To Disrupt or Not to Disrupt: That is the Question for Insurance

That’s the prognosis of insurance industry veteran Nick Lamparelli, who reported on events at the Insurance Disrupted conference. The poster children of disruption, Uber and Airbnb, are not likely to have a doppelganger in the insurance sector. “The taxi industry is literally fighting for its survival. No, that will not be the fate of insurance. Insurance will be a lot more difficult to shake up or disrupt.”

Lamparelli provides a list of reasons insurance will be a difficult industry to disrupt, starting with the fact that “scale and immense capital is required to cover worst-case scenarios, which rules out any new business model not having that potential.” No country for peer-to-peer providers, he observes.

New business and analytical models driven by digital services, autonomous vehicles and the Internet of Things are changing the future of insurance, he states. However, this is changing the way existing players do business, not disrupting with Silicon Valley-style startups.

While Lamparelli may have soothing words for insurance executives nervously watching the digital disruption wave wash ever closer to their shores, it doesn’t mean it’s time to relax. Insurers have already been experiencing challenges from purely online players who have disintermediated agents, with Progressive.com as a classic example. Then, there’s the whole mobile revolution, incited by Millennials who want no other way to do business. The rise of aggregators are injecting digital competition into the market.

The chances of a sparsely staffed startup usurping Allstate or State Farm’s customer base is not likely to happen anytime soon, it’s clear that the players who understand and leverage digital opportunities will take the lead. Partnerships with Silicon Valley firms will likely be the rule. For example, as documented by INN earlier this year, Google partnered with CoverHound and Compare.com to deliver auto insurance quotes. “Getting a quote through Google Compare for Auto Insurance takes you to landing pages or agents for CoverHound or Compare.” The deal includes 14 carriers, including MetLife Auto and Home and Mercury Insurance.
Source: http://www.insurancenetworking.com/

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Caminco Insurance

Cambodian National Insurance Company (CAMINCO), the first state-owned insurance company in Cambodia, was officially established in 1990 by the Ministry of Economy and Finance.
 
In the mid June 1993, it had started its operations in Cambodian market.
 
In 1996, four companies have been appointed as agent of CAMINCO such as Indochine Insurance Union (1996-2004), PANA Trading Cambodia (1996-2002), Asia Insurance (Cambodia) Ltd (1996-2002) and Forte Trading Private Ltd (1997-2002).
 
From 2001-2008, CAMINCO was converted from the state-owned insurance company to a Public Enterprise that had been an operator and a player in the Cambodian insurance market following Sub-decree Nº132 dated December 31st, 2001, and it was the first insurance company that was granted the license for 5 years on General Insurance Service by the Ministry of Economy and Finance on December 12th, 2002, and registered capital requirement of USD 7 millions (Riel 28,000.00 millions).
 
From June 2008-Present, CAMINCO was transformed into a joint venture with a private partner, Viriyah BVB (CAMBODIA) Insurance Plc, which holds 75% of CAMINCO shares.
Source: http://www.caminco.com.kh/

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Asia Insurance Cambodia PLC

An integral member of the Hong Kong based Asia Insurance Group of companies, and born out of the need to service our overseas client's local operations here, Asia Insurance (Cambodia) was formed and registered in Phnom Penh, on March 14, 1996.
By way of reference, the Hong Kong based Asia Insurance Group, is an association of now three indigenous Asian Insurance Companies, namely; Asia Insurance Co. Ltd. (Hong Kong), Bangkok Insurance Public Co. Ltd. (Thailand) and PT. Asuransi Central Asia (Indonesia).
All three constituent members, with associated companies & branches in China, Indonesia, Philippines, Taiwan, Thailand, and Vietnam, are well-established leading insurance groups in their respective countries of incorporation, strongly capitalized, soundly managed, having extensive business connections, and consistent record of development and profitability.

To date, the shareholders of Asia Insurance (Cambodia) have testified to their long term commitment to the Cambodian Insurance market by paying up the required US$4'200'000 investment in capital for the insurance license, as required by the Insurance Law and it's Sub-decree, which requires a total paid-up capital of 60% of the registered capital of US$7,000,000.00.
Source: http://www.asiainsurance.com.kh/

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