Sovannaphum Life Assurance Plc CEO Loke Kah Meng expects growth of at least two to three times the industry average this year. Hean Rangsey

Sovannaphum Life marking five successful years in style

Newly appointed Sovannaphum Life Assurance Plc CEO Loke Kah Meng is confident that the insurer can chalk up continued healthy growth this year despite key sectors of the economy being hit by the Covid-19 outbreak.

Global Banking and Finance Review rated Sovannaphum Life as the fastest growing life insurer in Cambodia for three consecutive years – 2018, 2019 and 2020.

Having celebrated its fifth anniversary on April 1, Kah Meng says the company is set to continue its outstanding performance with the domestic life insurance sector on a strong growth trajectory.

“We expect to continue accelerating the pace of growth to at least two to three times the industry average, with ambitions to be the market leader in terms of total new business premiums

“This we will achieve through expanding the network on bank partners and increasing the branch coverage. We are introducing a fast-track strategy to grow agency distribution, where we will recruit entrepreneurial individuals to run their own business without the need for any capital outlay of their own,” he told The Post.

The Kingdom emerged as one of the fastest growing economies in ASEAN for almost a decade pre-Covid, with gross domestic product (GDP) averaging eight per cent annually.

This has resulted in Cambodia’s fledging insurance sector registering remarkable growth, with total gross premiums increasing at an average of 35 per cent annually for the past half-decade, according to the Insurance Association of Cambodia.

Content image - Phnom Penh Post
The firm is based in the capital’s Canadia Tower. Photo supplied

“A good benchmark estimate of the life insurance industry’s growth rate should be at least twice the rate of gross domestic product growth in a developing country.

“Cambodia is now a lower-middle income country with an emerging middle class making considerable strides in improving their standard of living and quality of life.

“There are also many young Cambodians with a higher education that are aware of the importance of insurance and the need for future financial planning to protect them and their families from unfortunate life events,” Kah Meng said.

The industry veteran said Sovannaphum Life is actively embracing digital technology to benefit its clients.

“As part of our digital transformation strategy, we have put in place the ‘U Smile System’ – our proprietary digital submission platform – to reduce the turnaround time for policy issuance and to align market trends.

“And with social media a very powerful tool in Cambodia, we are maximising our reach to the younger generation of Cambodians via Facebook and other digital media platforms,” he said.

With disruptions to the economy expected again this year, the company has asserted that it is fully committed to maintaining the course of its present business plans over the medium term despite the challenges posed by the Covid-19 pandemic.

To mitigate these, Sovannaphum Life has targeted market segments covering the emerging middle class for savings and education products, as well bank and microfinance customers with loans requiring protection, using the company’s “Credit Life” products.

With it celebrating the milestone anniversary this year, the company is holding a series of special events to commemorate the occasion and share its success with its customers.

Content image - Phnom Penh Post
The insurer organised a 10km run early last year for female participants as part of its CSR programmes. Photo supplied

“Sovannaphum Life celebrated its fifth anniversary on April 1. We would like to thank our customers who have supported us for the past five years with the ‘Sovannaphum Life 5th Anniversary Contest’ offering total prizes of 125 million riel to be won.

“There will be five lucky winners per month who will receive a five million riel deposit into the savings account of a bank or microfinance institution partner. The contest runs over five months, starting on April 1 and ending on August 31,” Kah Meng said.

In addition, the fifth anniversary will also incorporate a 360-degree campaign covering social media, outdoor media, multimedia, print and digital press, and on ground events.

“Being in a people-centric business, the company believes in listening to its customers. Sovannaphum Life hopes to further strengthen its commitment to providing peace of mind and protecting family finances throughout the Kingdom by re-establishing its ‘Here for you, Here for Cambodia’ brand promise,” he said.

MOST VIEWED

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • General’s gun smuggling ring busted

    The Military Police sent six military officers to court on November 22 to face prosecution for possession of 105 illegal rifles and arms smuggling, while investigators say they are still hunting down additional accomplices. Sao Sokha, deputy commander of the Royal Cambodian Armed Forces and commander of

  • Rise in planned flights lifts travel hopes

    Six airlines have applied to resume flights in December, while two others have put in for additional flights and routes, according to State Secretariat of Civil Aviation (SSCA) head Mao Havannall on November 29. These account for 43 new weekly domestic and international flights in December, up 16

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • More Cambodians studying in US

    The number of Cambodian students studying at US colleges and universities in 2020-21 increased by 14.3 per cent over the previous year despite the Covid-19 pandemic, according to a recent US government report. The 2021 Open Doors report on International Educational Exchange showed that 848 Cambodian students studied

  • Hun Sen: Manet to be candidate for prime minister

    Prime Minister Hun Sen has reaffirmed that his oldest son Hun Manet will be his successor as Prime Minister if he is elected. Speaking during the inauguration of a new sewage treatment facility in Preah Sihanouk province on December 2, Hun Sen said Manet will be