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This was achieved while still honouring a hefty Rs. 1.9 billion in claims. Claim management and disbursement is a critical driver of performance both in customer expectations and in building brand equity.
Growth in total assets rose 8% from December 2012 mounting to Rs. 17.1 billion and the company recorded a consolidated GWP of Rs. 4.3 billion, a growth of 11% in life insurance and 12% in non life insurance versus last year. Investment and other income grew by 75% which reflects an ability to leverage a successful half year performance with strong investment strategies.
Janashakthi has recorded the highest profit after tax amongst the peer group of insurance companies that have reported in so far. This is a consistent performance in keeping with the company’s performance in the prior year where the company posted the best results for profit after tax at the half year mark.
“We have paid out a high amount of claims. This is indicative of our commitments to our customers in their time of need. We are delighted with the performance and the future looks strong,” stated Janashakthi Insurance PLC Managing Director Prakash Schaffter, commenting on the company’s results.
“Strong growth in both life and general insurance and the anticipated consistent double digit growth in life segment is finally coming in to play. This has boosted sales morale and is impacting on a much higher calibre of recruitment as Janashakthi now becomes the most favoured employer in the sector.
“Consolidating this will be the linchpin of our success when we continue to attract and retain the best of the best. The re- positioning in branding strategies as well as innovative product launches in the pension segment are paying off. We have some of the best technology and claims management processes in place already so this has helped complete the total delivery,” Schaffter added.
“The company has recorded a steady growth in all areas of general insurance. Our motor business has best in class service. We are the only insurer with our own garage. Our 24-hour call centre, island-wide assessor network and vehicle emergency services help us live up to our Full option promise. We are now focusing on developing the range of our products for the life segment to ensure that the company provides unmatched products for the differing needs of the Sri Lankan consumer. The Life Unlimited product, for instance, was the first and only product anywhere in the world to offer hospitalisation cover even after the policy matures,” commented Schaffter.
Janashakthi Life Saver was launched during the first quarter and is a product which factors in Sri Lanka’s changing demographics of an aging population. It is a trail blazing initiative in the market with a unique offer of a monthly pension sans an age limit, thus providing a financial solution to individuals when they most need it.
Janashakthi has also led the way in technology upgrades and has aggressively pursued new channels and market development in hitherto unchartered areas such as M-Insurance with pioneering initiatives to harness the potential of mobile technology in product and service innovation. JIPLC launched a life insurance policy for post-paid customers of Mobitel and a world first M-Travel product for Dialog Axiata at Rs. 175 a day covering $ 50,000 in health claims.
Janashakthi has a widespread branch network in all corners of the country. The company’s steady performance across the board needs to be taken into the context of the company’s continuing commitment toward social responsibility initiatives such as water management and rural athletics.
The cornerstone to Janashakthi’s exceptional performance is their strong commitment to responding to market needs.
“We have revamped our company under a transformational promise of ‘inspiring confidence’.” In this, the corporate value proposition has been internalised to listen and respond to the most important voice of all; that of our customers. We believe that we must understand how customer behaviours and attitudes are changing. Previous assumptions and received wisdom about customers may no longer be reliable, it is a buyers’ market and customers want reliability, resilience and flexibility. We think right now we are best placed to take the high ground and ‘inspire confidence’ driving the industry to raise the bar in service standards, channel marketing and product innovation,” concluded Schaffter.
Janashakthi continues to reflect a very healthy capital structure in having nearly eight times the required level of capital for its business operation and have the highest paid up share capital of any listed insurance company.
