Insurance Awareness Month kicks off with focus on empowering Sri Lankans

In conjunction with the celebration of the 8th National Insurance Day on 1 September, the Insurance Association of Sri Lanka (IASL) has announced the commencement of Insurance Awareness Month 2024, which will take place from 1 to 30 September. 

This year’s theme, “Empowering Lives, Strengthening Our Nation,” highlights the critical role that insurance plays in safeguarding the futures of individuals, families, and businesses across the country. The primary objective of this month-long initiative is to educate the public on the necessity of securing insurance policies to protect their health, life, and property. By doing so, the campaign aims to bolster the economic resilience of the nation, ensuring that both individuals and businesses are well prepared to face any unforeseen challenges.

IASL said the Sri Lankan insurance industry has weathered numerous challenges alongside its citizens in recent years. Even during a time of economic transformation marked by inflation, increased taxes, and a higher cost of living, the industry remains committed to empowering Sri Lankans through insurance and serving as a strong pillar of economic stability. The resilience and adaptability of the Sri Lankan insurance sector have turned these challenges into opportunities. As healthcare costs, medicine prices, and general inflation rise, insurance offers stability and assurance, protecting individuals in both their current lives and future endeavours against unforeseen circumstances.

In a rapidly evolving digital landscape, the insurance industry in Sri Lanka is continuously adapting to meet the changing needs of its customers. With advancements in digitalisation, including the integration of artificial intelligence, machine learning, and machine-to-machine services, the industry is enhancing its offerings, making insurance products more accessible and user-friendly. The introduction of digital payment gateways, customer apps, and streamlined onboarding processes are just a few examples of how the industry is leveraging technology to provide greater convenience and efficiency to policyholders.

As a highly regulated sector, the insurance industry in Sri Lanka offers a robust framework that ensures customer protection and trust. The Insurance Ombudsman service, established in collaboration with the regulator, provides a platform for consumers and companies to address grievances, further reinforcing the industry’s commitment to transparency and accountability. Moreover, the industry plays a pivotal role in the country’s economy, not only by protecting financial assets but also by creating job opportunities for thousands of individuals throughout the years. The industry also plays a key role to empower youth and women by creating opportunities to develop themselves as insurance professionals, IASL added.