Q: How have the dynamics of the economic crisis and macro environment impacted branding activity?

A: The country walked into one of the worst financial crises it has seen almost immediately after the pandemic eased. In light of yet another crisis, Sri Lanka Insurance (SLIC) did not haphazardly cut marketing budgets; instead, it considered branding as a future investment for the organisation especially during challenging times.

Overall, we observed that while some businesses that typically spend a lot on marketing slowed down, others maintained their presence. As a result of external factors, there was a definite trend of businesses switching from conventional forms of communication to social media platforms.

Q: SLIC has been consistently listed in Brand Finance’s and LMD’s Most Loved Brands index. What best practices have you followed to remain consistent?

A: The most loved brands are those that customers turn to during times of crisis. With our professional agency network of around 8,000 members, and equipped with excellent service standards and expert technical knowledge to serve our customers, SLIC remained engaged with consumers throughout the crisis.

Taking the tagline of ‘Like a Father, Like a Mother’ to heart, the company demonstrated greater consumer empathy through various initiatives, reaching out to all its customers and non-customers across communities throughout the country.

SLIC is in the business of delivering a promise, and distributes claims in general and life insurance to the tune of close to Rs. 2 billion every month. This in itself is a testimony to delivering our promise while constantly benchmarking against ourselves to improve our service levels.

So the company integrated technology into its business. As a result, a recent adaptation was the accident claims settlement process, whereby customers can upload videos of their vehicles from accident sites through their smartphones to our platform without having to wait for assessors. Infusing further convenience, we pay claims for minor accidents within three hours.

In the area of life insurance, SLIC takes pride in having delivered the country’s highest bonuses year on year. In 2022, we paid out 9.8 billion rupees and expect the amount to be much more this year despite the tough economic times.

Chandana L. Aluthgama
Chief Executive Officer

Q: Given its role as the largest and strongest state insurer, how does SLIC plan to be competitive in the sector?

A: SLIC’s general insurance business grew despite the constraints of the past year while the life fund grew to Rs. 156.7 billion as the company earned a revenue of 41.2 billion rupees, recording a Rs. 12.47 billion profit before tax for 2022. In addition, Fitch Ratings gave SLIC a rating of ‘A(lka),’ positioning it as the only insurer to be certified with this.

As we continue to embrace a digital first approach to meet the demands of today’s digital customer, we’re also exploring new market segments to provide innovative solutions to our customers to stay ahead of the competition.

Q: How does SLIC as a brand add value to the growth of the organisation?

A: As a consistent brand, SLIC increases the overall value of the company by reinforcing its position in the marketplace, attracting better quality customers with higher retention rates, and raising the perceived value of our products and service offerings. A brand with over 60 years of legacy enhances the confidence of the public, which results in a loyal customer base.

Q: In the modern digital age, how are you planning to stay relevant as a brand?

A: The future will be driven by the digital economy.

We have already embarked on a digital first journey and therefore, will continue to invest in technological advancements such as mobile technologies, cloud computing, block chain technology, artificial intelligence, big data and others to enhance the customer experience. SLIC’s initiative to extend digital assessments in general insurance has been made possible due to the integration of technological advancements.

“There was a definite trend of businesses switching from conventional forms of communication to social media platforms”

The company is also deploying mobile applications for the agency force, management and customers to offer greater convenience. Underwriting of certain products and premium payments is also facilitated online.

Additionally, the organisation is improving staff alignment because at the end of the day, all these systems cannot operate without the right people.

As one of the strongest brands in the country, SLIC has the ability to attract the right pool of people to drive the organisation to its ultimate vision of being the nation’s first choice for risk protection and life investment.

– Compiled by Yamini Sequeira

Telephone 2357357  |  Email email@srilankainsurance.com  |  Website www.srilankainsurance.com