Home Insurance Law Prudential Cambodia bancassurance partnership with Wing Financial institution  

Prudential Cambodia bancassurance partnership with Wing Financial institution  

Prudential Cambodia bancassurance partnership with Wing Financial institution  


Prudential (Cambodia) Life Assurance (Prudential Cambodia), an oblique subsidiary of UK-based Prudential, has solid a bancassurance partnership with Wing Financial institution to extend the accessibility of life insurance coverage in Cambodia.  

This alliance, supported by the Insurance coverage Regulator of Cambodia and the Nationwide Financial institution of Cambodia, will leverage the strengths of each establishments, providing a variety of economic companies to the Cambodian individuals. 

It’s anticipated to allow clients to buy Prudential insurance policies straight at Wing Financial institution branches, with Wing Financial institution staff facilitating the method.  

As a part of the collaboration, clients who purchase Prudential insurance coverage merchandise by means of Wing Financial institution will obtain a particular rate of interest on 12-month time period deposits, a complimentary PRUMySafety private highway accident insurance coverage bundle, and different unique affords.  

These advantages, nonetheless, can be found for a restricted time, ranging from 23 February 2024. 

Bancassurance, a technique of promoting insurance coverage merchandise by means of a financial institution’s community, is turning into more and more vital in Cambodia, contributing to 40% of the full insurance coverage gross sales within the nation in 2022.  

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The Cambodian Authorities is relying on this mannequin to increase the insurance coverage business’s attain, with targets to extend insurance coverage protection to five.5% and lift the common insurance coverage quantity per particular person to $135 by 2030. 

Prudential Cambodia interim CEO & CFO Mandar Hastekar stated: “Our collaboration with Wing Financial institution marks a pivotal step in the direction of monetary inclusivity in Cambodia. The partnership strategically blends Wing Financial institution’s intensive department community with Prudential Cambodia’s experience in life insurance coverage, aiming to prioritise the well-being and monetary safety of Cambodian households in opposition to unexpected circumstances.” 

Wing Financial institution CEO Han Peng Kwang stated: “This partnership is a major transfer in the direction of enhancing our monetary safety choices for purchasers, which in flip contributes to the steadiness and safety of households and enterprises in Cambodia.” 

Prudential Cambodia has been working the Cambodian life insurance coverage market since 2013, and as of June 2023, it has served 425,000 clients and accepted $20m in claims.  

In June 2023, Prudential Hong Kong, one other Prudential unit, expanded its operations by opening a department in Macau. 



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