Global Banking & Finance Review interview Charles Cheo, CEO of Forte Insurance to discuss the insurance sector in Cambodia and Forte Insurances award winning success.
How has being awarded Cambodia’s best insurance company fulfill and validate the role Forte plays in Cambodia’s growing insurance market?
The GBAF award is a reflection of our faith in Cambodia; when we first arrived in 1999, we believed that there was great potential in building the Insurance sector here.
At the time we brought with us a clear set of values that was to underpin who we are, firstly was quality of service and innovation of product. As a General Insurer Forte can provide cover for a multitude of insurance risks, every year we launch more specialized products’.
Secondly investing in our team;we understood early on how to get the best from our people, through nurture and encouragement and educating them with internationally recognized qualification. Chances are if you meet a qualified insurance professional today in Cambodia, they were once part of our team.
Finally create a culture of family, a sense of being part of something special,16 years later many of our original team are still with us and now we employ an international team of some 120 staff from USA, UK, Singapore, China, Japan and of course Cambodia, we are partners with some of the world’s leading insurers and now we are recognized internationally as Cambodia’s best.
So yes there is a great deal of satisfaction when we look back at all we have achieved.
What aspects of the company led to being given this award? Such as service?
Like any successful business we must have a clear vision, what we want to achieve and how we get there. Then there is the team, having the right team means you can innovate, develop and grow. Forte’s ability to bring together the right people has led to the growth and development of everything we do.
Products are important, having a comprehensive range that fits the customer’s needs effectively is essential; also equally important is the service behind that product. Insurance is a promise to protect the things that are dear to us, with Forte we don’t just want to meet the customers’ expectations, we want to exceed it.An example of this is our “RED Team”, which stands for Rapid Emergency Dispatch. If one of our clients is involved in a car accident within major cities, the RED Team’s task is to be on site with the client within 30 minutes. This service is only available through Forte Insurance and has been a massive relief for many clients who have been involved in an accident since its inception in 2013.
How would you describe the international standards Forte brings to Cambodia?
Our vision is to bring in, best practice and highest standard of service that is the equal of any insurance company anywhere in the world. We constantly involve our International Partners in providing training and support to our team; we are the first Cambodia Insurance Company to introduced ACII accreditation which is recognized worldwide. Our mix of local and international staff brings knowledge, skills and new ideas;this has helped foster an understanding of local and international values, a very special asset when working with local and international clients.
What message do you have for those looking for insurance?
Firstly, it a good idea for everyone to consider insurance!
Insurance is really about protecting what is important to you; it could be your family, a vehicle, personal property, your staff or your business,whatever you determine to be of value its worth protecting. It is simply not possible to predict the future, having insurance goes a long way in giving you the comfort that what you value is secure and the confidence knowing that in time of need there will be someone there to help. If ever you needed to make a claim, you will be glad you did!
By Forte providing a diverse amount of insurance services, how has this led to your status as number one?
It is exactly that, because we provide a diverse amount of insurance we have been the leading light in Cambodia for over 11 years; with the right partners and skilled team we are able to meet the demands of the market.As a general insurance we cover a multitude of risk, our customers range from individual consumers to multinational corporations and our products range from micro insurance to oil & gas.
Our status as Cambodia’s largest insurer means we can create relationships with International Insurance Partners, so you could say“our success has bred success”, all the while this develops the market and is good for the customer.