Buoyed by an A+ financial rating and being named Cambodia’s Best General Insurance Company for a third year, Forte Insurance is today looking to make an even greater impact on the Kingdom’s insurance industry.
Cambodia’s largest and one of its oldest insurers was rated A+ with outlook accorded as ‘stable’ in 2016 by Global Credit Rating in terms of claim-paying abilities on a national scale. On the international scale, the insurer obtained a B-, with outlook again accorded ‘stable’ by the leading ratings agency, which focuses on emerging markets.
Apart from being named Best General Insurance Company, Forte added another feather to their award-winning cap when they were recognised as Cambodia’s Best Insurance Customer Service Company of the year. Both awards were presented by Global Banking & Finance Review, the internationally-acclaimed magazine.
The market leader since 2003, the insurer held a market share of 46.8% last year with $32,985,061 in total premiums, a dramatic increase from 2015 and a result that considerably widens the gap between Forte and its industry competitors. These figures and awards have spurred the 19-year-old company to do even better this year.
“Being named the best general insurance company for a third year is no mean feat, and we’re determined to live up to both these awards,” said CEO Charles Cheo. “We not only owe these accolades to our dedicated, tireless employees, but also to our clients, business partners and everyone else in Cambodia who’ve supported and pushed us to surpass our achievements year after year.”
Both awards will also spur the insurer to introduce more innovative services and products. Pointing out that a fast-changing market, new practices and the advent of technologies meant it was no longer feasible to stick to tested offerings, Cheo said Forte would continue to deliver bespoke insurance products by investing in people and technology.
Forte introduced Weather Index for the agricultural industry and Family Health Protect last year, and also expanded their popular Medi+ health plan and diversified their business by establishing Forte Microfinance.
“There cannot be progress without innovation, and innovation drives Forte,” said Cheo. “We continuously research market needs and product suitability and use our findings, as well as our knowledge of local insights and evolving personal, social and business requirements to launch new products that fit the specific needs of our clients.”
Moving forward, Cheo said Forte Insurance would focus on the bigger picture, not just statistics, demographics and segments.
“Almost 20 years in the business is a tremendous time to learn, improve and get good at what we are doing” he said. “With that comes the realization that every Cambodian deserves insurance, whether as a form of savings or to ensure peace of mind.”
“Forte currently cover half of the market, and we’re looking at extending protection over the rest of it because until Cambodia as a whole understands the importance of insurance, we won’t rest on our laurels.”