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Thursday Nov 28, 2024
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Sri Lanka Insurance Corporation (SLIC) has upheld its leadership position in the General Insurance sector for the year 2021.
The flagship brand “Sri Lanka Insurance Motor Plus” also continued its tradition of leadership being the leader of the motor insurance market. In a statement, SLIC said, in 2021 it reported 5.4% growth in premium to reach a total value of Rs. 21.2 billion amidst the stagnant market conditions.
SLIC commands a market share of 21.73% leading the General Insurance market. The non-motor insurance segment recorded a phenomenal growth of 15% achieving a GWP of Rs. 9.5 billion while the Motor Insurance segment achieved a GWP of Rs. 11.6 billion leading the motor insurance segment.
SLIC was awarded the “Most Valuable General Insurance Brand” in the Brand Finance report on Sri Lanka’s Most Valuable Brands 2021 edition proving its prowess to be awarded the prestigious title for the fourth consecutive year.
Sri Lanka Insurance Motor Plus redefined the motor insurance experience introducing multiple innovative motor insurance products to unique insurance needs of the market. Motor Plus Ladies Only, Motor Plus Tuk, Motor Plus Rider and Motor Plus Commercial are among the exclusive insurance solutions embraced by motor insurance customers in the market. The re-engineered motor claim settlement process facilitates fast-track and contactless claim settlements to customers.
SLIC’s “Medi 60” another innovative insurance solution, designed especially for senior citizens of Sri Lanka was launched in celebration of the 60th anniversary. The medical insurance covers an array of health insurance needs and no medical test is needed to be eligible to obtain the insurance. The ‘Medi 60’ Health Cover enables senior citizens to reimburse medical charges, including hospital and surgery costs and medicinal expenses.
Sri Lanka Insurance Business Club the trade insurance was revamped to provide a comprehensive package insurance solution to fit the diverse insurance needs and risks of small and medium enterprises (MSMEs) with the prompt settlement of insurance claims.
Further ‘Suraksha’ insurance scheme which was initiated as a collaboration of the Ministry of Education and SLIC in the year 2017 was once again awarded to SLIC to facilitate 4.3 million school children by providing financial assistance to ensure uninterrupted education.
“Nagaraja” , an exclusive medical insurance cover, was also launched as the first insurance product designed in Sri Lanka to extend protection for Buddhist clergy and their family members.
SLIC is keen on embracing technological developments and introduced the first-ever comprehensive mobile app for customers to fulfil their insurance needs. The SLIC mobile app is a next-generation platform with many enhanced features and it was proven to be a useful tool during the pandemic and currently has 33,000 interactions per week.
The increased digital integration with other service providers provided many access points for customers to obtain uninterrupted insurance solutions during the pandemic period.
SLIC said its general insurance portfolio offers a range of policies that cover a variety of eventualities with expertise perfected over 60 years of service.
