Grand China Life Insurance aspires to be ‘century-old’ industry player

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Yu says the company will bring China’s insurance expertise to grow their business in Cambodia.

Grand China Life Insurance Plc CEO Yu Li Qun said integrity is the most important requirement that should always be ensured in the insurance industry, especially in the life insurance segment.

“Insurance agents must always be honest to customers and ready to assist at all times. This is why we are cultivating a company culture that’s ‘honest and committed’.

“Our mission is to bring our expertise from China’s life insurance industry to support the long-term economic development and growth of Cambodia. Through steady growth, we aspire to become a ‘century-old’ leader that will create an industry with a focus on service, creativity, cultural identity, and competitiveness,” Yu said.

Grand China Life Insurance started operations in Cambodia in March 2018. The company offers insurance products that include personal whole life insurance, retirement insurance, personal accident insurance, critical illness insurance, group life insurance and other types approved by the government.

The founding partners of Grand China Life are from mainland China and Macao. The initial investment used to establish the company was $15 million.

“At the moment, we are a considerably smaller player in the industry as we are only one-and-a-half years old. We want to climb up the ladder in the market by relying on steady growth.

“Building a strong base is important before you scale up higher. Many companies and enterprises failed in their expansion because they did not have a strong base. We want to first build a strong base of returning customers before deciding to take a more aggressive approach in advertising and promotion,” said Yu.

Content image - Phnom Penh Post
Yu (right) along with deputy CEO Michael Tee at their office.

Other than providing top quality service on the frontline, Grand China Life Insurance’s operations are also supported by a talented team of experienced technical experts. The company’s IT support team is based in Shenzhen, China.

Yu said: “We are an innovative insurance provider that is striving to stay ahead of our competitors in terms of digitalisation.

“We tried to introduce the digital signature in our services, but the Cambodian regulators have not allowed it yet. However, we have put in a lot of effort to be as paperless as we can be.”

He stressed that organic growth is the best way for a company to carry out its business expansion.

Grand China Life Insurance’s future growth, he said, will rely on its oriental culture, experience from China and innovative products, advanced IT team and top quality service.

“The life insurance business is about protecting the wellbeing of an individual and his or her family. Hence, professionals working in the insurance service industry must always be honest and committed to their customers,” he concluded.

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