SOFTLOGIC LIFE
Partners with the University of Moratuwa to drive technology evolution in the insurance industry
Sri Lanka’s 2nd largest life insurer, Softlogic Life, became the first insurance company to collaborate with the Department of Computer Science and Engineering of the University of Moratuwa, under a strategic project titled ‘Softlogic Life Tech Wizards’. A Memorandum of Understanding (MoU) was signed between the two parties in this connection and it empowers Sri Lankan youth towards digital transformation and will help Softlogic Life to attract skilled talent to drive the technological evolution of Sri Lanka’s insurance industry.
The MoU signing, which took place at the University of Moratuwa, was attended by Mr. Iftikar Ahamed, Managing Director, Softlogic Life, Mr. Saranga Wijayarathne, Chief Digital Innovation Officer, Softlogic Life, Professor N. D. Gunawardena, Vice-Chancellor, University of Moratuwa and Dr. Uthayasankar Thayasivam, Head of the Department of Computer Science and Engineering, University of Moratuwa. The landmark signing marks the first time a Sri Lankan insurance company has forged a strategic partnership of this nature to solidify a commitment to shape Sri Lanka’s future leaders of digital innovation.
The MoU enables Softlogic Life to engage talented undergraduates from the University of Moratuwa as interns who will have the opportunity to work alongside Softlogic Life’s top notch professionals, gaining invaluable industry exposure and hands-on experience in areas like Insurtech, data science, Power BI, data analytics, machine learning and cloud computing. This will enhance students’ employability through exposure to real-world challenges within the industry, contributing to the long-term economic resilience of Sri Lanka by improving the digital skills of the youth.
Furthermore, the initiative aspires to inject fresh thinking into what is yet a very traditional insurance sector, positioning Softlogic Life Insurance as a pioneer in insure-tech initiatives and fostering innovation within the industry. Softlogic Life’s experienced professionals will also serve as guest lecturers and supervisors for final-year projects undertaken by students at the University of Moratuwa.
The collaboration between Softlogic Life Insurance and the University of Moratuwa extends beyond student-focused initiatives to include a vital component: co-creating curriculum. This involves providing lecturers with privileged access to the latest applications of technology, particularly in the realm of artificial intelligence, where the Company is committed to transforming the insurance landscape. This access ensures that lecturers stay abreast of industry trends, empowering them to update and adjust the curriculum, thereby offering students a well-rounded and current education that aligns with the evolving demands of the tech-driven business world.
Underscoring the profound significance of this initiative, Mr. Iftikar Ahamed, Managing Director, Softlogic Life said, “This partnership marks a pivotal moment of our commitment in shaping the future of Sri Lanka’s insurance landscape. By empowering the country’s youth with cutting-edge skills and fostering a culture of innovation, we are investing in the growth of Softlogic Life and contributing to our nation’s broader economic and technological advancement. This initiative is a testament to our belief in the potential of local talent and our dedication to nurturing the next generation of digital leaders who will drive a positive change within our industry and beyond.”
Prof. N. D. Gunawardena, Vice-Chancellor of the University of Moratuwa said: “We are excited about the opportunities this partnership brings. Working closely with an industry leader like Softlogic Life will provide our students with invaluable industry exposure and help bridge the gap between academia and industry. We look forward to co-creating impactful initiatives and contributing to the growth of the Insurtech landscape in Sri Lanka.”
In parallel, the collaboration encompasses a dynamic research collaboration, providing mutual benefits. Softlogic Life gains valuable access to the expert knowledge and research findings of specialists in technology, enriching its understanding of cutting-edge developments in the field. This exchange not only enhances Softlogic Life's technological capabilities but also facilitates a symbiotic relationship where the insights gained from academic research inform and inspire innovative solutions within the insurance industry.
Additionally, the collaboration involves a hands-on approach as PHD students and lecturers from the University get the unique opportunity to work alongside Softlogic Life on new developments in Insurtech. This engagement allows academia to contribute directly to real-world projects, fostering a collaborative environment that bridges the gap between theoretical knowledge and practical application, benefitting both the academic and corporate realms.
Softlogic Life Insurance has been at the forefront of revolutionizing the Sri Lankan insurance industry through its innovative Insurtech solutions. As a pioneer in the field, the company has consistently demonstrated a commitment to pushing boundaries and redefining industry norms. Softlogic Life’s unique solutions leverage cutting-edge technologies to streamline processes, enhance customer experiences, and provide tailored insurance solutions. By embracing a culture of continuous innovation, Softlogic Life Insurance has not only been shaping the future of insurance in Sri Lanka but is also setting a benchmark for the broader industry to follow.
In such a context, this collaboration further underscores Softlogic Life’s dedication to fostering the next generation of digital leaders who will transform the insurance landscape in the country. Furthermore, amidst a significant brain drain backdrop, the MoU between Softlogic Life Insurance and the University of Moratuwa takes on heightened importance. By investing in the education and practical training of undergraduates in areas like AI, digital innovation, and Insurtech, this initiative aims to address the brain drain trend by creating a conducive environment for young talent to flourish within the country.
About Softlogic Life
Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is a part of the Softlogic Group, which is recognized as one of Sri Lanka’s most diversified conglomerates with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company include global investor Leapfrog Investments, which manages funds over USD 2 billion, and has an elite investor base that includes many of the world’s most prestigious investment organizations.
