Opening a new chapter in the 56 year journey of the Sri Lanka Insurance Corporation, its corporate identity was changed to suit the changing dynamics of the insurance industry and to coincide with the organisation’s plan to improve processes and introduce products and features that address the needs of the modern consumer.
“Sri Lanka Insurance (SLI) has begun a new chapter in its history of operation with the revamp of brand identity and product offering as it steps into a new era. The insurance giant is living upto its title of being the ‘Most Loved Insurance Brand’ in the island as declared by the 2018 Brands Annual, by ensuring a reliable but modern approach, ensuring the maximum convenience for customers,” Chairman SLI Hemaka Amarasuriya said.
According to research conducted, the corporate logo was not attractive enough to remain competitive. However, the logo change alone will not facilitate competitiveness. Therefore, the company will be focusing on four key areas which include product and IT development, the expansion of branch network and ensuring a progressive team. Sri Lanka Insurance is always at hand to enable customers with convenience and reliability, explained Amarasuriya.
The SLI which has 150 service centres and branches islandwide is looking at a 250 plus branch network as in the banking sector. There will be a joint effort to regain the national leadership in the insurance industry both in terms of general and life insurance, he said.
“The SLI has maintained the growth momentum and recorded growth in terms of general and life insurance segment compared to last month. The general insurance sector grew by 28% and the life insurance sector grew by 19% over the last month continuing the upward trend further,” CEO SLI Chandana Aluthgama said.
The change in corporate identity is a milestone in the company’s journey to enhance competitiveness and change direction. Being a state institution, the recognition we receive from the public is invaluable. We will have a new policy direction to drive growth further, he added. Sri Lanka Insurance’s new corporate logo is fresh and modern, highlighting the brand’s position as a strong dynamic leader who is relevant and focused on adapting to the changing needs of customers.
Sri Lanka Insurance is moving forward and adapting to times of change, the company is well-versed with the changing habits of its customers and keeping up with game-changing new technologies and products that include a total Life solution that caters to every stage of a person’s life cycle with ten Life Insurance policies to choose from.
The company has also launched the only diabetic policy called Comprehensive D+, which gives a growing diabetic population in the country a sense of relief. Other additions to the Life basket include the Rs.10 million Cashless Medical Card which allows customers to make payments with it, without having the hassle or the worry of having to pay upfront across all hospitals in the island.
Sri Lanka Insurance has also expanded and revamped its Retirement Scheme ensuring pensioners get the highest returns on their pension plans. As the country’s leading motor insurer, Sri Lanka Insurance Motor Plus enables its customer base to enjoy the benefits of their lifestyle and loyalty rewards scheme that offers benefits across varied shopping segments. Other motor insurance paybacks include 24-hour roadside assistance and peace of mind knowing your assessment would be done by a professional with an extensive knowledge in claim assessments.
With the relaunch, all processes will be speedier and customers can enjoy claims up to Rs.75,000 or below within 3 hours of an accident. Sri Lanka Insurance settles over Rs.80 million in claims on a daily basis and is the largest player in the motor insurance sector. Showcasing strength and stability with the recently affirmedAA+ (lka) rating from Fitch Rating, Sri Lanka Insurance is led by a dynamic group of individuals, from the appointment of industry specialists to its corporate management team, to a team of over 2,500 members that have extensive knowledge in every aspect of insurance and are spread over a 148 branch network across the island, which is set to expand further, ensuring convenience to the customer.
It has also invested significantly to improve IT infrastructure so that processes can be made more efficient.
Established in 1962, Sri Lanka Insurance Corporation is the largest government-owned insurance company in Sri Lanka,
with a managed asset base of over Rs. 193 billion and a Life fund of over Rs. 100 billion, the largest in the local insurance industry. The company is also the first and only local insurer to secure Fitch Ratings AA+ (lka) rating for its long-term financial stability and strong capital position.