Sri Lanka Insurance shines at World Finance Awards

Thursday, 23 October 2014 01:03 - - {{hitsCtrl.values.hits}}

Sri Lanka Insurance once again shone at the recently-held World Finance Awards, when the company bagged the most prestigious coveted award as the Best Insurance Company in the General Insurance Sector competing with the best in the insurance industry. The World Finance Awards is organized by World Finance Magazine, a leading financial magazine, published by World News Media operating from its Headquarters in London, which reports on capital markets, risk management, trading, technology, corporate governance issues and regional markets including Asia, Latin America and EMEA.

The World Finance Awards identify industry leaders, individuals, teams and organisations that benchmark achievement and best practices in the financial and business world. The World Finance awards panel scrutinises the nominees under a stringent criterion which also includes among many others, a company’s constant skill for innovation, originality and quality of product, as well as proof of market development and excellence in client representation. Speaking on this achievement, Sri Lanka Insurance Managing Director Piyadasa Kudabalage stated that the award was presented by an independent and internationally-recognised panel of judges and this is the fourth time Sri Lanka Insurance has won this prestigious World Finance award. This is another confirmation of SLIC’s strong financial stability, high level of service standards together with highly competitive product range. He further stated that the company’s continuous process improvement to meet the challenge of ever-changing customer expectations has led the company to maintain its competitive advantage in the General insurance sector. He added that Sri Lanka Insurance’s involvement in major strategic development projects in Sri Lanka emphasises SLIC’s importance to the Sri Lankan economy as the national insurer. The focus and vision of the company has changed and today SLIC is bestowed with the magnanimous task of carrying the beacon of the State business sector of the country, benchmarking it against the multinationals operating in Sri Lanka, the company noted. Sri Lanka Insurance claims the position of the largest and strongest composite insurance provider in Sri Lanka. The financial strength and the stability of Sri Lanka Insurance stands at Rs. 143.5 billion assets under management, over Rs. 6 billion in capital and over 1.8 million policies in force and an average claims settlement of over Rs. 31 million a day. The company’s Life fund now stands at approximately Rs. 66.5 billion. SLIC is able to exercise considerable freedom to drive new product strategies in the market and through a segmented portfolio strategy ensures continued service to all strata of society as a truly Sri Lankan company. SLIC is backed with very strong re-insurance arrangements, a highly experienced technical knowledge base and the widest network across the country. Sri Lanka Insurance is today poised to venture into a new era, completely driven by customer values and their current and emerging insurance needs. The company aspire to continuously increase levels of service quality, that is, product quality, service standards and customer convenience. Sri Lanka Insurance has achieved several key milestones in the recent past that are quite noteworthy. SLIC is rated AA by the Fitch Ratings London and SLIC is the only insurer rated AAA by Ram Rating for its long term claims paying ability and ISO:9001:2008 certification, are a few recent achievements of the Corporation.