Insurance industry confident of maintaining growth trajectory | Sunday Observer

Insurance industry confident of maintaining growth trajectory

17 October, 2021
Dinesh Yogaratnam
Dinesh Yogaratnam

The Insurance Association of Sri Lanka has been working overtime to ensure the smooth operation of the industry by  spreading awareness and inculcating knowledge on the importance of insurance.

The insurance industry has experienced its share of fluctuations with the onset of the pandemic and displayed its resilience to the resultant challenges. 

The Chairman of the Marketing and Sales Forum (MSF) of the Insurance Association of Sri Lanka (IASL), Dinesh Yogaratnam shares his perspectives on the marketing of insurance during these tumultuous times.

He expounded on the ways in which the MSF of the IASL adapted to overcome the hurdles of the circumstances that arose during the year, while promoting insurance penetration. 

“The Insurance Association of Sri Lanka (IASL) is the industry body comprising all the Life and General Insurance companies that operate in the market. The Marketing and Sales Forum (MSF) is a subcommittee thereof and as the name implies, addresses matters pertaining to the sales and marketing of insurance products and services.

“The MSF also carries out various initiatives to increase insurance penetration in the country via education and knowledge-sharing. One of the major efforts of the MSF this year is to help the public better appreciate what insurance is. Helping them understand how, when, and why they should purchase a policy, so that they may provide themselves, their loved ones, their assets, as well as their enterprises with the financial protection needed, are key objectives.

“The MSF has resorted to using mainly digital and print media for its insurance promotion activities. Employing a two-pronged approach, whereby, the MSF under the IASL banner is carrying various pieces of communications on social media channels and is working with the country’s print houses and their digital arms to disseminate information and educate the public, the individual companies too have been encouraged to promote their products and services, as well as to carry knowledge building pieces of communication on their own platforms. Through this, we are witnessing a heightened level of activity and dialogue across social media channels. 

“The insurance industry has grown this year by approximately 14% in terms of Gross Written Premium as of the end of the first quarter; while long term insurance has seen significant growth, general insurance has contracted very marginally. As an industry, we are confident that the growth trajectory we witnessed in the first half will continue to the end of the year,” Yogaratnam said.