Q: Why should customer excellence always be a priority?

Kithsiri Gunawardena (KG): Achieving positive customer perception is essential to succeeding in businesses like ours. The challenge is to understand the differing generational expectations. So we cater to diverse customers by segmenting our market and utilising appropriate outreach strategies.

Our commitment to exceptional service is deeply ingrained in the LOLC culture where every employee, regardless of his or her role, embodies a customer-centric approach.

In insurance, the true measure of customer service is revealed at the time of a claim. The genuine appreciation of a customer is of much greater value than claims made through creative advertisements. Our efficiency lies in swiftly determining the legitimacy of claims and making payments without any undue delay.

Our approach to insurance is based on superior judgement in assessing risks and a commitment to serving our clients, rather than employing strategies to evade claim settlements.

Q: Could you shed light on your organisation’s approach to harnessing the power of data and analytics to enhance its offering?

KG: Analysis of data using AI is set to revolutionise our business operations. We have deployed advanced tools to streamline claims processing and refine premium assessments based on varying risk profiles.

Data analytics plays a critical role in delivering enhanced customer service. Our expert risk engineers guide clients on the necessary protections for their assets, highlighting potential vulnerabilities that may not be immediately apparent. We also leverage on robotics to enhance efficiencies.

Our proactive approach is evidenced by our extensive bancassurance partnerships with leading banks in the country.

Q: What are the latest innovations and pressing challenges impacting the insurance sector at present?

KG: One of the foremost innovation needs is to be in pursuit of customer excellence, particularly since the insurance sector contributes less than one percent to the country’s GDP.

Rather than competing for this limited market share, we aim to expand the sector’s reach by tapping into a much larger ‘blue ocean.’

We are implementing sustainable strategies and incentivising our agents with attractive commissions to promote long-term growth. Many individuals prioritise luxury investments while neglecting life and property insurance, indicating that the issue is not affordability but rather a lack of trust, faith and awareness about the importance of insurance.

Other pressing challenges include climate change impacts and data security to deter cybercrimes.

Our commitment to transforming the public perception of insurance includes initiatives such as the Honours Card, which rewards customers with discounts, thereby reinforcing the value of their insurance investments. Such innovations are crucial for reshaping the insurance landscape in our country.

 

Q: And what customer excellence principles make your organisation stand apart?

Nadika Opatha (NO): LOLC Insurance distinguishes itself through a customer-centric culture that prioritises customer needs in every decision, from leadership to frontline staff. Our approach is anchored by core principles: personalised customer care, innovation in service delivery, transparency and integrity, proactive problem solving and continuous improvement.

We have set new benchmarks in the life insurance sector including Sri Lanka’s first cashless in-patient hospital claims process. Our fully digital e-proposal system and the LOLC Insurance OneClick platforms offer secure access to customers, enhancing convenience and trust.

Proactive communication and effective problem resolution ensure customers are well informed. Our empathetic teams address inquiries promptly, transforming challenges into positive experiences. We also invest in the ongoing training and development of employees, fostering a knowledgeable and motivated workforce.

At LOLC Life Assurance, we believe that delivering a holistic customer experience is essential for building long-term relationships and fostering loyalty.

Q: How should organisations mitigate high costs while delivering value?

NO: At LOLC Insurance, we focus on operational efficiency, process optimisation and digital transformation to manage high costs while providing value. By streamlining processes and embracing automation, we reduce overheads and enhance service delivery.

We also outsource non-core functions like IT and HR to our holding company’s shared services.

Our products are aligned with customer needs through data insights. We have launched the first lifestyle insurance products with rich rewards programme in the insurance sector – Honours.

And our flexible business model allows us to adapt quickly to market changes, ensuring relevance and cost effectiveness.

Q: What are your future plans?

NO: Our organisation is focussed on expansion into emerging markets, particularly in Southeast Asia and Africa, to meet the growing demand for financial protection among the rising middle class. We are launching innovative products that combine life insurance with wellness programmes, exemplified by our LOLC Life Health Max with the highest hospital benefits.

We aim to develop hybrid policies that include investment opportunities and critical illness coverage, catering to low income populations through affordable micro-insurance solutions.

We’re enhancing our digital platforms to facilitate customer engagement and streamline claims processing. By leveraging AI and big data, we are refining our underwriting processes to provide personalised policies. Our strategic partnerships with employers enable us to offer group life and health policies as part of employee benefits.

Our recent achievements, including rapid growth and recognition as the best customer oriented company among life insurers, underscore our commitment to excellence and customer satisfaction.

Telephone 5008080  |  Email enquiry@lolcgeneral.com  |  Website www.lolcgeneral.com