A transformative new life plus insurance scheme was launched recently by Lotus Hydro PLC, a specialist in clean energy, along with Strategic Insurance Brokers (SIB).
“We discharged our social responsibility and paid the next of kin of employees when tragedy struck,” said Menaka Athukorale, MD Lotus Hydro, and Rupika Tennakoon, Head of Sales and Operations at SIB.
SIB offered a variety of schemes and premium payment options to the management of Lotus for the latter’s employee insurance needs. Menaka Athukorale, director Lotus, decided to take the optimum scheme for a marginal additional premium.
“SIB’s risk advice to Lotus Hydro PLC is an elegant model to expand access to insurance, while prioritizing consumers’ needs. Administrative red tape has been cut to non-existent levels. The initial insurance scheme for Lotus Hydro PLC, which was a health cover only, was extended to a life plus health, and critical illness cover on the recommendation of SIB,” said SIB director, Indrajith Fernando.
“SIB has managed to penetrate a monolithic and dull industry standard where consumers trust has vanished due to administrative hurdles and questionable practices,” he said.
“Our driven team has come up with an excellent alternative in providing corporate employee cover. I am confident in their success and in setting new standards for insurance at scale,” he added. Employee insurance payments under the scheme are facilitated by Sib and made by Allianz, Softlogic insurance.
For instance, SIB has for the third time in a row, been awarded the National Reinsurance program for the National Natural Disaster Cover (NNDIS), along with the other competitive bids which had already been submitted and awarded, for which business had been placed functionally by SIB.
Of all of the aforementioned covers it is difficult for Strategic Insurance to decide which is best in terms of importance, but the NNDIS, Combine Retrocession, Strikes Riots and Civil Commotions All Risk Cover, and the Terrorism top up cover are significant in terms of size and priority.
The sums insured become incrementally large, ending at 30 billion, including the one free restatement for the NNDIS 2018/19 cover.
SIB liaises with the largest insurance marketplaces in the world, including Lloyd’s of London. The business handled by the firm emanates from a majority of the countries offering reinsurance, via its Broker Network globally.
“Your institution did everything to process the payment and did not put me in any kind of difficulty in this regard. I was only asked to come and collect the cheque,” said one recent beneficiary of the Lotus-Sib scheme, deceased Lotus employee late, Liyanage’s wife.
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