In an industry where trust underpins financial decisions, Sri Lanka Insurance Life (SLIC Life) stands as a symbol of strength and continuity. Established six decades ago with a vision to democratise insurance, it has grown into one of the most trusted and largest life insurers in the country. However, what sets the organisation apart is not merely its scale, but its continued relevance.
Once best known for its role as a state backed insurer, SLIC Life now serves an evolving, digitally inclined generation that assesses options critically and demands transparency. The company has met this evolution by investing in digital onboarding and automatic claims processing. To carry this change to consumers, it is also nurturing a new generation of advisors who often belong to the very demographic they seek to serve.
As Sri Lanka Insurance Life Chief Business Officer Namalee A. Silva explains, in a market cautious of promises, SLIC Life’s blend of financial strength, customer-centricity, and emotional resonance elevates its stature as a national brand of enduring significance.
How does Sri Lanka Insurance Life define its brand equity in a market where trust and long-term insurance are paramount to customer choice?
SLIC Life’s brand equity has been built on decades of trust, empathy, and national service. Incorporated in 1961 with a mandate to make insurance accessible to all, our founding purpose was to extend protection beyond the privileged few and reach every citizen of Sri Lanka, and that mission continues to this day.
Our equity is not only based on longevity, but on consistency in fulfilling promises, reliability in times of need, and proactive social engagement. We are known for our sound corporate governance and financial resilience, with the largest Life fund in the country and an enormous asset base.
But more importantly, our positioning, “Like a Father, Like a Mother” reflects our emotional commitment to the nation. Our brand equity is rooted in the trust we have earned, the values we uphold, and our belief that insurance is a duty of care, not just a transaction.
What key brand messages or values distinguish Sri Lanka Insurance Life in this sector?
Every initiative we undertake begins with the Sri Lankan people. Our brand values; trust, protection, responsibility, and progressiveness are the foundation of our strategy and communications.
We focus on safeguarding lives and enabling aspirations, which is reflected in campaigns like Hari Athakata, promoting the message of placing your future in capable hands, and Desharakshakaya, which reinforces our role as the people’s national insurer. These campaigns aren’t just thematic, they reaffirm our promise in practical terms.
Our proven legacy of consistent claim settlements, especially during times of national crises, differentiates us from others in the sector. Even in scenarios where coverage may be challenged, we honour our commitments, because our brand promise is to be there, no matter what.
How does your brand strategy balance the heritage of being a long-established insurer with the need to stay dynamic and innovative?
While we are proud of our 60-year heritage, we are not defined by it. We have continually evolved to meet changing customer expectations. Our approach is datadriven and insight-led, we closely monitor consumer behaviour, conduct regular research, and adapt our offerings and processes accordingly.
In today’s fast-paced world, brand loyalty is no longer a given, it must be earned continuously. We have embraced this by accelerating digital transformation, from automated systems to online product offerings, focusing on speed, convenience, and ease of access. We’ve also invested in a younger, more agile workforce, balancing innovation with the depth of our experience. In 2024, we produced a record 319 Million Dollar Round Table (MDRT) qualifiers, the highest in our history. This is a clear indicator of how our talent is aligned with today’s customers.
We also use CRM tools to reward loyalty, recognising and appreciating our long-standing policyholders, ensuring the emotional connection stays as strong as the functional one.
To what extent does customer trust in SLIC Life stem from its legacy versus recent efforts in modernisation and engagement?
Our legacy is the bedrock on which trust has been built, but relevance sustains it. While customers admire our history, they engage with us because of what we offer today.
Modernisation has been a key pillar of our transformation. Our digital enhancements, including seamless onboarding and service delivery, have strengthened transparency and convenience. For example, our claims settlements now average over Rs1 billion per month, setting industry benchmarks for speed and accountability.
The company also achieved Rs5.3 billion in new business in 2024, the highest in its history, while continuing to reward policyholders with a record Rs12.5 billion Life Insurance bonus.
These milestones show that we are not resting on our reputation. We’re building on it, deepening trust with every interaction.
How is SLIC Life evolving its offerings and communications to resonate with younger generations and first-time policyholders?
We understand that younger generations view insurance differently; they are driven by empowerment, transparency, and digital fluency. To meet these expectations, we’ve developed flexible, digital-first plans and ensured our platforms are mobile-friendly, responsive, and intuitive.
We’ve also positioned our advisors to connect meaningfully with younger customers. Many of our MDRT achievers are themselves from these demographics, building a natural sense of relatability and credibility.
Our financial literacy drives and simplified communications target first-time earners and young families, helping them navigate important life milestones with confidence. We are present along their journey, from starting a career to raising a family.
We believe insurance should be aspirational as much as it is responsible. Our messaging now focuses on what policyholders and their families can achieve, not just what they’re protected against.
What role does social responsibility and national impact play in shaping the brand identity of Sri Lanka Insurance Life?
Social responsibility is not a campaign for us, it’s a commitment. Our role as a life insurer is inherently linked to the well-being of society. As such, we integrate social impact into our brand identity and operations.
In 2024, we offered free life insurance cover worth Rs1 million to parents of newborns on World Children’s Day for the third consecutive year, and our Subapathum Scholarship Programme supports 275 high-achieving students annually. We’ve also assisted over 1,100 families affected by floods and extended support during national cultural and religious events like Poson. Beyond emergency response, we’ve contributed to cancer awareness campaigns and hospital donations, focusing on longterm community wellness.
These initiatives reflect our understanding that insurance is not just about policy coverage, it’s about standing with people through every phase of life.
What feedback mechanisms or customer insights have most influenced the brand’s strategic direction?
Insight sits at the heart of our strategic evolution. We place a significant emphasis on understanding our customers, and this is primarily driven through our Net Promoter Score (NPS) research, which helps us gauge customer loyalty and satisfaction in a tangible way. Alongside this, we invest in consumer behaviour studies, both internal and external to identify emerging trends, evolving needs, and gaps in service. These insights are constantly enriched by feedback from our 8,000-strong advisor network, our islandwide branch footprint, customer service interactions, and our digital platforms.
What makes our approach unique is how quickly we translate insight into action. From simplifying product structures to enhancing claims transparency, reducing jargon in customer communications, and designing financial literacy initiatives, each decision reflects an understanding of the real customer experience. It’s a continuous loop of listening, analysing, and refining, allowing us to remain relevant, responsive, and purpose-driven.
What achievements or milestones best illustrate the transformation and ambition of SLIC Life in recent years?
The transformation of SLIC Life over the past few years is best reflected in the outcomes we’ve achieved since our strategic reset in 2021. In 2024, we reached several significant milestones that underscore both our business strength and our brand maturity. We recorded a profit before tax of Rs30.7 billion, Gross Written Premiums of Rs26.3 billion, and a Life Fund that grew to Rs213.2 billion. Most notably, we achieved Rs5.3 billion in new business volume, the highest in our company’s history, and declared a Rs12.5 billion Life Insurance bonus, reaffirming our commitment to policyholders.
In parallel, we were recognised as the Most Loved Insurance Brand for the eighth consecutive year, ranked among Sri Lanka’s Top 100 Most Valuable Brands, and honoured with the Best Management Practices Company Award under the Public Sector Category. These achievements are not just metrics. They reflect a broader transformation that combines financial excellence, digital modernisation, and a deeper cultural shift within our teams. With our record-breaking number of MDRT qualifiers and a KPI-led performance culture, SLIC Life is now more agile, ambitious, and future-ready than ever before.
Further information about the 100 Most Valuable Brands in Sri Lanka:
Sri Lanka’s Top 100 Most Valuable Brands
Introducing Brand Finance and Sri Lanka’s Most Valuable Brands
Brand Valuation Methodology: Identifying Sri Lanka’s Top 100 Brands