ALLIANZ LIFE INSURANCE LANKA

Redefining the corporate insurance landscape

Q: Could you shed some light on the insurance benefits offered by Sri Lankan corporates to their employees?

A: Most corporates offer their workforce medical insurance cover. This facility reimburses medical expenses – be they for hospitalisation or outpatient department (OPD) services – incurred by employees or their family members. These companies decide the type and level of cover or benefits offered, based on their budgets and other factors.

In addition to reimbursing such expenses, some businesses offer life insurance cover comprising lump sum payments – in the event of serious injury or the death of an employee – with the option of pension schemes as well.

Q: Following their retirement, these benefits will cease to exist, leaving the employees exposed. What if anything can they do about this?

A: Not all corporate employees receive pensions on retirement. Furthermore, while they may have access to medical cover throughout their employment, they’ll have to use their own funds to meet these expenses once they retire.

Therefore, it is prudent for us to plan for the period following retirement and this is an area where employers can offer much needed support to their workforce.

Q: So how is Allianz Life Insurance Lanka looking to support them?

A: Being positioned as the world’s No. 1 insurance brand with a presence in over 70 countries, we bring our global expertise to Sri Lanka and offer a wide range of insurance solutions to the corporate sector.

These include Allianz Corporate Suwasahana, which offers a comprehensive remedy covering medical related expenses with a direct settlement facility; the Allianz Corporate Pension scheme offers the flexibility to customise pension schemes to suit the various requirements of employees; and Allianz Corporate Guardian provides life cover to employees.

These benefits are generally offered as separate products but we felt that it would be best to provide them under one umbrella with greater flexibility. This will help us build long-lasting relationships with corporates to provide the best service standards with convenience in the long run.

The way we see it, obtaining health insurance should not merely be to select another insurance policy. Rather, it should be about plans that match individual insurance needs. This is why we introduced our corporate product line – i.e. to provide our customers with tailor-made solutions that cater to their insurance needs.

Q: Are any other benefits offered?

A: Yes, there are many. The Allianz Corporate Pension product can be used as a retention tool where companies contribute a certain sum to the funds when employees work for them over an agreed number of years. It may be offered as an additional savings vehicle to supplement their gratuity.

A hybrid model is also available where businesses can decide between savings only or protection plus savings policies based on their requirements.

With Allianz Corporate Guardian and Corporate Suwasahana, employers have the option of extending the cover to employees’ immediate family members.


Q: Could you explain how Allianz is able to offer this level of flexibility – and what do policyholders have to gain?

A: It is because of our global reach that we have the capacity and strength to offer this level of flexibility. Furthermore, the organisation has the experience and technology required to sustain it.

To facilitate greater transparency, both businesses and employees can track the growth of the funds through a mobile app. In addition, should they wish, they can maintain two separate funds as well, offering employers the opportunity to add to employees’ funds.

Q: Does the organisation have any expansion plans for the future?

A: Yes, our goal is to grow these products so that we will be able to offer value additions through partnerships.

The first would be video-conferencing-based medical consultations. We have partnered with a company to offer an online platform, enabling us to provide unlimited medical consultations with a panel of doctors in varying specialities.

Policyholders will be able to share their medical reports, receive prescriptions and have medications delivered to their doorstep.

Q: And finally, why would someone choose Allianz Life Insurance Lanka for their insurance needs?

A: We believe that obtaining an insurance policy should be about finding a plan that fits your individual insurance or savings needs. Furthermore, we have a broad outlook on what is being offered globally, which strengthens and adds value to our operational knowledge.

Being governed by a set of global standards and backed by a strong technological arm enables us to provide comprehensive, safe and flexible policies to customers.

During this pandemic, Allianz has paid out more benefits by means of insurance claims while declaring a consistent return (i.e. crediting rate) of 8.5 percent last year for corporate pension and individual universal life products – and in so doing, the organisation has supported more people.

– Compiled by Ashwini Vethakan
INTERVIEWEE DETAILS
Samantha Herath
Chief Officer – Corporate Business
Malaka Mihindukulasuriya
Chief Actuary
CONTACT DETAILS
Telephone :2317988-9
Email : customerservicelife@allianz.lk
Website :www.allianz.lk

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Obtaining an insurance policy should be about finding a plan that fits your individual insurance or savings needs  ___________________________________________________________________________