We are delighted to announce Forte recently won two prestigious awards - "Domestic General Insurer of the Year - Cambodia" and "Marketing Initiative of the Year - Cambodia” from Insurance Asia.
Our Group Chief Financial Officer, Nirorn Pin, and Group Chief Brand and Digital Officer, Sharliza Rahman, accepted the awards on behalf of Forte at the Insurance Asia Awards ceremony at Marina Bay Sands, Singapore on 27 July, alongside insurance industry players across Asia in attendance.
Sharliza Rahman, Group Chief Brand and Digital Officer said that: “Our team at Forte has achieved these milestones thanks to the contributions, creativity, and hard work of every member, at every level. It is through the whole team’s forward-thinking spirit that has enabled Forte to be regionally recognized for excellence. We would also like to extend appreciation to our customers for their support and trust. We will remain to strive for excellence and deliver professional and positive experiences for everyone we serve.”
The first award that we received was "Domestic General Insurer of the Year – Cambodia”, we received this award for a third time, a testament to our drive towards innovation. This is due to the fact that we command a 45% market share in Cambodia. In addition to this, in 2022, we accounted for nearly USD60 million in total gross premiums and USD19 million in claims paid out, nearly half the national total in both categories.
One of our key achievements in 2022 was being at the forefront of an agricultural initiative in collaboration with the Cambodian Ministry of Economy and Finance and the Asian Development Bank. Our initiative focuses on being the sole insurer for Weather Index Crop Insurance (WICI) in Cambodia. WICI aims to protect small scale farmers from severe losses caused by various natural disasters and climate change. In 2022 alone, WICI provided coverage to 1,620 farmers, protecting 2,424 hectares of agricultural land. This initiative is of utmost importance as the agricultural sector contributes more than one-fourth of Cambodia's Gross Domestic Product (GDP), making it a crucial pillar of the country's economy.
We also won the "Marketing Initiative of the Year - Cambodia", specifically for our most recent brand refresh in 2022. Our brand refresh created an even deeper focus on being customer-centric and digitalizing. One of the biggest steps towards modernization was being one of the first insurance companies in Cambodia to enable instant online purchases of insurance policies. This made insurance more accessible to a new generation of insurance buyers.
Not only did we aim to modernize, but we also aimed to humanize the brand, making it more relatable to the local community. This was done through a shift to a more aspirational and empowering ideology supported by creatives that would encourage consumers to embody Forte’s ethos of “Live with confidence.” By implementing its brand refresh in stages across various touchpoints, Forte aimed to drastically increase our brand awareness in both its Cambodian and Laos markets.
Being recognized among over 130 insurance industry players across Asia in attendance is a true honor. These wins serve as a powerful motivation for us to continue our mission of empowering everyone to live with confidence.
