- GWI introduces crop insurance for the community of agriculture in Myanmar
- GWI extended its wing of services and evolved to the adapting change of digitalized innovation
Yangon, September 24, 2020: This year, Global World Insurance (GWI) marks 7th Anniversary, founded on 23 September 2013, started its service with general and life insurance. The head office was formerly opened on 21 September 2013, in Thein Phyu Road, Pazundaung.On the seven years of journey, GWI has grown dramatically in its industry; it initially started with 70 employees generating six insurance products: Life Insurance, Car Insurance, Fire Insurance, Cash in Safe Insurance, Cash in Transit Insurance, and Fidelity Insurance.
Bringing professionals and combined experiences in various insurance matters, working with 258 employees, 800 agents, and branches throughout the Nation.
During these years, all the engagements undertaken by GWI involved insurance awareness programs on televisions, radios, and printed media, talk shows, and panel discussions. To expand its presence in the market, GWI is constantly giving inland and oversea training, seminars to employees to improve their skill sets. The efforts will allow the employee to the betterment of industry knowledge to provide a comprehensive range of services not only to the existing client base but also for the new clients and also to improve the relationships with our agents.
Extended its services for the community
Agriculture is an essential part of Myanmar’s economy, with the country ranking as one of the world’s largest rice producers. But with climate change and more uncertainty in weather patterns, crop damage devastates the livelihood of thousands of farmers.
In 2019, over 16,000 hectares of crops were destroyed, and approximately 728,000 hectares of agricultural land in Myanmar were affected by flooding. According to the Ministry of Agriculture, Livestock, and Irrigation, about a tenth of the crop damage floods had caused in 2018, which amounted to 161,000 hectares. (Ref: Myanmar Times)
However, the innovation of crop insurance is about to change as GWI’s crop insurance is being introduced in the country. GWI has become the first local insurance company approved by Myanmar’s Ministry of Planning and Finance for a pilot project to offer crop insurance.
Furthermore, GWI extended its wing of Life Insurance Company on 1 April 2019, as the demand grows. The launch of the new insurance unit aims to support society to possess a safe and secure life through a healthy lifestyle. “The COVID-19 has further made us adapt to the changing of people’s lifestyle, habits, and creativity of our product. Due to the pandemic, the health-consciousness has been made widespread to the community, and it has become part of an essential role for life insurance. GLI sees the needs of protection plans and changing this demand and evolving the digitalization for the growing demands. In the competitive market, we are focusing on advanced digital tools for faster turnaround times and convenient customer experience for our clients.” Said U Soe Win Thant, Managing Director of GWI & GLI.
GWI, together with its leader, Asia World Group of Companies, continues to be committed to being the best in Myanmar’s insurance sector and helping the clients achieve better lives. Thanks to its clients for its success and milestones, GWI received various awards, such as; Best-seller for health insurance in 2016, Product and Innovation Award for crop insurance in 2019.
- For more information on the Company and insurance products, please visit our official Facebook Page here.
Corporate Comm India (CCI Newswire)
