The Sales of AMK Micro-Insurance Policy Exceeded Expectations in 2017

Phnom Penh: AMK Microfinance Institution Plc. congratulated its staff and management for surpassing the sales of its micro-insurance policies in 2017.   

The celebration was held at a management workshop on December 24, 2017 at Sokha Angkor Hotel, Siem Reap. The management workshop was organized with the objectives: (1) To highlight AMK’s significant achievements in 2017 and the targets for 2018, (2) To thank management team for their hard work and helping AMK to successfully achieve its plans in 2017, and (3) To provide an opportunity for management team to share knowledge and experiences during the workshop.

Speaking at the workshop, Mr. Kea Borann, AMK CEO, said that “2017 is the year that AMK has performed a huge success in selling micro-insurance policies to our loan clients. The sales are outpacing our expectations. He added that “The growth was thanks to the commitment of AMK’s staff at all levels and to actively participate in all aspects of AMK’s work. In addition, customers now are more aware on the benefits of micro-insurance in Cambodia.”

It is also worth noting that besides providing micro-insurance on health and accident for AMK’s loan clients, AMK also offers other financial services, such as loans, savings, money transfer, payment services, payroll services, foreign exchange, among other services. AMK has cooperated with Forte Micro-insurance Company and rolled out micro-insurance in 2015. Since then, the number of policies sold has steadily increased year on year. In 2015, the policy sold reached over 120,000 and increased to over 180,000 in 2016 and up to more than 280,000 by November 2017, representing over 80% of all AMK’s loan clients.

Mr. CEO said that in 2018, AMK keeps continuing its mission of lending to low-income people. At the same time, AMK will make further efforts to extend deposit services, especially in rural areas to better understand the benefits of family financial planning and savings because we do not want them to save money in a traditional way as it has high risk. He continued that micro-insurance is still our priority, particularly on the weather index because it will help promote our country’s agriculture.

AMK is a leading Microfinance Institution in terms of outreach and borrower numbers. As of November 2017, AMK has coverage of 89% of total villages across Cambodia with number of staff around 2,500, total clients of over 680,000 with a loan portfolio of over USD204 million. The number of offices has reached 151 and over 3,000 agents nationwide. AMK is providing variety of financial services including Loan, Deposit, Money Transfer, Micro-insurance, Personal Accident Insurance, Payment Service, Payroll Service, Mobile Banking, ATMs and CDMs.