LIFE INSURANCE AND TECH – CEYLINCO LIFE’S INNOVATIONS FOR CUSTOMER EASE

 
Q: Why is it important for life insurance companies to be constantly updated with technology?

A: In today’s fast-paced digital world, it is essential for life insurance companies to update systems continuously with the latest technology – as all organisations must do. Life insurance is a long-term commitment, often spanning several decades, which means companies must ensure they provide the best care, protection and service throughout the policy’s duration.

With technology evolving rapidly, insurers must keep pace by adopting innovations such as big data, cloud computing and other advanced solutions, to enhance efficiency and effectiveness. Upgrading technology allows for better resource management and improved service delivery, ensuring a seamless customer experience.

Additionally, outdated software languages, hardware and equipment can become obsolete, leading to potential operational challenges and security risks. Cyber threats and vulnerabilities are ever-present concerns, making it crucial for life insurance companies to invest in modern security measures and robust infrastructure.

By embracing technological advancements, insurers can stay competitive, maintain reliability and continue offering top tier services to policyholders.

Q: What are some of the technological initiatives Ceylinco Life has taken as pioneers in the sector?

A: Ceylinco Life has consistently been at the forefront of technological advancements in the insurance sector, pioneering several initiatives to enhance efficiency, accuracy and customer experience. In 2005, we became the first in Sri Lanka to implement a globally recognised Policy Administration System, setting a new standard for the sector.

In 2008, we introduced an automated underwriting system, a first in the sector, to ensure consistency and efficiency in underwriting decisions. This system provided a comprehensive view of a policyholder’s health, history and coverage, enabling faster decision making and better risk assessment.

It also seamlessly integrated with a laboratory, allowing medical reports to be processed, issuing policies using straight-through processing when no complications in medical reports were detected.

In 2009, we further empowered our sales force by launching the sector’s first mobile application, equipping them with real-time access to essential information, and the ability to print quotations and issue receipts using mobile printers.

Advancing our digital transformation, we introduced comprehensive electronic proposal submissions using tablets in 2019 and extended this functionality to mobile devices in 2024, making our sales process entirely paperless.

These technological initiatives have strengthened our operations, ensuring a seamless and efficient experience for both customers and employees.

Q: What are some of the technological areas or changes that Ceylinco Life has enforced to ensure the best service for customers?

A: Ceylinco Life has embraced various technological advancements to ensure the best service for customers, making interactions seamless, efficient and accessible. We have implemented a robust customer relationship management (CRM) system, which includes the ‘Ceylena’ chatbot to handle customer inquiries efficiently.

Additionally, our decentralised call centre ensures that customers receive prompt assistance. To enhance accessibility, we have expanded our presence on social media platforms, providing another channel for customers to reach us. Recognising the needs of our foreign customers, we introduced a remote underwriting facility, allowing them to obtain policies.

Our dedicated customer app further enhances convenience, enabling policyholders to access their policy information, make premium payments and manage their accounts effortlessly. Alongside these customer-centric initiatives, we continuously upgrade our systems and shift to state-of-the-art technology and hardware, to improve performance and security.

Furthermore, we provide our sales force with advanced applications and management information systems (MIS) tools, allowing them to offer better service to policyholders while also tracking and achieving their key performance indicators (KPIs).

Q: What are some of the areas which you feel would be transformed due to technology in Life Insurance?

A: One of the most significant changes will be the transition to a fully paperless environment, streamlining processes and improving sustainability. Self-service portals will empower customers to purchase policies, update their information and manage their accounts with greater ease.

AI driven risk assessment and underwriting will revolutionise decision making, ensuring more accurate evaluations and faster policy issuance. Similarly, artificial intelligence powered claims assessment and fraud detection will enhance processing efficiency while minimising fraudulent activities.

Predictive analytics will play a crucial role in identifying lapse risks and improving policy retention strategies, enabling proactive customer engagement. Data driven dashboards will provide real-time performance analytics, helping insurers optimise operations and customer service.

Automated know your customer (KYC) and anti-money laundering (AML) processes will further streamline digital identity verification, reducing delays and enhancing compliance. Additionally, AI driven security frameworks will strengthen data protection, ensuring the highest levels of cybersecurity.

These technological advancements will redefine the life insurance sector, making services more accessible, efficient and secure for policyholders.

– Compiled by Tamara Rebeira
COMPANY DETAILS

Telephone 2461461 | Email care@ceylife.lk | Website www.ceylincolife.com