When COVID struck and the insurance industry hesitated, Softlogic Life stepped forward. It honoured every claim, without external backing, reinforcing a brand built on accountability, speed, and innovation. That trust has earned it a customer base of over 1.3 million Sri Lankans, including many of the country’s leading corporations. Whether through AI-powered claims that can be settled quickly or mobile-based micro-policies that expand access, Softlogic Life is reshaping what life insurance looks like in Sri Lanka. Iftikar Ahamed, Managing Director of Softlogic Life, shares how the company continues to grow by blending purpose with technology and scale with service.
Softlogic Life achieved a tenfold increase in Gross Written Premiums (GWP) over the last decade. What were the most defining decisions or turning points behind this growth?
When we started out, we felt the life insurance industry was quite static. Following the Softlogic Group’s acquisition, one of the first things we did was to set up a dynamic team. That’s how our journey of growth started, and I was appointed as Managing Director in 2014. Personally, it helped that I didn’t come from an insurance background, so I questioned everything. And one of the key things that we picked up on early was distribution.
Most life insurance companies at the time operated through a pure agency model. Agents, who are typically not permanent staff, are paid based on the business they bring in. We had a strong agency network that had been built over time, and we saw it had much untapped potential. So we focused on further enhancing that channel while also building two others.
The second was the alternate channel, which works with banks and corporates. Through partnerships, we could access large customer bases efficiently, especially with credit life and group health products. The third was the micro-mobile channel, which uses platforms like Dialog Axiata and the Sri Lanka Post to reach underserved communities. With Dialog Axiata, for example, customers can get life cover for as little as Rs. 50, directly charged to their phone bills.
Together, these three channels helped us scale significantly. We now serve around 1.3 million customers, the largest customer base in the country. Our portfolio spans all segments, from low-income micro-insurance products to high-end international health plans that lead the market. This approach has been central to our growth in acquiring the largest number of customers in the shortest period of time.
What does it mean to serve over 1.3 million Sri Lankans, carrying that level of responsibility in a shifting economic and social landscape?
It’s a big responsibility, and it’s something we’re honoured to have. We feel privileged to be in a position where we can serve so many people, and we take that responsibility very seriously in everything we do. When it comes to insurance, the most important thing is claims. Customers buy insurance so that, when they need it, their claim is paid. That’s something we’ve put right at the centre of our focus. We’re here because of our customers, and this is what matters most to them.
From the start, we set ourselves a target: over 80% of our claims should be settled within a single day. That was unheard of in the insurance industry. But we committed to it, and we’ve delivered. We even publish our claim settlement performance on our website. It usually ranges between 80% and 90%. As long as a claim is payable, there’s no reason to hold it up. We’ve built the processes and systems to support this: eligibility checks, fraud detection, and investigative teams that look into that percentage of claims which require close scrutiny. But most are genuine and straightforward. Once a claim is verified, our job is to get those funds to the customer as quickly as possible.
Softlogic Life became one of the first insurers in Sri Lanka to settle a claim through AI. How did that moment reshape its approach to service delivery?
We always want to be ahead, and to do that, we need to stay ahead of the technology curve. It’s the innovation we bring into the business that gives us the edge. And as I’ve said before, nothing is more important than settling a customer’s claim. Traditionally, the insurance industry doesn’t have the best reputation for claims. People assume insurers hide behind fine print or delay payments by asking for endless documents. We’ve worked hard to change that. Our AI journey has been transformational.
Today, if someone sends us a medical claim through their phone, tablet or any other device, the system automatically checks the content, verifying the illness, cross-checking policy conditions, checking medication and dosage, and applying payout limits. It also detects signs of fraud or alteration. Once cleared, the claim goes straight into CEFT, the banking system for payment. A significant portion of our claims is now settled entirely through this automated process, without any human touch. It’s intelligent, fast, secure, and designed to benefit our customers.
How does Softlogic Life’s technology strategy align with its broader goal of revolutionising life insurance in Sri Lanka?
Without technology, it’s very difficult to deliver what customers value and to run operations efficiently. Around 8 years ago, everything was paper-based. We were one of the first insurers to roll out a digital process for policy submission. At the time, other players were issuing tablets to advisors to kick-start this behaviour. But when we looked at the cost versus policy volume, it didn’t make sense. So we flipped the model, where any advisor who submitted proposals digitally was paid per application. We had built in security protocols to ensure safe access, even on shared devices. Within a few months, we had shifted entirely to digital submissions.
We’ve also digitised internal processes across underwriting, servicing, claims, and maturities. For example, we process maturity payments a week ahead, so customers don’t have to fill out forms and have delays in receiving proceeds. It’s all part of improving the experience. Technology also makes things more accessible and scalable. It’s no longer expensive, and the pace of change, especially with AI, is fantastic. In the last few years, our policy and claim volumes have nearly doubled, yet our operations headcount has remained the same. That’s because we’ve used AI and Robotic Process Automation to speed things up without increasing cost.
Softlogic Life offers a diverse range of products. How do you balance innovation with accessibility for all income levels?
Firstly, we needed to anchor ourselves around a strong offering, and we chose health protection, because everyone needs it. You never know what’s around the corner. COVID was the perfect example. It came out of nowhere and put real pressure on people’s ability to access healthcare.
During 2020 and 2021, while many of us were either stuck at home or being treated in hospitals, Softlogic Life paid all COVID claims without having to rely on any reinsurance support. At the time, it was a tough call, but in hindsight, it became one of the strongest demonstrations of what insurance is meant to do. It built trust when people needed it most. That experience helped drive the growth of health insurance for us. Today, we’re the largest health insurer in the country, with around 35% market share. In 2024 alone, we paid roughly Rs11 billion in protection claims.
While we offer a broad product mix, we’ve stayed focused on protection, health, critical illness, mortality, and disability. We also have some investment-linked products, but margins there are smaller. Protection carries more risk, but it also lets us create real value for both our clients and our business. So it’s about offering solutions across all income levels, but always anchoring it in meaningful protection.
In a price-sensitive market, what does customer loyalty look like for a brand like Softlogic Life, and how do you earn it?
Insurance is not a tangible product. It’s a promise to pay if something happens, and earning customer trust is a big part of that. In the early stages, when you’re smaller and still building, it’s much harder. You need to scale, stay profitable, and still pay every claim, along with other obligations. But like in any financial services business, once you reach a certain level of scale, trust becomes easier to build. People know you. Today, with 1.3 million customers, we estimate we serve around one in three working Sri Lankans. That makes us a familiar name.
Especially, our focus on technology and claims service has helped position Softlogic Life as a go-to brand for life and health insurance. We’ve seen this reflected in surveys, where we consistently score well with both the public and our policyholders. Customer loyalty comes from consistently delivering value. That’s why we’re always asking ourselves: How do we make it better, add more value, and give people the assurance they’re looking for? Today, we have 3 market-leading products, but we’re constantly on a journey to improve ourselves.
As Sri Lanka continues to shift towards more techenabled and proactive care models, how is Softlogic Life evolving its identity as an insurer?
Positioning is everything when a market starts to shift. If you’re already at the front, it’s easier to adapt. We see ourselves at the forefront when it comes to technology, which is why many major companies choose us for their health insurance after carefully evaluating all options that are available. We’re constantly looking at how to improve every process using AI and technology.
Everything we do is geared towards making insurance more accessible, proactive, and seamless through your phone. That is where we believe the future lies. We’ve benchmarked ourselves against insurers across the region, and we’re confident that we’re either keeping pace or staying ahead. Our shareholder base includes LeapFrog Investments, who see Softlogic Life as a standout performer in their global portfolio. That is a result of our technology, distribution models, and a team that is genuinely passionate about serving our customers and growing the business.
All of this together places Softlogic Life in a great position. Sri Lanka’s insurance market is still underpenetrated. We see tremendous potential to keep growing. It’s good for us, and it’s good for the industry. We’re committed to playing our part in strengthening the sector, and more importantly, being there for our policyholders, especially when those difficult moments come around.
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