Sri Lanka Insurance plays an exemplary role in the lives of millions of citizens and stands tall within the insurance industry. With a robust existence as a state insurance giant for nearly six decades, SLIC ensures protection for lives and property of Sri Lankans, representing at times of hardship whilst delivering the ultimate value to the customer. The CEO of SLIC, Chandana L. Aluthgama, guarantees their propagation of insurance and its benefits as it has been elaborated at every possible angle, extending succour gradually throughout the millions of lives touched.
SLIC’s core belief is to safeguard the lives of their clients and during disastrous times, the company uses a relentless effort system in assisting their clients to recover and return to normalcy. Chandana states, “For over 59 years, LKR 235 billion worth of asset, LKR 134 billion life insurance fund in the local insurance industry and LKR 6 billion strong capitalizations, accounts to the remarkable statistics proliferated by the company”, designating SLIC as the most secure and trustworthy insurance solutions providers in the country.
Operating a network of 193 locations across Sri Lanka, SLIC’s symbolic reputation amongst its clients has been bolstered via highly skilled and seasoned insurance experts. According to Chandana, their flexible amenities are built with a client-centred perspective to provide them with an enriched and understanding relationship over the years. Keeping the market requirement intact alongside the customer dynamics, SLIC resonates kinetic energy between their clients, evolving through technology and innovations to cater to diverse insurance solutions. This is made possible via consumer market penetrations and promotional activities, making their clients constantly aware of the availability of rationalized services.
SLIC presumes that regulatory bodies, including the government, support the notion of insurance being more affordable. Chandana further shares, “‘Micro-insurance’ is one such initiation that brings about a great deal of importance in providing simple and affordable insurance products to affinity groups”. Moreover, such concepts as ‘increasing dependency ratio’, ‘non-availability of sufficient coverage of pension schemes’ and ‘low insurance penetration levels’ pave paths for insurers and micro-insurers to collaborate and yield together.
Ever since the dawn of the pandemic, individuals credit insurance bodies as valuable sources of reliability and have considered the obligation of acquiring life insurance. Other essential commodities like health and even motor insurance are refined as sound solutions to help cope in life. The pandemic, reshaping the lives and protocols of many, has affected most trades. Chandana states that SLIC, however, has ventured into a new strategic planning exercise aimed at mapping out SLIC’s growth trajectory for the next three years. To survive and prosper through the astounding rapidity of changes occurring, SLIC’s initiative to restructure their management schemes over General business and the Life business is unquestionably the best option to improve each company’s scalability within the market.
The unprecedented movement of the pandemic has altered the customers’ needs, requisitioning them to adapt wisely to the situation. SLIC, as always, has catered to their demands and challenges impartially, unfolding the best insurance solutions for the people of Sri Lanka. Knocking on the digital routes and virtual platforms, SLIC has spun their services methodically, providing and familiarizing with the new normal. Amidst the possible challenges like virtual involvement of advisor forces, expanding privacy and security parameters, and additional investment in cyber security, SLIC strongly reiterates the need to safeguard the quality of life.
Recognizing the prominence of insurance and dispersing awareness of its benefits is considered vital to SLIC. This ensures a rectified perspective towards what insurance is and its offerings are to the customers. Common misconception like “a standard health insurance alone can ease the financial burden during health emergencies” must be clarified further to have a deep understanding on the scope of health insurance. In a situation where the family breadwinner is challenged with an unfortunate, life- threatening illness, having a critical illness cover will help ease the financial burden covering the cost for the extensive medical care needed.
Furthermore, following a deskbound-ed lifestyle amidst pandemics with minimum effort on physical health, the possibility of younger generations being prone to vying and threatening illness cannot be excluded. SLIC considers the holistic approach to insurance and believes that insurers must strive to direct and provide the proper care in promoting a healthier lifestyle. They remain keen on providing total life insurance solutions for potential customers, ensuring access to diverse insurance solutions opposite to their unique needs.
SLIC claim the future of insurance to be a deviation from the traditional insurance procedures. They are undergoing profound challenges due to digital technologies. An internal and external shift is expected with new market conditions, digital native customers and innovative new products. However, SLIC’s ability to spot the changing dynamics strives to find new opportunities to shape, transform and indulge in innovative solutions to accommodate the multifaceted needs of their clients.
Further diversifying their services, SLIC’s flagship brand SLIC Motor Plus is prominent among the motor insurance category. SLIC covers a larger magnitude of insurance needs in the market segment with a nifty, multipurpose product portfolio. Some examples portrayed; ‘Ladies Only’ for lady drivers, ‘Tuk’ for three-wheelers, ‘Rider’ for motor bicycles and ‘Commercial’ for lorries and commercial vehicles. SLIC hopes to continuously identify the necessities and deliver their products efficiently to their customers.
SLIC has strengthened and protected other corporate organizations and large-scale development projects within the country on a different approach. With a robust base of competencies, expertise and financial stability within the insurance industry for decades, SLIC holds a claim settlement record of LKR 39.5 billion to Sri Lankan Airlines at the event of a terrorist attack to the Bandaranaike International Airport, which still stands as one of the biggest claims within the insurance industry. Their careful observations and equitable premiums safeguard and guarantee the delivery of the promise to their corporate customers.
Finally, SLIC chooses to progress forward, considering all opportunities to provide protection to their clients. With the diverse innovations and enhancements, SLIC will continue to evolve and sustain their reputation in the highly competitive insurance industry.