“Digital transformation journey of Sri Lanka Insurance makes insurance accessible to all Sri Lankans” | Daily News

“Digital transformation journey of Sri Lanka Insurance makes insurance accessible to all Sri Lankans”

Chandana L Aluthgama – CEO Sri Lanka Insurance Corporation:

Established in 1962, Sri Lanka Insurance Corporation(SLIC) is driven by the national vision of taking the message of the insurance/protection to all Sri Lankans across the country.

Serving a loyal customer base of over two million individuals from all walks of life in the country with average monthly claim settlements exceeding Rs.1.8 billion which also includes the largest claim ever paid in Sri Lanka of Rs. 39 billion, SLIC has weathered many storms to be the strongest and the most profitable insurer in the country. The company has secured the number one position in the General Insurance Category for several years as well.

SLICis recognized as one of the Most Respected Corporates in Sri Lanka and has received three Brand Finance accoladesas The Most Valuable General Insurance Brand in Sri Lanka, The Most Loved Insurance Brand in Sri Lanka and the third Most Loved Consumer Brand, competing with numerous multinational household brands most popularly used in Sri Lanka.

AA (lka) Fitch ratingand the reinsurance strength adds immense credibility to all SLIC’s swift claim settlement process and long-term stability.

Further, the company has always taken steps to make the lives of its employees better and this is reflected in being certified as a Great Place to Work by GPTW in 2021.

The companyhas accelerated the digital transformation strategy to drastically automate the systems and processes to deliver immense convenience, transparency and efficiency to its policyholders. SLIC is now in the process of implementing a three-year strategic plan focusing on process improvements and product innovations.

These are excerpts of an interview with the CEO of SLIC MrChandana L Aluthgama, who has a 30 year long enthralling career in the Insurance industry.

How is Sri Lanka Insurance Corporation able to deliver high stakeholder value every year?

Sri Lanka Insurance Corporation celebrates 60 years of excellence as the largest government-owned insurance company in Sri Lanka, with a managed asset base of over 268 billion rupees and a Life fund of 152 billion rupees, the largest in the local insurance industry.

Our prudent and structured corporate governance has resulted in delivering highest stakeholder value and stands among the most profitable state entities in Sri Lanka.

SLIC is the first and only insurance company in Sri Lanka having a prime Fitch AA rating. Your comment

SLIC managed to retain AA (lka) Fitch rating for long term financial stability and SLIC is the only insurer to be certified with an AA (lka) rating.

Trust and stability are the key words in insurance. An individual should ensure the company with which he or she enters in to a long term contract has financial stability for long term existence.

Fitch rating implies our long term claim paying ability and ability to sustain long term investments. Hence, Fitch rating is the only third party endorsement an insurance company can be bequeathed with.

The claims we pay per a day is the highest in the industry and an average of 1.8 billion LKR worth of claims are paid in a month.

How is SLIC geared to meet the diverse consumer needs that constantly change?

In both life and general insurance categories we do region centric segmentation with a view to bringing convenience to customers of all walks of life.

We believe in innovation and are very concerned about changing consumer dynamics. We are the first to launch the Customer App shedding light on digitizing processes. On a daily basis around 30,000consumers and prospective customers log into this app to transact and gather information.They pay premiums and intimate claims very comfortably via the app.

We have the claim tracking and intimation process and general insurance claims below 75,000 LKR are paid via the app within just three hours. 80% of our claims intimated are paid in three hours which is a healthy benchmark that our digitization initiative has delivered.We constantly add value to this digitization process.

We have a strong product development strategy in both Life & General Insurance categories. In life category we have products ranging from investment, retirement, education, protection and health which caters to all needs in the market.

In health sector we have ‘Medi 60’, a medical insurance cover for people above 60 with simplified processes which was a market first by us, also SLIC Motor Plus is the flagship motor insurance in the country

Technology plays a vital role in insurance industry in terms of efficiency and service delivery. What are SLIC’s innovative technological initiatives which cut through competition?

With emerging new markets in the social and digital mediums, developments in communication and emergence of more informed consumers, insurance companies should see opportunities rising.

We are continuously exposed to the global best practices which will enable us to deliver superior customer service. The market itself is expanding paving way for sophisticated product lines and aggressive marketing strategies.

While Millennials prefer online products Gen Zs entering into the market creates further challenges to insurers. These modern consumer segments specifically look for customer convenience and value for money.

SLIC makes steady progress in transforming its operational architecture and front end customer interfaces to ensure increased digital integration. SLIC Customer App is the first step we have taken in our digital journey while aiming at providing seamless end-to-end in the nearest future.

Being the strongest and largest insurer in the country, how does SLIC manage and mitigate risks?

Delivering the promise of trust and stability are considered to be pillars of SLIC.

The strong partnerships we have developed with world renowned reinsurers, such as Munich Reand Swiss Reenables us in managing risks.

From the customers’ perspective, their risks pertaining to any insurance cover is secured since the global reinsurance giantsare providing the backing to settle payments.

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