Insurance for the living from Arpico Insurance

Arpico Insurance PLC was incorporated as a Public Limited Company in 2011, and received the license as a Life Insurer in the same year by the Insurance Board of Sri Lanka primarily providing life insurances. The company reached a GWP of Rs. 100 million within the first year of its commercial operations.

It was the Group Chairman, Dr. Sena Yaddehige’s visionary leadership thinking that made the group venture into the insurance business in 2011. He saw life insurance as a social need and had the objective of offering an affordable insurance solution for Sri Lankans with living benefits, and making it accessible to a wider audience through a network of branches. With his guidance Arpico Insurance PLC has performed successfully in the insurance business and has been awarded outstanding titles.

The company completed the year 2016 on a high note, recording a GWP of Rs. 740 million and with a profit of Rs. 107 million, which is a growth of 56% and 328% respectively. Having triumphantly completed its first five years in the industry, Arpico Insurance has won the award for the ‘Fastest Growing Life Insurance Company in Sri Lanka for 2017’ in its sixth year of operations. 

“Our company is built on values which are its pillars of strength and the force behind its success. As a growing insurer, we believe that it’s important to be unequivocally ethical and authentic in all our actions,” says Acting Chairman Viville Perera as mentioned in the company’s Annual Report 2016.

Within a short span of time Arpico Insurance PLC has been able to create a steady competition in the field of insurance for its competitors. These accomplishments are backed by the strength of Arpico Group of Companies, namely Richard Pieris and Company PLC, which has been in existence for the past 85 years winning the confidence of the Sri Lankan community as a strong business conglomerate.

‘Insurance for the Living’ the company’s tagline boosted to its pinnacle in the insurance industry, highlighting a new concept of customer benefits. In essence, by obtaining an Arpico life insurance cover, the customers are provided with necessary additional benefits based on their needs in terms of Health and Education facilitating the customers an undisturbed family life. 

Arpico Insurance PLC has 33 branches at the moment and will expand its network up to 45 branches by March 2018. The company offers wide range of products to the customers including Arpico Endowment plan, Arpico Term Assurance plan, Arpico Education plan, Arpico Hospitalisation plan, Arpico Investment plan, Arpico Group Assurance plan, Arpico Loan Protection plan and the Privilege Customer Insurance Scheme.

Life insurance is a segment that is yet to penetrate among the people in Sri Lanka, especially in rural regions. According to statistics, only about 14% of the population is said to have obtained life insurance covers and the awareness is now steadily picking up. With 1 September being declared as the National Insurance Day, spreading awareness across the country has positively influenced and the government and the IBSL have been actively involved in this venture. 

Arpico Insurance has taken steps to educate people especially in the rural areas spreading awareness about the importance of a life insurance cover. Perera stated that the company has taken initiatives to educate the public in terms of their insurance needs, why they need a life insurance cover and how it can help them.

With the intention of interacting with customers more efficiently, Arpico Insurance has launched a DAV station along with a Mobile App, stepping in to an extra mile. 

Recruitment of youth due to the general perception of Insurance Salesmanship is another obstacle within the industry where Arpico Insurance has taken initiatives such as career guidance programs and educational programs concentrating on localities around its branches in order to change the perception towards Insurance related employments.

In conclusion, Perera invites all Sri Lankans to obtain a life insurance cover together with their loved ones especially with a proper coverage in health and education. Through an Arpico Life Insurance cover a family is guaranteed to lead a happy life, transferring any burden in their lives to the Insurer to look after. 

Richard Pieris & Co. PLC is a diversified business conglomerate with a rich history of 85 years. Its flagship brand “Arpico” is one of the most powerful local household brands in Sri Lanka for over 50 years, serving the community with a diverse range of products across many sectors such as manufacturing, plantations, financial services, exports, FMCG, construction, logistics and retail. The retail sector led by its flagship brand “Arpico Supercenters” operates one of the largest modern trade chains in the country. A diverse melting pot of talent, comprising a workforce of over 35,000, Richard Pieris & Company PLC is one of the largest employment providers in the private sector in Sri Lanka.