Sri Lanka Insurance achieves milestone with unmatched rs10.4b life insurance bonus for policyholders

Sri Lanka Insurance (SLIC) declared the highest-ever life insurance bonus of Rs10.4 billion, solidifying its position as the largest insurance provider. With prudent investment management, SLIC has consistently offered unparalleled bonuses to its life policyholders, totalling Rs92.8 billion since 2006. This remarkable milestone reflects the organisation’s dedication to maintaining policyholders’ trust and upholding its status as the strongest insurance provider in Sri Lanka. Additionally, SLIC’s stellar financial performance in 2022, with a profit before taxation of Rs12.47 billion and combined revenue of Rs41.2 billion, further cements its reputation as the largest and most reliable local insurer. The Chief Executive Officer of Sri Lanka Insurance Chandana L. Aluthgama shares insights into the firm’s strategic approach to innovate and lead despite challenging market conditions.

What is the significance of Sri Lanka Insurance’s declaration of the highest-ever Life Insurance bonus of Rs10.4 billion to its policyholders?

SLIC’s declaration of a record-breaking Rs10.4 billion Life Insurance bonus holds immense significance as it marks the highest bonus ever declared in the history of the Sri Lankan insurance industry. This achievement reflects SLIC’s prudent investment management and unwavering commitment to policyholders. Since 2006, SLIC has consistently declared the highest Life Insurance bonus each year, amounting to an unmatched total of Rs92.8 billion, solidifying its position as the strongest insurance provider in Sri Lanka.

Does this mean Sri Lanka Insurance is currently in a strong financial position?

Yes, absolutely. In 2022, SLIC recorded a remarkable profit before taxation of Rs12.47 billion, with a combined revenue of Rs41.2 billion. The revenue generated from Life Insurance premiums alone was Rs20.9 billion. Despite challenging market conditions, SLIC increased its asset base to Rs274 billion and the life fund to Rs156.7 billion, further establishing itself as the largest and strongest local insurer. These financial achievements and prudent investment management enabled SLIC to provide higher returns to its policyholders.

How is SLIC leveraging digitization for an enhanced customer experience?

SLIC recognizes the importance of digital transformation in delivering a superior customer experience. Embracing technology, SLIC has transitioned from traditional processes to digitized environments, offering services on online platforms to cater to present-day demands. For instance, since last year, all bonus certificates have been issued digitally through SMS, email, and the SLIC Mobile App, available on both Apple App Store and Google Playstore. This customer-centric approach ensures convenience and accessibility for policyholders.

Can you elaborate on the customer-centric strategies implemented by Sri Lanka Insurance in 2022?

In 2022, SLIC proactively identified new market segments and their unique needs, leading to the introduction of products like the School Fee Protector. This innovative insurance cover takes care of children’s education expenses in the unfortunate event of the breadwinner’s loss or permanent disability. Additionally, SLIC launched the Life Loyalty Rewards program, offering a range of exclusive benefits to its loyal customers throughout the policy term. To enhance customer convenience, SLIC added payment gateways, introduced 0% interest easy payment schemes, simplified customer onboarding, and streamlined underwriting and claim processes on digital platforms. These initiatives showcase SLIC’s dedication to putting customers first.