PPCBank and Prudential Cambodia partner to drive life insurance access to Cambodians
Phnom Penh (Feb 01, 2021) - PPCBank and Prudential Cambodia Life Insurance (Prudential Cambodia) today announced they have established a bancassurance partnership to serve the financial and protection needs of Cambodians. The partnership, which has been approved by both the National Bank of Cambodia and Ministry of Economic and Finance, will expand the access of life insurance for more Cambodians and help them protect and secure their financial future.
Under the partnership, Prudential Cambodia’s best in class life insurance products will be accessible to the Cambodians through PPCBank’s extensive network and branches.
“PPCBank always believes in collaboration. We trust that partnering with the right institutions will allow us to provide more sophisticated products and better services to our customers. Starting from today through our partnership with Prudential Cambodia, we will support our customers by meeting their protection and savings needs and help them achieve their long-term financial goals,” said Mr. Shin Chang Moo, President of PPCBank.
“At Prudential Cambodia, our purpose is to help people get the most out of their lives. Since establishing our business in the country in 2013, Prudential Cambodia has approved US$11.1 million in claims to support over 250,000 policy holders (as at 30 Nov 2020). These payments have helped Cambodian families face adversity with dignity and get back on their feet. On the back of the ongoing COVID-19 pandemic and low penetration rate of life insurance in Cambodia, our purpose is more timely and important now than any other time in our history in Cambodia,” said Mr. Sanjay Chakrabarty, Chief Executive Officer of Prudential Cambodia.
“As custodians of the financial wellbeing of customers, banks are uniquely positioned to advise their customers on their protection and financial needs. We are pleased to partner with PPCBank and we look forward to helping protect the health and wealth of their customers,” Mr. Chakrabarty added.
Partnerships such as the one between Prudential Cambodia and PPCBank underscore the vibrancy and resilience of the Cambodian economy with strong growth prospects as well as its attraction as a destination for long-term investment.
Prudential (Cambodia) Life Assurance PLC (Prudential Cambodia) began operations in January 2013. By providing tailored life insurance solutions to individuals and families and conducting insurance seminars for the public, Prudential Cambodia helps Cambodians protect and secure their financial futures. Prudential Cambodia is a wholly owned subsidiary of UK-based Prudential plc*. Prudential is a leading life insurer with operations in 13 markets in Asia, covering Cambodia, China, Hong Kong, India, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Prudential has a robust multi-channel distribution platform providing a comprehensive range of protection, savings, and investment products to meet the diverse needs of Asian families.
Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. The business helps people get the most out of life through life and health insurance, and retirement and asset management solutions. Prudential plc has 20 million customers and is listed on stock exchanges in London, Hong Kong, Singapore and New York. Prudential plc is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.