August, 10, 2023
The nation’s insurer, Sri Lanka Insurance (SLIC) yet again outshines its own record to declare the largest Life Insurance bonus in the industry amounting to a staggering Rs. 10.4 Billion for the year 2022 to its policyholders. Since 2006 SLIC has triumphed in declaring the highest Life Insurance bonuses year on year in the industry cumulating to a massive Rs. 92.8 Billion making the SLIC bonus declaration unmatchable.
By declaring the highest and largest ever Life Insurance Bonus in the country, Sri Lanka Insurance has upheld the trust placed by the policyholders as the strongest insurance provider in Sri Lanka. Despite the challenging market conditions, Sri Lanka Insurance was able to increase its asset base to Rs. 274 Billion and the life fund to Rs. 156.7 Billion, to further strengthen its position as the largest and strongest local insurer. This affirms the prudent investment management strategies of the company and further emphasis on Sri Lanka Insurance’s commitment towards its policyholders and their well-being. Also Sri Lanka Insurance is the only insurer in the country to be rated with an A(lka) Fitch rating for insurer financial strength in the country.
Customer centricity is one of the key strategic pillars of SLIC’s business drive and therefore the organsiation is determined to look at identifying new market segment and understanding the needs of its customers to develop affordable and suitable products. A unique insurance cover that was introduced by Sri Lanka Insurance last year was the School Fee Protector. This cover takes care of children’s education expenses in an unlikely event of loss or permanent disability of the breadwinner of the family. In addition to engaging in product and process innovations the orgaisation also looks at numerous ways of value additions to its customers. As a result, during 2022 Sri Lanka Insurance introduced a Life Loyalty Rewards scheme enabling SLIC Life customers to enjoy a range of offers and benefits to provide higher value for its loyal customers throughout the policy term. Also during last year SLIC has paid on average Rs. 960Mn per month as Life Insurance claim settlement demonstrating its commitment to delivering its promise to its policyholders.
Furthermore, Educating the Sri Lankan people about the importance of Life Insurance is an aspect Sri Lanka Insurance holds close to its heart from the inception of its existence. The national insurer is at the forefront of propagating the concept of Life Insurance to every corner of the country ensuring the protection for all Sri Lankans.
As the pioneering insurer in the country, Sri Lanka Insurance believes in embracing technology to transform the insurance landscape of the country and expedite the digital integration of insurance products and processes to create value for customers by taking steps to further strengthen digital capabilities and introducing numerous services to deliver a superior customer experience and to ensure customer convenience. For an instance since last year all bonus certificates have been issued through digital platforms via SMS, email and the SLIC Mobile App which is available on Apple App Store and Google Playstore. Furthermore, catering to the present-day demands SLIC added more payment gateways, 0% interest easy payment schemes, simplified customer onboarding, and streamlined underwriting and claim processes on digital platforms. These initiatives affirm SLIC’s commitment to putting customers first.
Recently Sri Lanka Insurance was also awarded the ‘The Most Loved Insurance Brand’ by Brand Finance for the sixth consecutive year. This validate the impact Sri Lanka Insurance as a brand has on the people of this country, its strong presence in the market and the brands ability to demonstrate greater empathy towards the people of this country.
Also SLIC continues to remain in the limelight by being listed in the top 100 ‘Most Valuable Brands’ by Brand Finance 2023. Sri Lanka Insurance Life secured 1st Runner-up in the ‘Most Valuable Life Insurance Brand’ with a brand value of Rs. 2.7Bn. Moreover, the SLIC Life Brand has moved up by 2 ranks to become the 34th Most Valued Brand competing with giant retails brands in the country and also have made it to the ‘Movers and Shakers – The Most Valuable Consumer Brands’ 2023 listing by Brand Finance.
SLIC continues to explore avenues to provide protection to communities, segments and age groups and different affinity groups through product and market development initiatives, through practical and affordable insurance solutions. The strength of its extensive branch network of 190 branches and customer service locations together with the 8000 Advisor network serves beyond the mandate of insurance to provide protection to the people of this nation.
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On the left - Ronald C. Perera, P.C., Chairman, Sri Lanka Insurance
On the right - Chandana L. Aluthgama, Chief Executive Officer, Sri Lanka Insurance
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