In an era of rapid technological evolution, the insurance industry is transforming profoundly, steering away from traditional norms and embracing a paradigm shift towards predictive and preventative strategies. Softlogic Life, a trailblazer in the Sri Lankan insurance sector, is at the forefront of this technological revolution, led by Chief Information Officer Amal Dharmapriya. Amal brings more than 20 years of IT and digital transformation experiences to the table.
Navigating the digital landscape
Amidst the changing landscape, Softlogic Life has strategically positioned itself as a technology leader through a commitment to digital innovation. Amal says the company’s approach involves a blend of in-house systems development and strategic outsourcing, fostering innovation and gaining a competitive edge in crucial areas such as product innovation, distribution, time-to-market, operational efficiency, and customer experiences.
Establishing a dedicated Data Science and Digital Innovation unit marked a pivotal moment in Softlogic Life’s journey. This unit has leveraged advanced data analytics, incorporated artificial intelligence (AI) in underwriting and claims processing, and driven operational efficiency through Robotic Process Automation (RPA). These initiatives underscore the company’s commitment to remaining at the forefront of technological advancements in the insurance sector.
Groundbreaking digital transformations
Over the past years, Softlogic Life’s commitment to digital excellence has been epitomised by award-winning mobile applications like ‘Lifeup’, ‘Click4Pay’, ‘eAdvisor’, and ‘InstaClaim’. These applications boast Softlogic life’s “Customer First” strategy which incorporates intuitive customer journeys with straightforward screen designs, delivering accurate information at the right moment to customer’s fingertips. Our success lies in catering to the needs of both internal and external stakeholders towards enhancing the overall digital experience for Softlogic Life’s customers.
It’s worth noting that whilst developing these applications, Softlogic Life strongly emphasises on safeguarding customer data, recognising its critical importance in ensuring privacy and providing a secure digital environment for users. In such a context, Softlogic Life has recognised data as a paramount digital asset and, with that, has prioritised robust cybersecurity measures. Amal says that a strategic partnership with a leading cybersecurity vendor ensures the implementation of industry best practices, fostering customer trust, compliance with regulations, and safeguarding sensitive information. This commitment reflects Softlogic Life’s dedication to maintaining the integrity and continuity of its operations.
Throughout its digital progression, Softlogic Life has conceived a variety of groundbreaking propositions resulting in enhanced customer experiences, operational streamlining, and augmented business growth. Among these advancements are the auto-underwritten jet policy engine, real-time policy issuance capabilities, expedited one-day claims settlement facilitated through the ClaimiT system, and the InstaClaim app catering to corporate customer needs. According to Amal, industry-first developments such as the instantaneous policy issuance portal for banking customers highlight the company’s commitment to operational excellence and customer service excellence which have been instrumental in achieving market leadership in the credit life business line.
Furthermore, Amal mentions that insurance companies are trending towards Open API-based digital platforms, which allows them to securely share information with other organisations. This data sharing capability further enables insurance providers to develop creative ideas for their services and business models. By teaming up with different partners and eco-systems, insurance companies can go beyond their usual markets, reaching more people and providing information rich attractive and relevant services.
Additionally, the recognition of Amal as one of the top 200 CIOs of the world in 2023, which is directly assessed based on the quality of innovations introduced in the sector reemphasizes Softlogic Life’s stature in terms of digital innovation and technology leadership. Amal also holds a technology leadership position in the insurance association of Sri Lanka (IASL) as the current IT subcommittee chairman which further establishes his prowess and leadership in the Insurance digital transformation arena.
Charting the future of InsurTech
Looking ahead, Softlogic Life aims to lead the way in the dynamic InsurTech space. With a focus on personalised and automated products, Amal envisions leveraging data from diverse sources, embracing AI and machine learning for automation, and exploring the potential of blockchain technology. The COVID-19 pandemic has accelerated the growth of InsurTech, prompting Softlogic Life to embark on the next phase of its journey by launching platform-based products and services for both local and potential international markets.
In the dynamic realm of insurance, Amal Dharmapriya and Softlogic Life stand as beacons of technological innovation, exemplifying a commitment to staying ahead of the curve, enhancing customer experiences, and shaping the insurance industry’s future. As technology evolves, Softlogic Life remains poised to set new benchmarks and redefine the possibilities within the insurance landscape.