LEADING BRANDS PROFILES

Ceylinco Life

Q: How would you assess the insurance sector’s performance during the pandemic?
A: The outbreak of the COVID-19 pandemic led to a difficult situation for the insurance sector as more than 40,000 agents are deployed in the field. Insurance is a product that’s sold rather than being bought – and if sales agents cannot reach customers, the sector suffers.

Each company adopted different approaches to reach customers. After the initial months of the pandemic, the sector picked up pace as a great deal of awareness was created about health and life insurance due to the pandemic.

The insurance sector also introduced a few value additions such as a three month grace period for repayment during which policies remained in force and claims were paid regardless. Some companies offered free life insurance cover for COVID-19.

Most companies raised awareness of their products and services through online channels. Finally, by the end of 2020, the life insurance sector recorded a robust 16 percent growth over the previous year.

Q: And how has Ceylinco Life built trust among customers?
A: I believe that Ceylinco Life delivers on its promises and inspires trust. In March last year, we immediately activated our business continuity plan (BCP) – because we had to closely monitor every aspect of our operations at branch level.

We took into account the hardships faced by customers. For example, customers could send soft copies of supporting documents for claims if they were unable to access our branches. We also extended free life cover for COVID-19, and continued to award annual and cash bonuses for loyal policyholders.

The rewards programme Family Savari – where we take policyholders to different locations – could not be held due to travel restrictions.

So instead, we offered gold to the value of Rs. 30 million, which can be won by loyal policyholders through bimonthly draws.

Q: What is your assessment of the impact of the COVID-19 on brands?
A: Most brands suffered greatly due to the pandemic. Brands that maintained a continuous presence in both digital and mass media, as well as close relationships with consumers, have come out on top in many instances.

Ceylinco Life maintained close ties with customers by identifying and fulfilling their needs, and remaining in touch with them through digital and other channels to assure them of its support.

Q: Can brand investments accelerate business recovery in the prevailing landscape?
A: We feel there are three areas in terms of long-term investments – viz. investing in digitalisation, employees and rewards.

Investing in digitalisation is the need of the future as seen during the pandemic. Ceylinco Life is providing tabs and smartphones to its sales force to enable them to carry out transactions in the field.

Many organisations laid off staff or reduced their salaries. Instead of this, it is good to maintain some reserves to support employees in times of crisis. Ceylinco Life continued to pay sales commissions, salaries, bonuses and incentives. Additionally, investing in rewards for policyholders is critical to brand loyalty as they desire value additions. 

Q: What is your take of the impact of branding on sustainability and growth?
A: Sustainability is a vital element and Ceylinco Life has the concept of ‘Go Green’ – where most of the branches we own have been converted to solar power with rainwater harvesting, thereby supporting the environment.

Investing in the community has also proved to be satisfying. We have a solid CSR strategy based on the pillars of health and education. And we implemented high value projects despite the year being difficult.

 Q: How can corporates build brand loyalty through experiences?
A: We have long-term contracts with policyholders so building loyalty is important. To this end, we identify customer segments’ touchpoints and improve standards accordingly to provide appropriate benefits.

Additionally, we offer Pranama scholarships for policyholders’ children, which we’ve been doing for 19 years. Accordingly, we have granted over 2,500 scholarships.

Our CSR efforts were recognised by the Sri Lanka Institute of Marketing (SLIM) with a Silver award in the ‘CSR Brand of the Year’ category at the 2020 Brand Excellence Awards.

Ceylinco Life also won ‘Life Insurance Service Provider of the Year’ at the SLIM-Nielsen Peoples Awards for the 15^th successive year, and was ranked Sri Lanka’s ‘Most Valuable Life Insurance Brand’ by Brand Finance and ‘Best Life Insurance Company’ in Sri Lanka for the seventh consecutive year by World Finance in 2020.

website: www.ceylincolife.com