Sri Lanka Insurance awarded Most Valuable General Insurance Brand

• State-owned giant also emerges 1st runner-up in Most Valuable Life Insurance Brand by Brand Finance 2023
• Sri Lanka Insurance awarded prestigious Most Valuable General Insurance Brand for 6th consecutive year by Brand Finance on Sri Lanka’s most valuable and strongest brands 2023
• Sri Lanka Insurance Life secures 1st Runner-up in Most Valuable Life Insurance Brand by Brand Finance 2023

Brand Finance has valued the Sri Lanka Insurance General Brand at Rs. 3.2 billion with a brand rating of AA+ while Sri Lanka Insurance Life brand has been valued at Rs. 2.7 billion. SLIC Life brand has moved up by 2 ranks to become the 34th Most Valued Brand competing with giant retails brands in the country.  

As per the Brand Finance 2023 Annual Report, “The General Insurance industry in Sri Lanka has been significantly affected by various factors including reduced disposable income due to inflationary pressures, rupee depreciation, and tax reforms. Despite the challenging operating environment and the ongoing pandemic, Sri Lanka Insurance maintains its position as the top General Insurance provider with a brand value of Rs. 3.2 billion”. 

Sri Lanka Insurance General, has carefully curated insurance solutions to fit different market segments Ex. Senior Citizens, Female Drivers, Three-wheeler, Lifestyle segments etc. The flagship brand Sri Lanka Insurance Motor Plus dominates the vehicle insurance market by introducing many innovative motor insurance solutions to the aforementioned segments inclusive of Motor Plus Loyalty Rewards which provides value added services.

SLIC introduced many firsts to the Insurance industry in terms of Insurance solutions in the year 2022. Motor Plus Pinnacle the premium motor insurance product, Motor Plus Drive 60 a motor insurance product for senior citizens and JanaRakuma a personal accident cover affordable for all. SLIC also introduced Medi 60 the first and only acceptable medical cover for the senior citizens of the country and School Fee Protector the only insurance policy that takes care of children’s education expenses in an unlikely event of demise or permanent disability of the breadwinner of the family.

Sri Lanka Insurance Life boasts a product portfolio consisting of an array of insurance solutions that cater to different insurance needs of the market and has revamped its core insurance solutions to ensure life insurance is more accessible to the mainstream market. 

Understanding the modern consumer SLIC has been taking the lead and making steady progress in transforming its operational architecture and front end customer interfaces to ensure increased digital integration to ensure extreme customer convenience. Claim settlement process has been re-engineered to facilitate fast-track and contactless claim settlements to customers. SLIC also accelerated the digital strategy to strengthen its internal process architecture to support its employees and empower its sales agents to make a greater impact on service excellence.

Recently Sri Lanka Insurance was also awarded the Most Loved Insurance Brand in both Life and General categories by Brand Finance for the sixth consecutive year. This affirms the impact Sri Lanka Insurance as a brand has on the people of this country, its strong presence in the market and the brands ability to demonstrate greater empathy towards the people of this country.