Cambodian-based insurance provider, CB General Insurance Plc, was awarded the Insurance Start-up of the Year at the Insurance Asia Awards 2020 this week.
CB General Insurance Plc.
According to the Phnom Penh Post, the insurance provider picked up the award for their “insurtech-related innovations” and they were also recognised for their “determination in navigating industry challenges to deliver new value and innovation.”
CB Insurance general manager Bun Chanmakara said “This award is a great recognition of the achievements and efforts of our young team. We are committed to bringing new technology and new business models to the Cambodian market, and to continuously contribute to the growth of the Cambodia insurance industry.
We will maximise the potential of insurtech in the Cambodian market wherein products and services can be easily accessed from the comfort of one’s home. We also look forward to more milestones, achievements and more awards for our team at CB Insurance.”
Part of the companies digital tech innovations saw them release a CB Mobile App in December 2019. This allowed their customers to conveniently update medical e-cards, replacing the traditional physical card.
The app allows for easy access to their policies, upgrades of insurance plans and crucially locate partner clinics and hospitals in Cambodia.
Cambodian Insurance Industry 2020
The Cambodian insurance sector in 2020 has taken in $133.5 million in premiums in the first half of this year. This represents a 12.1 per cent increase compared to 2019, according to data from the Insurance Association of Cambodia (IAC).
The amount between January-June 2020 is broken down as:
- General insurance premiums – $57.9 million
- Life insurance premiums – $72.8 million
- Micro-insurance premiums – $2.8 million
The Cambodia insurance sector has paid out around $15.4 million in claims in the first half of 2020.