A FEW WORDS ABOUT YOUR BUSINESS IN MYANMAR AND THE SECTOR YOU ARE WORKING IN
I’m working for Poe-ma Group, a French company headquartered in Tahiti, specialized in risk management solutions. Our corporate DNA is to find innovative solutions in remote or less developed countries. Both Poe-ma insurances and Poe-ma assistance are represented in Myanmar.
Poe-ma insurances was the first insurance broker to be established in French Polynesia in 1991, when we started to insure black pearl farms. We later developed our insurance and reinsurance business throughout the Pacific islands and in Southeast Asia. In Myanmar, we were also the first registered insurance broker in 2012. We are mainly involved in reinsurance programs: employees’ benefits, health insurance, property insurance, business interruption, liability covers... We are an active member of the Foreign Insurance Representative Offices’ community in Myanmar, which conducts insurance awareness campaigns and advocates for liberalization of the insurance market. It is one of the key reforms that needs to be conducted to accompany the country’s economic development and reinforce its financial sector.
Poe-ma assistance assists travelers and foreigners whenever they need medical attention and organize emergency medical evacuations. We are the 24/7 local correspondent of most of global assistance and insurance companies, often working behind the scenes to provide them with contacts and solutions to safely hospitalize people. We also provide direct-billing and claims management services, for insurances and self-insured groups.
WHAT ARE THE KEY MESSAGES YOU WOULD LIKE TO SHARE WITH OUR MEMBERS REGARDING THE BUSINESS ENVIRONMENT IN MYANMAR?
My main message would be to keep engaging with local counterparts, independently of the pace of reforms. We need to continue our efforts, even if it takes longer than expected.
What is really tangible in the insurance industry is that local players don’t feel ready to face foreign competition. We try to explain international companies can in fact actively contribute to local capacities development. It’s also in our interest. The market is big and diverse enough to welcome outsiders. And we outsiders can contribute making the cake bigger, in the common interest. We can bring new products, new techniques, new capacities. Everyone was predicting MPT collapse when the government liberalized the telecoms. Not only did they not collapse, but they are still a big player in the industry. Foreign competition brought benefits that no one today can ignore. I think it’s the same in many industries.
In the healthcare sector, I have seen many new hospitals with new equipment coming up. Even Singapore, Bangkok or Hong Kong are now looking at what Myanmar is buying. But we still face difficulties when it comes to medical capacities and processes. For example, there are not enough specialized doctors, and major destinations like Ngapali, Bagan or Inle lack structures able to treat serious conditions. We need to continue encouraging local medical teams while improving their processes, and supporting the tourism industry while facing this lack of medical structures.
YOUR LIFE IN MYANMAR AND YOUR RELATIONS WITH FRANCE
I have been living in Southeast Asia for almost 10 years now, in different countries. The past 4 years in Myanmar have been full of challenges. As any expat here, I wouldn’t say it is easy every day, but I feel lucky to be witnessing these exciting times.
Maybe getting older makes me more philosophical. I keep telling my Myanmar friends and colleagues I come from a very old country where you feel that everything has been tried, where people have been talking about crisis for the past 30 or 40 years. Here, everything has to be done. You can see progress every day. Better internet, new hotels, better roads, new services... This very quick progress will, and is already bringing its bunch of new problems and issues (social, political, economic…), but at least you see things changing and you can actively contribute to it.
I usually go back to France once or twice a year, and to Tahiti every two years. I am always very happy to enjoy time with family and friends… and food! I also like to remember how lucky we are to have all these infrastructures. Also always happy to be back in Yangon when I return.
YOUR ADVICE FOR A NEWLY ARRIVED EXPAT IN MYANMAR
I would recommend to try not to get overwhelmed by the promising opportunities this “last frontier market” offers. We tend to hear that everywhere, but I am sure success in Myanmar will require long term views and long-term commitment, and there will probably be no easy and fast rewards. The country is in a very profound change process, and it will take time.
My second recommendation would be to try not to get frustrated by the huge gap there can be between our expectations and the real situation. Comparing with other most countries of the region may only bring us uncertainties about the future, while when you look at the past five years, progress has been phenomenal.
Last but not least, I would definitely encourage newcomers not to hesitate to engage with people. Myanmar people are incredible in their diversity. They are curious, with a genuine interest. I like to say it has been a country that may have been closed for many years, its people remained opened to the world.
YOUR FAVORITE PLACE IN MYANMAR
Difficult to choose one! I would say Dawei, which gave me this “end-of-the-world feeling” while exploring its beautiful beaches.
