Valuing a Secure Life – Chief Finance Officer/ Compliance Officer at SANASA Life Insurance Company PLC, Chandralatha Mudalige

Q. Amidst the ongoing COVID-19 global pandemic, how did SANASA Life manage to stand financially strong and maintain stability?

COVID-19 global pandemic has posed a sudden and unexpected shock to Sanasa Life Insurance as well as others. Our initial response was poor and the financial impact was negative. We lacked sufficient experience in managing a pandemic situation at that time, but recovery was quick.  With the guidance of our Board of directors and the CEO, we frequently met online to discuss strategies to overcome the challenges and we constantly analyzed the situation and fixed to win the game while complying with the laws and regulations relating to the industry.

When considering the strong financial position and maintaining stability, we have considered both operational strategies as well as investment strategies.  We have faced lower interest rates for investments far longer than expected. To minimize such losses, we have analyzed our investment portfolio and investment strategies and made smart decisions to invest in profitable investments

On the other hand implementation of our operational strategies such as cost savings strategies, work from home concept led to saving cash outflows of the company and resulted in managing working capital. We did focus on more business opportunities through our network and increased GWP accordingly. We have implemented several online platforms for policyholders to pay premiums at their convenience in that time where we were able to manage the cash flow in the crisis situation.

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