AIA Insurance, one of Sri Lanka’s leading life insurance companies, has stayed ahead of the curve by providing strategic security measures against the backdrop of 2020. The launch of products such as Suwa Diriya, Super Protector, Super Protector Flexi, and enhanced Health Protector Propositions with global health cover options, according to Gavin D’ Rosario, Chief Financial Officer of AIA Sri Lanka, are unique solutions that cater to problems customers may face in making decisions about securing financial security for themselves and their families.
Not only were these superior products introduced during the pandemic, but AIA also took steps to expand their distribution reach by hiring over 2000 new agents and providing them with the necessary training and knowledge to cater to the specific needs of their current and potential customers, resulting in a 40 percent increase in the agency force during the second half of the year. In response to the difficulties that customers may face in continuing to make premium payments as a result of COVID-19 conditions, AIA introduced initiatives to make standing instructions payments easier for both new and existing customers, as well as the QuickPay mobile app to allow online standing payments.
Furthermore, the company forged ahead and made substantial investments to update its technical systems, such as the integrated point-of-sale network, the customer self-service platform, and back-end service operations, realizing the value of digitized solutions. Although several companies were cutting back on investments, AIA concentrated on better equipping the business to provide the best service possible to their customers. When asked how AIA managed to remain financially stable while retaining stability during these trying times, Gavin clarified that the company has always taken a cautious approach to financial management, which has served them well during times of external shocks. He went on to say that they monitor their investments to achieve attractive returns and that they will continue to invest in government securities and high-quality instruments provided by the country’s top credit quality banks. Gavin didn’t forget to note that AIA has a shareholder’s equity of over 20 billion rupees on its balance sheet, resulting in a regulatory capital adequacy ratio of 488 percent as of the end of 2020, which is four times the regulator’s minimum capital adequacy ratio.
In response to a question about the insurance industry’s success in recent months, Gavin reported that the industry did well in 2020, as shown by the increase in premium revenue. There has been an increased consumer understanding of the importance of financial security, and AIA’s focus has been to ensure customer convenience while responding to changing customer behavior. He noted that the widespread use of online platforms for transactions and purchases aided AIA in making the rapid transition to ensure uninterrupted service and interaction with its customers. When asked what advice he can share Gavin stated, “Authentic is knowing who you are and what you care about, and having the confidence, conviction, and courage to unwaveringly live by that ideal day in and day out. This is a key to fulfillment, be it in our personal lives or business.”.