Ceylinco Life partners Sri Lanka Post for premium collection

Life insurance leader Ceylinco Life has broken new ground in a partnership with Sri Lanka Post to give policyholders in Sri Lanka another 4,000 plus outlets to pay their premiums.

A milestone agreement signed by Postmaster General Rohana Abeyaratne and Ceylinco Life Managing Director/CEO R. Renganathan paves the way for 653 post offices and 3,410 sub post offices to collect insurance premiums from policyholders of Ceylinco Life.

Hailing the agreement as historic, Abeyaratne said that the Department of Posts hoped to begin premium collection some time in December 2016, significantly enhancing convenience for Ceylinco Life policyholders.

Renganathan said the collaboration between the company and Sri Lanka Post was a good example of a private-public partnership that was a win-win situation for both sides. “For the company, there will be a reduction in the cost of collecting premiums and for the Postal Department there will be a new source of revenue,” he said, disclosing that Ceylinco Life’s collections averaged more than Rs. 1.3 billion a month.

Ceylinco Life has already used Sri Lanka Post’s Speed Post express service to deliver more than 75,000 policy documents to date, Renganathan added.

Ceylinco Life policyholders have several options for the payment of their premiums. Besides visiting a branch or making the payment via mobile Point-of-Sale (mPOS) devices carried by the company’s sales personnel, they may pay their premiums online by bank or credit card standing order or via the eZ Cash mobile payment platform of Dialog or the ‘Mcash’ service of the Mobitel network.

The market leader in Sri Lanka’s life insurance sector since 2004, Ceylinco Life has close to a million lives covered by active policies. The company is acknowledged as the benchmark for innovation in the local insurance industry for its work in product research and development, customer service, professional development and corporate social responsibility.