Finlay Insurance Brokers expands to north and east

Tuesday, 28 May 2013 01:44 - - {{hitsCtrl.values.hits}}

A leading insurance broker in Sri Lanka, Finlay Insurance Brokers (Pvt.) Ltd., (FIBL) recently opened its branches in Jaffna and Batticaloa, expanding its branch network in Kandy, Kurunegala and Katunayke, in addition to its base operation in Colombo.

In a release to the media, FIBL Director T.S. Arulanandan, said that the company was committed to taking the concept of insurance brokering directly to the provinces, thereby making available the concept of a professional insurance intermediary whose technical and marketing services are available without cost to the consumer.

“When a client deals with an insurer on a direct basis, the relationship can be uneven in that the insurer has an excellent knowledge of insurance whilst the purchaser of cover or the policy holder has, at best, a rudimentary grasp of the subject. The use of the insurance broker, an expert in the field, rights this balance in that the broker represents the interests of the client to the insurer and ensures that the transaction is more on even keel,” Arulanandan said.

He stated that insurance brokers control about 24% of the general insurance market and less than 0.5% of the life segment. “Insurance premium as a percentage of GDP is only around 1.2%, and seems to be declining and this reflects the enormous potential that exists in the market for growth and specifically growth through insurance brokers. Why risk dealing with an insurer on a direct basis when the significant resources and market reach of the broker is available without any cost,” he adds.

FIBL has a strong focus on the large corporate segment in the market, but has also developed services to individuals. Unique coverage, ease of documentation, service excellence, fast tracked claims and competitive pricing all backed by secure underwriters are features of such services.

Jaffna Branch Manager Nithila Thavayogarajah stated that she was pleased that a company like Finlays with an involvement in Sri Lanka since 1893 and moreover, one that had being dealing as an insurance intermediary all of that time, had set up a branch office in the North. “With excellent relationships with all insurers and access to the global market through agency arrangements with international insurance intermediaries and underwriters, FIBL will bring global expertise in insurance to the people of Jaffna,” she said.

Batticaloa Branch Manager Anthony Newmen said that as an ISO 9001:2008 Certified company, “FIBL would be committed to delivering services of value to clients in the region. An agent represents a particular insurance company to the client, whilst the broker has access to all insurers, in an expert in the field and represents the client to the insurer,” he said. “We will be looking to deliver a number of unique service features to clients in the near future and look forward to popularising the use of an insurance broker in the district,” he added.

FIBL is a wholly owned subsidiary of Finlays Colombo PLC, and is licensed to operate as a broker by the Insurance Board of Sri Lanka. Finlays also owns a subsidiary in the Republic of the Maldives which functions, and is licensed to operate as an insurance broker. FIBL is a diversified company, quoted on the Colombo Stock Exchange whose ultimate parent is the Swire Group.