Source: Vientiane Times
APA Insurance has taken another big step to expand its insurance business in Laos as it has signed a strategic partnership agreement with J&C Services – the biggest insurance agency in Laos.
The agreement was signed by the APA CEO, Mr Dominick Williams, and founder and CEO of J&C, Mr Stephan Aeschbach, on Friday in Vientiane.
Mr Phaiboun Phongsavanh, the major shareholder of APA, and Mrs Sengdao Bouphakonekham, the Chairman of APA’s Board of Directors, were also in attendance.
Mr Williams said “The agreement is a very significant step in the growth journey of APA, as the partnership enables us to protect more customer groups in Laos. We can be certain that APA’s products – prepared in collaboration with J&C – are market-leading and exactly what our clients and customers want and need.”
J&C Services specialises in providing insurance services to the corporate and expat community. It has provided a unique and first-class service to foreigners in Laos for many years, for individuals, companies and organisations that have very specific requirements and high expectations.
“We are now part of this, and truly believe that APA and J&C’s cooperation will result in us collectively being able to serve our clients and customers even better moving forward,” Mr Williams said.
Mr Stephan Aeschbach said “We know that only well-prepared products that meet all needs can allow us to fully guarantee the insurance security of our clients, their assets and business operations.”
“Together with APA, we already have developed several unique products just this month, which include an outstanding motor insurance called Prestige, with the best and highest coverage available in Laos, a special Public Liability Insurance for restaurants and hotels covering them among others on food poisoning, and a new international health insurance, available for Lao people and expats living in Laos, which will be launched shortly,” Mr Aeschbach said.
Mr Phaiboun said “Together with J&C, we will be able to reach all individuals and institutions that need a full selection of insurance products tailored to their needs. The contract is a key part of our long-term plan of strategic partnerships.”
The Lao insurance sector can be described as saturated and highly competitive, but the level of consumer awareness and understanding about both Life and Non-Life insurance remains low.
“So it is a tremendous opportunity to serve even more people in Laos by providing them with the protection they need for themselves, their families and possessions, and their businesses,” Mr Phaiboun said.
APA is helping to educate and raise consumer awareness in respect of the importance of insurance and protection. “We are ideally placed to do this and will always positively differentiate ourselves by providing excellent service and market-leading products to our customers and partners,” Mr Phaiboun said.
APA was established in 2016 to provide general and life insurance, and is aware of the importance of insurance, and continues to focus on developing new products to meet clients’ needs.
“We aim to get all levels of people to have access to our insurance products. APA invests a big amount of money to create the system, to ensure that we have a good management system. The partnership agreement is to provide quality service and develop new products to ensure customers are satisfied,” Mrs Sengdao said.
Mr Aeschbach said “We know that only tailored insurance products, similar to those that exist in other developed countries, can be fully satisfactory for our customers.”
“Our long-term experience has taught us that only strong and focused partners, that are flexible and open for cooperation, will give us the right tools to make our customers happy,” Mr Aeschbach said.
“APA is creating new products or adapting existing ones based on the request of our clients. This is done in a fast and professional way, giving J&C all the tools we need to service and support our clients in the best possible way. There is much more in the pipeline, we shall always drive to meet the demands and expectations of our clientele.”
Mr Williams said “APA has a strong and clear strategy to continue strengthening its brand and to develop relevant new products for the Lao market. This new partnership is confirmation that we not only believe in our strategy but that we are also effectively implementing it to deliver an international level of service in Laos.”
“Foreigners can have very different insurance requirements and service expectations to local consumers, and it is essential for J&C to partner with an insurance company that fully understands this. The partnership galvanises our strengthening position in the insurance market, and means we are now able to provide peace of mind to even more consumers in Laos.”