ORIENT INSURANCE
Motor insurance in today’s context – the success story of Orient Insurance’s
motor insurance business
Commencing operations in 2011 and celebrating its 10th anniversary this year, Orient Insurance says it has sustainably grown its portfolio, customers and dominance in Sri Lanka, and is considered to be one of the fast-growing general insurance companies in the country.
Spearheading this growth is the motor insurance business. Sri Lankans are vehicle enthusiasts who showcase great pride in taking optimal care of their vehicles.
Senior VP of Strategy & Operations Ameera Hindurangala – who leads the motor operations – believes that the success of this business is mainly attributed to how everyone at Orient Insurance feels the same passion and pride in everything they do whether it is providing insurance cover for a vehicle or settling a claim.
He says: “Our philosophy is simple. It’s upholding the trust and confidence our valued customers, business partners and the general public have placed in us. On a daily basis at the office, the terminology used is ‘let’s listen to our customers, they have a story to tell.’ Our intention is to listen to customers, and be of assistance to all who have placed their trust and confidence in us.”
With trust comes the ease of doing business where all customer transactions are expeditiously processed and settled, the company notes. All that is required by new or existing customers is a call, text or email to either insure their vehicles or report claims. A 24/7 customer care centre will handle all inquiries in a professional manner and ensure that speedy solutions are provided.
This philosophy has ensured that more than 90 percent of Orient Insurance’s customers renewed their policies; and in turn, supported the company’s growth trajectory as it recorded a growth of 10 percent in its first quarter against the same period last year with motor recording an 18 percent growth.
This too despite the import restrictions on motor vehicles and the global pandemic.
Being one of the newest entrants to the highly competitive insurance sector in Sri Lanka, the senior management at Orient Insurance has embarked on a strategy to take insurance closer to the doorstep of every Sri Lankan and increase penetration levels, which are low at present.
At the outset of the pandemic and the first day of the nationwide lockdown, ‘#StrongerthanCorona’ was born and trended across the business. This hashtag was a call to action for all staff members to gather around to overcome the challenges posed by this pandemic.
The dedication and commitment of the motor insurance staff, engineers and islandwide assessors ensured the continuity of a seamless level of service to customers, business partners and stakeholders in their hour of need.
Chief Executive Officer Tanuj Edward comments that he is very pleased with the company’s motor insurance management and its team, as they modelled the business around Orient Insurance’s values of respect, integrity, collaboration and excellence (RICE).
These values combined with the care and passion of its employees have contributed to building customer trust and confidence in motor insurance.
The company has invested substantially and is currently working on enhancing its systems to further strengthen its services for clients through technological enhancements, which is one of the main priorities for this year.
The insurer is backed by its parent company Orient Insurance, which is positioned as the No. 1 general insurance company in the Middle East with financial ratings of ‘A’ and ‘Very Strong’ from S&P Global Ratings, and ‘A+’ from AM Best (the highest rating in that region).
Rochana Kulatunge – the Senior VP of Distribution and Marketing – states that one of the main components of the company’s success in Sri Lanka is its dedicated and dynamic team, which ensured that the needs of all customers and business partners were taken care of despite the pandemic’s challenges.
It is the company’s objective to provide superior service to clients and partners. Whether existing or new customers, Orient Insurance invites anyone looking to use its services during travel restrictions to contact it through the 24 hour hotline. The company aims to ensure expeditious service that customers can enjoy from the comfort of their homes.
Along with the strength of a multinational, Orient Insurance in Sri Lanka is fully compliant with the regulator’s solvency requirements. The company believes that the core of its business is the customer, and persistently strives to win loyalty and trust through superior service.
