Softlogic Life and Dialog partner to disrupt insurance industry

• Launches ‘Per Day Insurance’ to cover 11.8 million Dialog subscribers 

By Charumini de Silva

Softlogic Life and Dialog Axiata Plc recently entered into a strategic alliance to launch ‘Per Day Insurance’ covering 11.8 million Dialog pre-paid and post-paid subscribers across Sri Lanka. 

Dialog Axiata Director and Group Chief Executive Supun Weerasinghe (left) and Softlogic Group Chairman Ashok Pathirage exchange the agreement – Pic by Lasantha Kumara

Enhancing the existing the Per Day Insurance service portfolio of hospitalisation and accident covers, Softlogic Life believes this will enable all Dialog mobile customers to enjoy the benefits of a comprehensive life insurance package for as low as one rupee per day.

This revolutionised life insurance cover extends from Rs. 100,000 to Rs. 1,000,000 and the daily premiums graduate from Rs. 1 to Rs. 10 per day through a transparent and hassle-free subscription process which does not require any documentation. The service also extends life protection up to the age of 70. 

With mobile technology fast becoming more important, Softlogic Life Managing Director Iftikar Ahamed said firms were now concentrating on mobile-first solutions to enhance their value-added services to the public.

“Innovation is a core principle of Softlogic Life,” he told journalists in Colombo last Friday.

Noting that Sri Lanka’s insurance penetration was around 0.5%, he said Softlogic Life sees this as a great opportunity. 

It was pointed out that in economies that surpass $ 5,000 to $ 6,000 per capita levels there was a surge in penetration and a growth in life insurance. 

Ahamed said looking at the Asian average of 3.7% against Sri Lanka’s 0.5% there was huge potential for the industry within the next three to five years.

He believes the future of insurance penetration will be driven by products that are relevant, easy to purchase and deliver on promises swiftly. 

Agency force, bancassurance and mobile were outlined as key distribution channels of Sofltogic Life.  

Commenting on the partnership, he said: “The simple life protection product was designed based on two important ethos: one, offer an adequate life insurance cover for every Dialog customer and two, give Dialog customers the ability to purchase it with ease. Our latest offering will empower Dialog customers to make a worthy choice vis-à-vis their family liabilities and protect their loved ones’ future financial prospects at an affordable price.”

Group Business Development General Manager Chinthana Jayasekara said mobile technology continues to enable reach for products and services from across multiple verticals to reach the vast majority of the population.

“We are continuously looking at delivering products and services that complement innovation,” he said, adding that Per Day Insurance is one such product in which Dialog used innovation to enable financial inclusion. 

He said this micro-insurance product which segments the insurance premium into a daily sachet would greatly benefit millions of Sri Lankans.

Jayasekara said that as mobile technology continued to grow other industries could leverage on that to reach a wider audience. 

Softlogic Life ensures reliability and efficiency for Dialog customers in terms of claim settlements, considering its globally award-winning reputation with claim settlements over the years. In 2016 alone Softlogic Life gave away health claims worth more than Rs. 100 million and settled 80% of its claims within 24 hours. 

Softlogic Life has also collaborated with MILVIK Lanka Ltd. as the customer service support partner to deliver further convenience to the consumer.

Dialog Axiata Plc Group Chief Executive Officer Supun Weerasinghe said: “Mobile Technology enables products and services from across multiple verticals to reach a vast majority of the population, maximising affordability and convenience. We will provide the mobile platform in enabling Softlogic Life with delivering this unique product to our customers. The launch of this micro-insurance product further complements our ongoing innovation thrust, while allowing Softlogic Life to leverage on our extensive network and reach.” 

Dialog customers can register for the service via their mobile by dialling #107*1#. Upon successful registration, a SMS will be sent to the user with details. For pre-paid customers, a fee will be deducted from their credit balance daily and for post-paid customers it will be added to their monthly bill. In the situation of an unfortunate death, the nominee will have to inform the dedicated customer care agent by dialling 444. After submission of the required documents, the claim will be awarded to the user within 72 hours.