Ravi Liyanage, Director / Chief Executive Officer of Janashakthi Insurance PLC, believes that innovation will take charge of maintaining Janashakthi Life’s imprint on the business and in the interests of its diverse client base, has optimistic views about a few “game-changers.”
Being appointed to his position at Janashakthi Life in November 2020, he sits at the table with years of knowledge and experience in the industry, having led many senior roles in the Retail, Marketing, Financial, Automotive and Lubricant sectors. His journey at Janashakthi began around a decade ago when he played a major role in driving company growth in the Marketing, Branch Operation, Sales and Distribution areas prior to his current appointment.
“Built on strong local roots, our journey started as a small, homegrown Life Insurance company in 1994”, Ravi added, indicating their industry experience and expertise. Over a span of 27 years, Janashakthi Life has continued to revolutionize the insurance industry and journeyed forward to become a leading Life insurer in Sri Lanka, delivering a service beyond Insurance to all its customers and stakeholders while remaining true to its purpose of uplifting lives and empowering dreams.
Elaborating on today’s challenging environment and rapidly evolving customer needs, Ravi identifies innovation and investment powered by technology-based solutions as key metrics on which the business may develop and thrive. He emphasizes the importance of insurance-related awareness creation as it plays a key role in ensuring that the policyholder’s protection needs are fulfilled. It is a safety net that helps loved ones stay financially stable that gives your family a crucial sense of security.
As a member of Janashakthi Group, the leading life insurer plans to provide much needed financial support with innovative life insurance solutions that will support the community to navigate these challenging times better. Rooted in strength, the leading insurer’s purpose is ingrained in its DNA as they continue to uplift lives and empower dreams of Sri Lankans across all corners of the nation.
With digital transformation altering the insurance industry, he intends to utilize the opportunities and potential of digitization of processes to cater to the evolving needs of policyholders and better serve the community. The Janashakthi team is looking at a revolutionizing future while finding new ways to make life insurance more accessible. According to Ravi, mapping the innovation as a Group strategy for the organization in various ways is just the beginning.
“The reality is that the world around us is constantly evolving and to keep up with this our customers, investors and employees demand innovation. As insurance providers this is not only a fact but an imperative factor to consider when creating financial solutions since financial protection is one of the most important aspects of one’s life” Ravi added.
In the highly competitive insurance environment, there is enormous pressure to increase efficiency and streamline operations. Ravi is full of new innovative visions to revolutionize the insurance industry. “Our strong performance during the first half of the year is a testament to the success of our growth journey and strategy. When you look at the first quarter, we have outperformed the industry average in all main KPIs. In the second quarter, if you look at our growth in new business-wise or first-year premium-wise, we have outperformed two insurers who are in the same league with us. Further, we have outperformed and moved our market share in first-year premiums by two market positions in this period” he adds commenting on the progress of Janashakthi Life’s growth journey.
There is also the change of taxation, more and more technology used in the forms of smartphones and tablets, the effect of social media, which is ever-changing and fragmenting. In his view, every new opportunity is a clear indication of the possibility to influence, and create positive changes by the insurer using innovation and flexibility.
Ravi added, “The larger part of our success is credited to our single-minded focus on innovation in distribution strategies and service excellence. We recognized the need to empower our sales team with innovative ways of presenting the brand they represent and supporting the community”. When in discussion with regards to key strategies that drive Janshakthi Life’s growth momentum, it was brought to attention that it is a well-rounded strategy that includes innovative financial alternatives, innovation-led product development and tech transformation.
For the leading life insurer, giving back to communities is as important as growth and success in business. “We have always recognized our responsibility to uplift the communities we serve. In addition to our efforts to ensure that the protection needs of our community is fulfilled, through our Group’s philanthropic arm – Janashakthi Foundation, we have rolled out several relief initiatives to support the nation’s battle against COVID-19” he said.
True to their words, Janashakthi Life is undoubtedly embarking on a groundbreaking journey swiftly harmonizing with the challenges that are being thrown with every shift and turn the world takes. Nonetheless, still on top of their game and as ready as ever, the team led by Ravi continues to deliver the best of their service embodying their core values as a purpose-led insurer.