Insurance Industry celebrates 6th Annual National Insurance Day

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Championing the importance of the insurance industry for the nation and its people and businesses, the Insurance Association of Sri Lanka (IASL) commemorated ‘Insurance Month’ under the theme ‘Set Your Sight Far & Near’ (<.;a fmak whg/அண்மை நோக்கும் உடையவர்களுக்கு), which denotes that people who avail of insurance do so not only for the future but also to provide for any sudden crisis. As the apex body of the insurance industry in Sri Lanka, IASL uses this opportunity in the month of September every year to accelerate the awareness and importance of insurance amongst the general public via social media, print publication, seminars and also, our insurance advisors will personally visit to educate the public as well. IASL forecasts show that more and more people will have to think of insurance against rising dependants and rising inflation.

Razik Zarook P.C. Chairman, Insurance Regulatory Commission of Sri Lanka adds that protection, safety and security have become more synonymous and significant than ever before and looks forward to IASL’s awareness programs throughout the month to develop the Insurance Industry with a vision of, ‘insurance for every Sri Lankan in near future’.

The insurance sector in particular has been a pillar of support for its policyholders during the hardships faced in the last few years, through the COVID-19 pandemic and the recent economic crisis severely impacted people’s lives. Health insurance came to the fore during the pandemic, driving home the realization that a comprehensive cover could protect the insured against any adverse financial and economic impact due to a sudden crisis.  Damayanthi Fernando, Director General, Insurance Regulatory Commission of Sri Lanka believes customer education, claim handling and complaint resolution can help insurers to build and reinforce confidence in the insurance sector, which can serve as a positive reinforcement for greater insurance inclusion both in life and in general insurance sectors.

The insurance industry is also a key employment generator, which largely consists of professionally trained agency force who are able to earn handsome remuneration while providing personalized services at customer doorsteps. The sales force is also being transformed by the effects of digitalization, meeting evolving customers’ needs with digital sales tools to display benefits and generate price quotes in real-time.

The past five years has seen the insurance industry in Sri Lanka transform with insuretech – by becoming digitalized while innovating products to suit the emerging health and lifestyle needs of customers. Digitalization, including artificial intelligence, machine learning, and automation are enhancing speed of delivery and providing an enhanced user experience while also offering self service portals. Insurance companies are adopting a hybrid system of online transactions and interactions with direct integration with back-end servicing platforms and direct contact by agency force to satisfy customers. Underwriting has become more scientific through data analytics.

Iftikar Ahamed, President, Insurance Association of Sri Lanka acknowledges IASL’s goal to invite all industry participants to work together in furthering business in a more time relevant manner and together promote insurance in the month of September every year.

Namalee Silva, Chairperson of Marketing and Sales Forum of Insurance Association of Sri Lanka highlighted the importance of education and awareness on having an insurance policy supports people to be prepared for future uncertainties and how it will play a vital role in protecting lives, families, and hard-earned assets.