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AYA SOMPO Insurance rides on heightened demand for insurance for growth

The COVID-19 pandemic has raised awareness on the need for insurance among the Myanmar people and insurance providers in the country are innovating
fast to capitalise on growing interest.
“Most workers do not feel safe and worry about their health in the workplace as a result of COVID-19,” said U Zin Maung, an employee at a local communications
agency. He noted that the pandemic has highlighted the importance of health and life insurance among employees and forced employers to start buying insurance policies as staff benefits for their workforce.

“Insurance is becoming more important for people, especially in the workplace. Our company has started providing health and travel insurance,” he said.
Daw Thandar, who is a working mother, said: “I feel that health insurance and life insurance are more important in this period, especially to protect the family.” She added that she is considering an education policy for her only child, as this gives her the feeling of being more secure over the long term.
Among the insurance providers that are moving to capture this growing sense of urgency and demand is AYA SOMPO Insurance, a joint venture between AYA Myanmar
General Insurance and Sompo Japan Nipponkoa Insurance Inc.

Although the economic landscape looks gloomy this year given the downward adjustment of the country’s GDP growth, AYA SOMPO Insurance has seen a 100 percent
increase in product enquiries through its website, social media platforms and by telephone.Most people are worried about their health as this pandemic could have a big negative impact on medical and hospitalisation expenses. Others are also worried about their
assets such as vehicles, factories and warehouses as most people stay at home. This has enhanced the level of awareness on the need for insurance and importance of it,said U Myo Min Thu, CEO of AYA SOMPO.

The insurance provider is using technology to enhance service delivery and convenience to its customers to raise its market share. For example, it introduced a new service feature that allows customers to book an appointment with the company’s business managers to conduct one-to-one discussions on their insurance needs. After making the premium payment online, customers will receive an e-policy in their emails, U Myo Min Thu said.

AYA SOMPO Insurance is also expanding its product offerings and distribution strategy after the government recently allowed insurance companies to access the
international reinsurance market and utilise bancassurance channels. Permission to launch new products such as Property, Construction and Liability Insurance was also given.

Allowing reinsurance enables insurance companies in Myanmar to take on bigger business portfolios with various risk ratings, leading to a more dynamic market.
Reinsurance is one of the important aspects of insurance companies in Myanmar as it acts as an important component in risk management and capacity enhancement, U
Myo Min Thu said.

He added that AYA SOMPO is also seeking the approval from the regulators to launch a full-scale bancassurance distribution channel, allowing customers to engage with insurance specialists at bank branches

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Source : Myanmar Times

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