Manulife Cambodia and Sathapana Bank have launched a new insurance distribution partnership for the emerging Southeast Asian nation.
The two companies signed the agreement last week, in a ceremony attended by representatives from the Ministry of Economy and Finance and the National Bank of Cambodia, the Khmer Times reported.
As part of the agreement, Manulife agents will be present at all 169 Sathapana Bank branches around the country to inform and assist the bank’s clients about insurance matters.
According to Robert Elliott, CEO and general manager of Manulife Cambodia, the partnership will allow Manulife to reach more families in Cambodia and provide financial protection.
“I am sure that this partnership is going to be very successful and will help us provide our innovative world-class solutions, including income protection, savings for children’s education and retirement to Sathapana’s customers,” Elliott said.
“Insurance is in the early stage of growth in Cambodia and there is huge potential for growth in the future,” Norihiko Kato, CEO of Sathapana Bank, said. “It is very important that more people in Cambodia have the opportunity to understand the benefits of insurance and use it to secure their financial future and protect themselves against any misfortune.”
Since life insurance was first introduced to Cambodia in 2007, there has been rapid growth, both in business and consumer confidence.
“The life insurance market has been performing remarkably well and Cambodian people have a lot of [confidence] in this sector,” said In Meatra, director of the insurance and pension department at Cambodia’s Ministry of Economy and Finance.
