//Now that the economy is growing, secure a living base

Now that the economy is growing, secure a living base

Chief Representative Mr. Keitaro Inoue

– A giant Japanese insurance company, the Dai-ichi Life Insurance Company, Limited opened its representative office for the first time after receiving establishment approval from the Ministry of Commerce on July 14.

Now without loss of time, I spoke to Mr. Inoue Keitaro from the Phnom Penh representative office of the Dai-ichi Life Insurance Company, Limited
First of all, please tell us your impression of the Cambodian people.
Cambodians are serious and hard-working, they throw themselves into everything, and are mentally strong with modesty and I feel there is something that they have in common with Japanese people somewhere.

– Do you think Cambodian people are familiar with insurance?

I think certainly their understanding of life insurance is still low, so I think it is necessary to delve into their needs and convey the significance of life insurance.
In addition, because I think that there is a tendency to avoid referring to risks as a national character, I hope we can convey the need to ensure one’s livelihood through insurance.

– How about the insurance industry in Cambodia?

As several companies, such as Western and Asian-based life insurance companies, have already entered the market, I believe the number of players will continue to increase in the future. Then because each company will delve into people’s needs, I hope our company will gain a certain market share as the entire industry builds up a market.

– How do you see the potential of this country while many people still keep up with life income?

We may initially need to enter the market through the sale of investment-type insurance products.
For example, we may consider starting with tuition insurance because of the high demand for education, then continue to expand into the sale of security products gradually.

– What is the aim of the Cambodia expansion?

The first is to create a company with 100% Japanese capital.
And above all, there are many people in the younger generation, and high economic growth can be expected in the future, which are very important points for us in the industry.

– What about competitors?

Since various companies have pioneered the market, we want to continue learning what we should learn. Please tell us the business plan for Cambodia.
It is quite difficult to answer at the present but, for example, we are considering launching our business by entering into a partnership with partners who are familiar with the Cambodia market and are sympathetic to the insurance business of our company.

– Is it the same business plan that you are already advancing in other countries? Or are you considering Cambodia having its own plan?

Of course, I think the business plan needs to be in line with Cambodia as a country, and because expertise gained in other countries is also our strength, I hope we can take advantage of it.

– Currently, there are few insurance windows, do you have any plan to establish an easy-to-subscribe window as in Japan or deploy other insurance products?

As a channel, we are keeping an eye on sales through banks or agents (sales representatives) which are adopted by life insurance companies that have already entered the market. Furthermore, a group insurance channel that sells insurance through companies, etc. may be considered too.
We would like to explore various possibilities based on things such as how efficiently we can reach customers who want to purchase our insurance products, and how easily customers who are interested in our insurance can join based on the actual situation in the Cambodian market.

– When viewed through insurance, is there any difference between Cambodia and other ASEAN countries?

I think the young population is an advantage.
Then it has finally been able to join the ranks of middle-income countries, and it is expected that the number of middle-income earners will increase in the future.

In addition, Mr. Inoue said “We can do a good job in Cambodia, I think it’s because of the efforts and struggle of Japanese predecessors who have led to confidence in the Japanese in Cambodia today. I want to do my best to further improve that good image.” His expression while talking about the company’s enthusiasm for the market was full of self-confidence, which made me able to feel hopeful.
At present, it is still in the phase of market research, and sales activity is still ahead, but I look forward to future success.