People’s Insurance scores Gold at 2013 LACP Vision Awards

Monday, 11 August 2014 00:00 - - {{hitsCtrl.values.hits}}

People’s Insurance Limited has once again secured Gold at the 2013 Vision Awards, organised by the League of American Communications Professionals (LACP) in Florida, USA, following the Gold Award for their first annual report in 2012. The innovatively designed Annual Report strived for the Gold Award amidst stiff competition from companies within the Asia-Pacific and Americas regions. The Annual Report was also recognised with honours for comprising the ‘Best Annual Report Narrative’ in the Asia-Pacific region and ranked amongst the ‘Top 80 Annual Reports’ in the Asia-Pacific region selected from the entire spectrum of industries in the competition. At this year’s awards, a total of nearly 1,000 entities from 25 countries competed to be noted amongst the world’s best corporate annual reports for the year 2013.

Vision Awards, is one out of two major international honours disciplined to recognise outstanding annual reports, on a global scale. In addition to the Gold Award received at the past 2012 Vision Awards, People’s Insurance was also recognised as having developed one of the top 10 Sri Lankan annual reports of the year 2012. Commenting on the awards, People’s Insurance Limited Chairman Jehan Amaratunga stated, “Winning the Gold Award for the second consecutive year together with two more honorary awards, prove our commitment towards quality reporting and industry best practices. My appreciation goes to our team at People’s Insurance who worked with the highest enthusiasm to deliver a well-rounded annual report and Optima Designs (Pvt) Ltd. who ingeniously expressed our message in the Annual Report.” The current awards come as a vestige of their impressive short term success, as they complete five jubilant years of service next year. Having commenced insurance services in 2010, People’s Insurance has leveraged progressive performance amidst competitive and economic diversities to seal a market position as one of the top tier insurers of the nation; ranked at no. 5 in terms of the market share of the non-life (general) insurance industry. Hence, the recent awards stand as a testament to their operational excellence on par with local and global practices. The path has been rewarding for the insurer with landmark achievements since their inception in January 2010. The first being an astounding surge in annual gross written premium (GWP) that exceeded Rs. 1 billion in its second year of operations, making People’s Insurance the industry first to pass this milestone within the first two years of operations as a non-life insurance provider. Continuing its exceptional track record, the company was able to secure the fifth position in terms of the market share in 2013 which was only its third year of operations. Also, in the year 2013, People’s Insurance documented an increase of 58% in profit for the year from Rs. 235 million to Rs. 371 million. GWP grew by 10% from Rs. 2,944 million to Rs. 3,251 million. Underwriting profit also significantly grew by 155% in 2013 from Rs. 42 million to Rs. 107 million, making People’s Insurance one of the very few insurers in the country to have surpassed the milestone of Rs. 100 million in underwriting profits. Moreover, operational expansion was exemplified by the completion of a customised enterprise resource planning (ERP) system in 2012 which streamlined vital business processes such as underwriting, claims and general ledger, combining regional and all window offices while connecting island wide services of People’s Insurance. Their online presence is also backed by an interactive website, which is further being developed to allow customers the convenience of completing insurance transactions, on-line. This advancement is expected to be introduced by next year. In addition, a state-of-the-art call centre now handles customer queries with accurate and speedy responses; providing convenience to customers and a comprehensive service approach. Fully backed by their parent company People’s Leasing & Finance PLC and their ultimate parent People’s Bank, People’s Insurance is aspiring to spearhead ground-breaking achievements within the non-life insurance segment in Sri Lanka.