Forte wins big at Asian Management Excellence Awards

Celebrating its 25^th anniversary, the company has maintained the largest market share in Cambodia and strengthened its position as an industry leader in emerging Southeast Asia.

Cambodian insurance group Forte was honoured at the Asian Management Excellence Awards with two major category distinctions which can be attributed to the instrumental role played by its Group CEO Youk Chamroeunrith and its management team to propel the company to unprecedented growth through digital transformation and the expansion of consumer lines.

Youk Chamroeunrith brought home the Cambodia Executive of the Year - General Insurance win, making him the first Cambodian CEO to be recognised for this regional award, whilst the management team has been recognised by winning the Cambodia Team of the Year - General Insurance award.

The year 2024 marks Forte’s 25^th anniversary, and these awards serve as the culmination of its journey in advancing insurance and financial literacy in Cambodia. From its inception in 1999, Forte sought to bring international standards to the insurance industry of Cambodia, which was still in its nascent stage. With its vision to protect and empower everyone in the region for a better future—one person, one business at a time—being forward-thinking and customer-centric was instrumental to growing Forte into the industry leader it is today. This growth mindset led to Forte later expanding its general insurance business into Laos, with the establishment of Forte Laos in 2018. 

Under the leadership of Forte’s founder Carlo Cheo, Group Executive Chairman Charles Cheo, and Group CEO Youk Chamroeunrith,  Forte has achieved and maintained the largest market share of 45% in Cambodia for over two decades, further solidifying its reputation as a reliable insurance provider. They have led Forte to develop accessible and affordable insurance products specifically tailored to people’s needs and circumstances.

With over 30 years of experience in insurance and risk management, Chamroeunrith began his career at Forte in 1999 as Head of Operations and swiftly progressed through various underwriting and strategic roles through the years. His commitment to innovation and customer-centricity has secured Forte’s position as a leader in Cambodia's dynamic insurance market.

One of Chamroeunrith's many notable achievements in the last few years is the successful rollout of agriculture insurance amongst farmers. Understanding the crucial role of agriculture in Cambodia’s economy and the financial vulnerabilities of farmers, Forte has extended agricultural insurance to underserved communities in the face of climate change.

Bringing insurance solutions to the wider community, Forte launched a pilot of Weather Index Crop Insurance (WICI) in Cambodia, aimed at protecting small-scale farmers from severe losses caused by natural disasters such as drought or excessive rain. This initiative aims to safeguard the livelihoods of vulnerable people and cushion them from negative financial impacts. Aiming to effect significant change, Forte uses a more on-ground approach, directly visiting rural villages and educating these communities on the importance of insurance and financial planning. The team had also successfully led a consortium of insurers to provide COVID-19 coverage for all travellers entering Cambodia during the pandemic, as well as increased access to medical insurance coverage for the local population. Through these efforts, Forte was recognised by ASEAN as Cambodia’s Best Inclusive Business Company in 2023.

Moreover, the Forte management team’s strategic vision has been instrumental in embracing digitalisation and pivoting the business model to consumer lines. Their innovative mindset and dedication to staying ahead of the curve have been crucial in ensuring the company's resilience in the face of evolving market dynamics. This includes the adoption of better technologies to improve operational efficiency and customer service, as well as the development of new business models to further expand into the consumer market. 

The management’s efforts to continually improve have resulted in Forte’s financial strength rating of AA being recently elevated to AA+ on a national scale by the Global Credit Rating (GCR). This upgrade reflects Forte’s strong market position and financial strength. They have also initiated a rigorous training programme, ensuring employees are equipped to navigate the digital shift and to nurture and retain Forte’s talented workforce, some of whom have stayed with the company for over a decade and more.

The Cambodia Team of the Year award reflects the collective efforts, cooperation, and unity across the Forte General Insurance, Life Insurance, Micro & Agri and Forte Laos teams. The award represents Forte’s commitment to providing innovative customer-focused products and services, building capacity in its people and contributing to the progress of the insurance industry in the markets it operates in.

“We are profoundly honoured to receive these Asian Management Excellence Awards, a tribute to our Group CEO Youk Chamroeunrith's exceptional stewardship and resilience, combined with the dedication and diligence of our management team in putting customers at the heart of everything we do. We would like to express gratitude to each and every one of our customers for being an integral part of Forte’s success for the past 25 years. With this prestigious accolade and recognition, we reaffirm our commitment to empower everyone in the region to live with confidence,” shared Forte’s spokesperson, Sharliza Rahman, Chief Marketing Officer.

Asian Management Excellence Awards celebrates the finest business leaders, innovators, and companies in Asia and commends exceptional achievements in various aspects of operations, including employee engagement programmes, diversity and inclusion projects, and health and wellness initiatives.

Learn more about Forte at www.forteinsurance.com

The Asian Management Excellence Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's employee engagements and management initiatives, please contact Jane Patiag at [email protected].