Q. What do you think about the big picture of the life insurance sector in Sri Lanka?
As the pandemic spread throughout the world, the uncertainty around every aspect of life increased more and more. The insurance industry in the world had quickly responded to the pandemic and aware the people about the need of insurance via novel digital platforms, and as a result of that positive opportunities had emerged for the insurers across the world. Situation for Sri Lanka is also the same and an increased demand for life insurance such as term, mortgage protection and health had shown the path for a sustainable local market in recent years. Special attention and greater awareness had been made regarding medical insurance benefits due to hospitalizations on Covid 19. Since then, the insurers in Sri Lanka have had a great opportunity to introduce new innovative riders for the customers. Apart from that, while spreading the Covid 19 pandemic in Sri Lanka, insurers had recognized that they needed to bring more value to their customers and they all worked on it very well.
The Sri Lankan insurance industry must make efforts to introduce more personalized offerings through innovative ways and means on a more segmented basis in future too. Sanasa Life has correctly identified the current picture of the local industry and engaged with the business in the past two years within the pandemic situation. Even though most companies in other fields recorded losses day by day due to the pandemic, Sanasa Life had been able to develop its market share continuously and look forward to engaging with more innovative digitized approaches to obtain businesses and sustain the market in the year 2022 too.