Sanasa Insurance wins ACCA Sustainability Reporting Award

Sanasa Insurance General Manager Indika Kiriwandeniya (second from left) with the award and (from left): ACCA Sri Lanka Country Manager Nilusha Ranasinghe, Chief Guest UNDP Sri Lanka Resident Representative Una McCauley, ACCA Sri Lanka President Member Network Panel of Adrian Perera 

Sanasa Insurance Company Ltd. (SICL), a leading micro insurance provider with an aim to improve and uplift people’s lives all across the country, emerged as the winner in the SME category at the recent ACCA Sustainability Reporting Awards.

Held at Cinnamon Grand on 28 February, the Association of Chartered Certified Accountants (ACCA) Sri Lanka rewarded the country’s most transparent, accountable and responsible entities at its annual flagship event, which is a competition with a view to recognising business entities striving to comply with GRI (Global Reporting Initiative) standards and have demonstrated excellence in sustainable development.  

SICL General Manager Indika Kiriwandeniya said, “We are delighted to have been recognised as one of the most responsible business entities in Sri Lanka. This goes on to exhibit our commitment in going beyond the expectation in improving quality of lives and also posses the highest level of sustainability compliance in the industry.”

The company seeks to uplift people’s lives by focusing on them at a grass root level as most have no access to financial assistance from banks due to a lack of assets. Its micro insurance policies are geared to improve the current living standards for those seeking assistance. “SICL is a unique company in the industry as it goes hand in hand with the Sanasa movement and does not belong to one individual owner but to the community at large. 95% of the benefits are flown to every member through the Sanasa societies in villages,” Kiriwandeniya added.

Sanasa maintains relationships with 8,400 societies throughout the villages in Sri Lanka, with a membership of over three million Sri Lankans. The micro insurance schemes offered by the company are available to every member through these societies. 

Unlike the traditional structure of a corporate where documentation plays a vital role, here a villager who seeks to receive a loan must get the approval of the board of members in his or her Sanasa society. As the community at large in a rural village are familiar with each others’ history and can vouch for a person, the society can make an accurate decision regarding whether an individual can be trusted.

The event recognised companies under the categories Conglomerates and Diversified, Banking, Financial Services and Insurance, SME (turnover less than Rs. 1 b), Retail and Trading, Leisure and Connected Services and General Services and Utilities.

Sanasa Insurance Company Ltd. is a leading micro insurance provider focused on uplifting and empowering the people at the grass root level. The company has conducted numerous programs in villages to maintain and develop sustainability. While the micro insurance schemes aid them in developing their living conditions and entrepreneurial endeavours, the company also focuses on better educating the children of the communities, encouraging their talents to shine through various programs, amongst others. SICL continues to work with the Sanasa Movement to improve the society.