Softlogic Life Archives

April 2, 2024

Accessing content easier, quicker, simpler for stakeholders

Sri Lanka’s fastest-growing life insurer, Softlogic Life, launched ‘Annual Report Analyzer’, Sri Lanka’s first AI-powered tool that analyses and interprets information from its Annual Report titled ‘Bigger, Better, Bolder’. By revolutionizing the analysis of company data, Softlogic Life Annual Report Analyzer will offer stakeholders a quicker, simpler, and more efficient means of accessing critical information.

With the introduction of the Annual Report Analyzer, the traditional approach to reading annual reports undergoes a profound transformation. Gone are the days of strenuously flipping through page after page to access the necessary information. This innovative tool revolutionizes the reading of annual reports by employing advanced artificial intelligence capabilities and machine learning algorithms to swiftly process vast amounts of data.

Now accessible at https://annualreportaianalysis.softlogiclife.lk, stakeholders can effortlessly extract key insights and critical data points within seconds by simply typing a query in the textbox. This eliminates the need for tedious manual searching and provides a streamlined and efficient means of accessing information, empowering stakeholders to make informed decisions with speed and accuracy.

Built on Microsoft’s Open AI platform, The Annual Report Analyzer introduces key features designed to revolutionise data analysis within annual reports. With rapid data processing capabilities, stakeholders can instantly analyze extensive data, saving valuable time and resources. Furthermore, the tool simplifies interpretation by seamlessly translating complex information into clear and actionable insights, ensuring that even the most intricate details are readily understandable. Additionally, enhanced accessibility empowers stakeholders with user-friendly tools for data exploration, fostering a deeper understanding and facilitating informed decision-making processes. This comprehensive approach to annual report analysis sets a new standard for efficiency, transparency, and innovation within the industry.

Commenting on the latest introduction, Softlogic Life Chief Financial Officer Nuwan Withanage said, “We have always been at the forefront of introducing several industry firsts in digitizing annual reports, including Sri Lanka’s first video Annual Report and ‘Generate Your Own Report’. Similarly, our AI-powered Annual Report Analyzer marks a significant milestone in our commitment to harnessing technology for the benefit of our stakeholders. This pioneering tool signifies a strategic leap towards empowering stakeholders with unparalleled insights for informed decision-making. With its rapid data processing, simplified interpretation, and enhanced accessibility features, this tool epitomizes our dedication to innovation and excellence in providing actionable insights. We are proud to lead the charge in digitalizing annual reports, setting a new standard for efficiency and transparency in the industry.”

Softlogic Life Chief Digital Innovation Officer Saranga Wijayarathne commented, “In a global landscape where many are navigating the integration of AI into their business strategies, Softlogic Life has distinguished itself by successfully aligning AI technologies with its operations. This is a result of the exceptional capabilities of our in-house innovation team and the strategic collaborations with partners such as Microsoft. These partnerships have empowered our team to explore new frontiers, translating visionary concepts into tangible outcomes such as

as enabling AI-based underwriting and claim settlement in less than 2 minutes, which have set a precedent for enhanced efficiency and convenience for our end consumers. The launch of the Annual Report Analyzer is yet another example of how Softlogic Life utilizes the power of AI to drive value to stakeholders, and we will continue with this momentum to meet the evolving needs of our stakeholders.”

Softlogic Life’s latest innovation heralds a new era of efficiency and transparency in corporate reporting. Whether for investors, analysts, or other stakeholders, this revolutionary tool promises to streamline the data analysis process, enabling informed decision-making and fostering greater trust and confidence in the company.

February 28, 2024

February 28, 2024: Softlogic Life, recorded robust FY23 performance, posting Gross Written Premium (GWP) of Rs. 26.3 Bn for the period ended 31st December 2023, with an increase in top-line growth of 14% versus the past year and compared to industry growth of 12%. The Company has stood firmly with its policyholders in the face of challenging macroeconomic conditions with a firm commitment to continually improve customer benefits and this commitment is signified through their diligent Claims and Benefits payout during 2023 which is Rs. 13.5 Bn compared to Rs. 9.1 Bn in 2022.

During the period under review, Softlogic Life’s market share grew to 17.2% with the Company ranked as the second-largest life insurer in the market having overtaken much older players to establish strong growth momentum. The company reported a 10-year GWP Compound Annual Growth Rate (CAGR) of 26% compared with the industry’s 10-year GWP CAGR growth of 14%. Softlogic Life notes that its contribution to increasing insurance penetration in the country has increased significantly with the Company recording more than 700,000 active policies that have covered more than 1.3 Mn Sri Lankan lives. The Company stands at the pinnacle of its desired position leading the health insurance market share of 35%.

The company recorded an impressive Return on Equity (ROE) of 23%, whilst maintaining this performance and exceeding the 20% mark for the past five years. Profit after tax (PAT) for the year was Rs. 2.8 Bn, and Profit before tax (PBT) stood at Rs. 3.2 Bn. Total assets of the Company stood at Rs. 51.3 Bn, while total equity was recorded at Rs. 13.3 Bn with an impressive growth of 22.6%. Furthermore, financial investments of the company stood at Rs. 43.5 Bn which is 84.8% of the total assets of the company.

Furthermore, company’s investment income recorded in 2023 stood at Rs. 7.9 Bn which is an impressive growth of 55% compared to 2022 which also resulted increase in a total net revenue up to Rs. 31. 8 Bn which is a 25% growth compared to 2022.Softlogic Life’s stellar performance in 2023 underscores the company’s superior financial strength and resilience in navigating challenging macroeconomic conditions maintaining a healthy Capital Adequacy Ratio (CAR) of 367% which is well above the regulatory requirement of 120%.

Despite the intricacies and turbulence of the economic landscape, the 14% increase in top-line is in stark contrast to the negative growth of the economy and showcases Softlogic Life’s unwavering commitment to increasing value and delivering stability for its policyholders and all other stakeholders. The growth further demonstrates the company’s ability to weather economic challenges and reinforce its promise to prioritize the wellbeing and financial security of its policyholders’, solidifying Softlogic Life’s position as a trusted and dependable life insurance partner.

Ashok Pathirage, Chairman of Softlogic Life Insurance PLC, stated “In the face of a challenging business landscape, Softlogic Life has not only maintained but strengthened its position as the second-largest life insurance company in Sri Lanka with an increase in market share. These achievements are a testament to the effectiveness of the company’s strategic initiatives and the robust execution of those strategies. Softlogic Life is poised for continued success, and I am confident in the company’s ability to overcome challenges and seize opportunities in the dynamic landscape of the life insurance industry.”

Softlogic Life has been at the forefront of transforming the life insurance landscape in Sri Lanka. A pioneer in disruptive innovation and digitalization, the company has consistently sought to elevate the quality of life for Sri Lankans. Industry-first initiatives, including AI powered one-day automated claims settlement, 1-minute hospitalization claim settlement, a 100% digitalized sales platform, automatic policy issuance, and mobile-based micro-products, exemplify our commitment to providing a superior customer experience. These innovations have set new industry standards and played a pivotal role in strengthening Softlogic Life’s competitive position. Softlogic Life’s success extends beyond operational excellence, with unprecedented success at prestigious 58^th CA Sri Lanka TAGS Annual Report Awards, Softlogic Life were placed overall second for consecutively third year and CMA Integrated Reporting Awards emerged as Overall Winner.

Softlogic Life Managing Director Iftikar Ahamed commenting on the performance noted that: “In a challenging year, Softlogic Life has not only weathered the storm but also emerged stronger, thanks to our forward-looking business strategies and customer-centric innovations. This growth is not just a numerical achievement but a reflection of our commitment to the financial well-being of our policyholders. As we navigate the complexities of the market, Softlogic Life remains steadfast in our commitment to serving and creating value to our policyholders, providing them with the security and support they need. We view these challenges as opportunities for growth and innovation. We have already had a great start to 2024 and I am confident that our resilient and proactive attitude will continue to drive the success of Softlogic Life.”

January 29, 2024

Sri Lanka’s 2^nd 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.

January 10, 2024

8^th January 2024; Sri Lanka’s 2nd largest life insurer, Softlogic Life, unveiled its iconic vegetable Christmas tree for the second consecutive year at the most iconic Galle Face roundabout in the city of Colombo. The Christmas tree was made up of vegetable plants planted and sent to Softlogic Life by people from all four corners of Sri Lanka going down in history as Sri Lanka’s first-ever crowdsourced Christmas tree made of vegetable plants.

In the campaign’s initial phase, Softlogic Life took a proactive approach by distributing seed packs to enthusiastic Sri Lankans across the length and breadth of the country. This thoughtful initiative aimed to engage individuals who expressed a keen interest in nurturing vegetable plants, encouraging them to be a part of this historical moment but most importantly in inspiring fellow Sri Lankans to take up home gardening with the overall perspective of growing at least some part of their food requirement. The response exceeded expectations, with requests pouring in from various regions, reflecting a widespread eagerness to contribute to creating Sri Lanka’s first-ever crowdsourced Christmas tree made of vegetable plants. Based on the requests received, a special fleet of trucks, in partnership with Shree FM, was sent to several cities, including Anuradhapura, Peradeniya, Matara, Galle, Kottawa, Gampaha and Chilaw, to collect these plants. Apart from the public contributions, schools too joined in and handed over plants for this project.

Hoisted from 23rd December to 2nd January at the iconic Galle Face roundabout in Colombo (in front of the Presidential Secretariat), the Christmas tree installation comprised 2000+ vegetable plants of diverse variety and nutritional value. With a base width of 12 feet, and a total height of 30 feet, the tree was made of vegetables such as purple and green cabbage, chinese spinach, brinjal, water spinach, bird and green chillies.

While this unique Christmas tree caught the attention of the public and made headlines in various social media and news platforms, what was even more significant is that this stood tall for over 10 days, resilient against challenges like extreme sunlight, humidity and sea breeze on one of Sri Lanka’s busiest roundabouts. This was intentionally done by Softlogic Life to convey a very important message to Sri Lanka which is, if Softlogic Life can do it here under such environmental conditions, anyone can start their own home garden, even if it’s on a balcony in their home.

“In Sri Lanka, there is a famous saying that: Even if you randomly throw a stick somewhere, irrespective of where it is, it will get planted because Sri Lanka is blessed with an extremely fertile soil no matter where you go. Similarly, this nation is truly blessed in many more ways, but it is our duty to use those blessings as a strength and make choices and efforts to secure the future that we envision. This tree which is Sri Lanka’s first ever crowdsourced vegetable Christmas tree that stands tall in the center of the hustling and bustling Colombo, withstanding numerous challenges like extreme sunlight, humidity and sea breeze is a symbol of that very message.” stated Chamindri Pilimatalauwe, Vice President – Marketing

Sri Lanka, a nation enriched with myriad blessings, stands as a testament to the incredible potential within its borders. Softlogic Life recognizes and celebrates the abundance of opportunities that the country offers while urging people to take action. The iconic Christmas tree, now in its second consecutive year, is not merely a festive spectacle but a symbol of the nation’s resilience and fertility and this campaign serves as an inspiring reminder that, home gardening is achievable anywhere and in any part of Sri Lanka.

Softlogic Life’s Managing Director, Iftikar Ahamed said, “As a responsible corporate citizen, we strive to enhance the quality of lives of all Sri Lankans by inspiring positive change at every level of our society. We are undoubtedly a blessed nation but that also means there’s countless opportunities around us. If we are open, bold and can think differently, there are many things that we can leverage on. One reason why we embarked on a campaign such as this is also because we believe the same at our core. This is why as a life insurer, we have always kept an open mind in consciously looking at opportunities even amidst some of the most challenging times to create the maximum value for all our stakeholders, be it innovations in processes, product, service excellence, financial excellence or communication. This spirit of ours has been instrumental in us steadily moving market places during some of the most turbulent times to become the 2nd largest life insurer in Sri Lanka”.

As the initiative concludes, Softlogic Life’s commitment to improving the lives of all Sri Lankans is vividly portrayed through this innovative campaign. Following the public display of the remarkable vegetable Christmas tree, the next phase of this initiative involves distributing the 2000+ thriving plants to the general public and schools to start their own home gardening journey even in a small way.

December 14, 2023

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Wins four awards, including Silver Award for Overall Excellence In Corporate Reporting

December 14^th, 2023: In a resounding display of excellence, Softlogic Life, Sri Lanka’s 2^nd largest life insurer, has once again solidified its position as a standout performer by securing multiple accolades at the 58^th CA TAGS Awards demonstrating Transparency, Accountability, Governance and Sustainability. The company not only dominated the awards but also emerged triumphant with a sweeping win of 04 major accolades, underscoring its prowess as one of the strongest corporates in the country. These significant achievements are a powerful testament to Softlogic Life’s unwavering commitment to organisational Transparency and Governance, exemplified by its continuous efforts to push the boundaries of financial reporting practices in Sri Lanka.

Remarkably, these accomplishments come at a challenging juncture marked by a volatile market and tough macroeconomic conditions. Softlogic Life’s ability to secure such accolades during these times underscores its continuing business momentum, exceptional financial strength, and establishes the company as the most influential player in the industry and across the top echelon of the country’s corporate sector. The recognition at the CA TAGS Awards 2023 further highlights Softlogic Life’s commitment to superior standards in financial reporting, showcasing its dedication to excellence even in the face of adverse market conditions.

Outshining some of the longstanding giant conglomerates in the Sri Lankan business landscape, Softlogic Life Insurance secured the Silver Award for Overall Excellence in Annual Financial Reporting for the third consecutive year. This achievement, which was secured for its 2022 annual report themed ‘Reimagining’, places the company in a distinguished league of corporations recognised for exemplary reporting practices, reaffirming Softlogic Life’s steadfast commitment to transparency and their commitment to creating maximum value for all stakeholders.

These efforts have been further amplified through innovations such as ‘Generate Your Own Report’ to create customized sub-reports of the annual report, Sri Lanka’s first-ever video version of the annual report for the 6^th consecutive year and interactive dashboard for investors, enabling them to analyze various financial metrics simultaneously. These are a few other reasons behind Softlogic Life clinching the Gold Award for the Insurance Sector, Silver Award in Integrated Reporting and Bronze Award in Corporate Governance Disclosure categories, cementing its position yet again as an unequivocal leader in financial reporting excellence.

Commenting on the continuous success at the CA TAGS Awards, Softlogic Life Managing Director Iftikar Ahamed said, “As we celebrate these remarkable wins at the CA Sri Lanka Annual Report Awards, we acknowledge that true transformation thrives in adversity. Softlogic Life’s success in clinching prestigious accolades is a testament to our commitment to excellence despite challenging market conditions. In a time when our nation grapples with economic uncertainties, these awards symbolise not just recognition but the resilience of our organisation. These awards are not just honours but beacons of hope and inspiration for the industry.”

The Integrated Annual Report reflects Softlogic Life’s drive to transcend industry norms and push the boundaries of financial reporting in Sri Lanka. This is the 10th consecutive time Softlogic Life has presented its Integrated Annual Report journey of integrating reporting, which started in 2013. It provides a comprehensive account of how Softlogic Life created value for its stakeholders through a balanced and concise analysis of the company, its external environment, strategy, resource allocation, business model, performance, corporate governance and other valuable prospects. The report also voluntarily embraces global benchmarks such as the International Framework and Global Reporting Initiative (GRI) Standard’ Core’ options. Additionally, Softlogic Life has obtained the Sri Lanka’s first ever Assurance Report on Integrated Reporting for the third consecutive year, underscoring our dedication to provide credible non-financial information to stakeholders.”

Softlogic Life Chief Financial Officer Nuwan Withanage commented, “For Softlogic Life, effective financial reporting is not just a regulatory requirement; it is a cornerstone of our commitment to Transparency, Accountability, Governance, Sustainability and stakeholder trust. We believe that embracing technological advancements and innovative reporting methods truly enhances our ability to present complex financial information in a clear and accessible manner in delivering meaningful and transparent financial insights to our stakeholders.

“Besides CA awards, we emerged victorious at the CMA Excellence in Integrated Reporting Awards 2023 this year, winning five prestigious accolades. The five awards, including the coveted Overall Gold for Integrated Reporting Excellence, highlight our multifaceted prowess in maintaining high standards across various reporting domains, all aimed at driving transparency, accountability and value for stakeholders”.

The prestigious CA Sri Lanka Awards aim to reflect effectiveness in communicating financial and non-financial information to stakeholders, strict compliance with legislative requirements, and accepted accounting best practices. In evaluating reports for the awards, CA Sri Lanka looks at each contender’s ability to effectively communicate organisational objectives, highlights, performance, personnel and management to all relevant stakeholders.

December 7, 2023

December 11, 2023: After an illustrious seven-year tenure at Softlogic Life, trailblazing marketing professional Kavi Rajapaksha bids a fond farewell, marking the end of an era in the company’s vibrant history. Rajapaksha’s departure comes as she completes her role as the Chief Marketing Officer and Senior Vice President of Softlogic Life.

Under Kavi Rajapaksha’s visionary leadership, Sri Lankans experienced some of the most memorable and impactful marketing communication campaigns affiliated with Softlogic Life, solidifying its position as Sri Lanka’s fastest-growing life insurer. With a keen understanding of market dynamics and consumer behaviour, Rajapaksha played a pivotal role in crafting and executing award-winning campaigns that elevated the brand and resonated deeply with every Sri Lankan.

Joining the organisation as a Senior Manager Marketing in 2016, Kavi’s first leap into fame in the local marketing fraternity was the iconic ‘Leda Leda’ campaign. The campaign, which won the coveted ‘Brand of the Year’ award at Effie Awards 2019 and many other accolades, changed the perception of insurance in the country and became the most talked about piece of communication in 2019 for its creativity, effectiveness, execution quality and engaging value. From the inception, Kavi and the team drove the higher purpose of enhancing the quality of Sri Lankan lives versus marketing products or services. She broke the barriers to go against accepted industry norms and produced positive, relevant, engaging communication instead of the usual negative, fear-mongering commercials to inspire people to live happy, healthy lives.

During her tenure Kavi continued to lead her young, dynamic team towards launching iconic campaigns such the revival of “Monwada Mutte” and “Me Rata Mage Rata” which have been regifted to the current generation in a relevant form, postal insurance launch which garnered many local and global awards, the vegetable Christmas tree and the list goes on.

Amongst other successful campaigns, Kavi and her team were able to create history with the launching of Sri Lanka’s first artificial intelligence (AI) TV commercial, recreating four of the most iconic music legends of the country: H.R.Jothipala, Milton Mallawarachchi, Clarence Wijewardena and Sunil Perera, using “deepfake” technology. The landmark campaign made Softlogic Life the first company in Sri Lanka to produce a Ai supported commercial, inspiring other brands in the country to explore the possibilities of this technology in their marketing strategies with meticulous adherence to legal and ethical requirements. The team led by Kavi approached this project with utmost care and crafted means of honouring them despite the lack of laws regarding AI while approaching each family to discuss and understand their feedback. This crucial campaign paved the first step of a successful journey of embracing Ai technology for marketing communication for all industries across Sri Lanka.

Under Kavi Rajapaksha’s exceptional leadership, Softlogic Life garnered widespread recognition and acclaim through a string of prestigious awards at both local and global ceremonies. The company’s innovative and impactful marketing communication campaigns earned accolades across various categories, solidifying its reputation as a trailblazer in the insurance industry. Some awards ceremonies included The Effie Awards, SLIM Brand Excellence, SLIM Digi Awards, Global Smarties wards and SMARTIES APAC. Her strategic vision and commitment to excellence elevated Softlogic Life’s profile in the industry and positioned the company as a benchmark for innovation and effectiveness in marketing. These accolades serve as a testament to the collaborative efforts of the entire team under Rajapaksha’s leadership, showcasing Softlogic Life’s dedication to pushing boundaries and setting new standards in the dynamic landscape of insurance marketing.

December 5, 2023

December 5, 2023: New Media Solutions, a leading player in homegrown media, brand communications and public relations, recently won a Bronze Effie in the Insurance Category for its outstanding work with Softlogic Life, Sri Lanka’s 2^nd largest life insurer. The accolade honours New Media Solutions’ creative and strategic excellence in bringing Softlogic Life’s distinctive seasonal campaign to life.

Last Christmas, the company captured the nation’s imagination by unveiling the world’s first-ever vegetable Christmas Tree. The objective of this was to inspire or create a mind shift in urban Sri Lankans who believed that the conditions at home are not right for home gardening. This unique installation comprised of 2,000+ organic plants of diverse varieties and nutritional values all put together to create a Christmas tree amidst harsh sunlight, sea breeze and humidity to tell Sri Lanka that if Softlogic Life can do it here, so can you. The groundbreaking campaign showcased Softlogic Life’s commitment to innovation, sustainability, and community engagement.

New Media Solutions was pivotal in bringing this innovative campaign to life, employing creativity and strategic thinking to amplify Softlogic Life’s message. The agency’s comprehensive approach involved leveraging various media channels and public relations platforms to ensure maximum visibility and engagement.

Commenting about their latest accolade, New Media Solutions Managing Director Nilupa Sanjaya Liyanage said, “We are thrilled to receive the Effie award for our collaboration with Softlogic Life in creating ‘Sri Lankans first ever vegetable Christmas Tree’. This activation not only captured the festive spirit but also delivered a powerful message encouraging Sri Lankans to embrace home gardening during a crucial time. This recognition underscores our commitment to delivering impactful, innovative campaigns that resonate with audiences and drive positive change.”

For New Media Solutions, the ‘Vegetable Christmas Tree’ campaign was an opportunity to showcase their unparalleled creativity in media and brand communications. Recognizing the unconventional nature of the initiative, the agency embarked on a journey to craft a narrative that captured the essence of the festive season and resonated with the public on a deeper level. New Media Solutions’ ability to infuse creativity into every aspect of the campaign played a pivotal role in earning the Bronze Effie award, underscoring their dedication to pushing the boundaries of traditional marketing and communication.

New Media Solutions is a collection of seasoned veterans from media relations, brand communications and public relations, mastering their service offerings, including Media Strategies, Lobbying, Mass Communications, Content Creation, Digital Media, Advertising and Crisis Management. The company is led by Co-Founder and current Chief Executive Officer Nilupa Sanjaya Liyanage, a communications veteran with over 15 years of experience in advertising, journalism, broadcasting and digital media.

The Effie Awards are known by advertisers and agencies globally as the pre-eminent award in the industry and recognize all forms of marketing communication that contribute to a brand’s success. Since 1968, winning an Effie has become a global symbol of achievement. Sri Lanka Institute of Marketing has hosted the Effie Awards Sri Lanka since 2008. To date, it has proudly played a role in bringing together the advertising community and the marketing fraternity to celebrate the best of Sri Lanka’s creativity.

October 20, 2023

Wins five awards, including Overall Gold Award for Integrated Reporting Excellence

Colombo, 20^th October 2023: Proving its commitment to best practices in reporting and accountability yet again, Sri Lanka’s 2^nd largest life insurer, Softlogic Life, emerged victorious at the CMA Excellence in Integrated Reporting Awards 2023, winning five prestigious accolades for its 2022 annual report themed ‘Reimagining’. The five awards, including the coveted Overall Gold for Integrated Reporting Excellence that showcases Softlogic Life’s strong commitment to Transparency, Accountability, Governance and Sustainability.

Softlogic Life now ranked amongst the best of the best in corporate Sri Lanka staved off stiff competition from heavyweights to win the Overall Gold award for Integrated Reporting Excellence, making them the youngest Company in Sri Lanka to win this recognition. Furthermore, this achievement makes Softlogic Life the only Sri Lankan insurer honored by this award in the history of the CMA Awards. Similarly, Softlogic bagged four other awards – Best Integrated Report – Insurance Sector, Award for Best Disclosure on Materiality, Award for Best Ten Integrated Reports in Sri Lanka and the Award for Best Chief Financial Officer in Sri Lanka which was awarded to Nuwan Withanage.

Being a natural at embracing technology and innovation, Softlogic Life continues to leverage novel digital solutions that extend to financial reporting as the Company firmly believes in a digitally-enabled report for an ever-changing digital world. Sri Lanka’s first-ever ‘Generate Your Own Report’ was such an initiative, where users can now create customized sub-reports of the Company’s annual report.

Softlogic Life was the first Company in Asia and Sri Lanka to obtain external Assurance on integrated reporting in 2020, and it continues to obtain external Assurance on integrated reporting for the third consecutive year in 2022. The Annual Report has also received external Assurance on sustainability indicators in compliance with ‘Global Reporting Initiative (GRI)’ guidelines.

Furthermore, the Annual Report also provides the Chairman’s review, the Managing Director’s review and primary financial statements in all three languages – English, Sinhala and Tamil- proving Softlogic Life’s commitment to inclusivity. The Company has adopted the Insurance Sustainability Accounting Standard by SASB (Sustainability Accounting Standard Board) and has obtained the Carbon Conscious Certificate by showing its responsibility towards natural capital.

In such a context, the latest recognition at the CMA Awards demonstrates Softlogic Life’s commitment to transparency and high-quality reporting, reassuring stakeholders, including investors, that the Company is weathering the economic turbulence with integrity. Furthermore, the award-winning Annual Report reassures investors and other stakeholders of the Company’s stability and ability to navigate challenging times.

Commenting on Softlogic Life’s significant achievement, Managing Director Iftikar Ahamed said, “Celebrating this prestigious award for our Annual Report could not have come at a more crucial time. The year 2022 was unprecedented in terms of economic and political turmoil and to emerge at the top of the heap is a huge testament to the he strength of our Company. The Annual Report is not just a nice document; it is a reflection of our unwavering commitment to transparency, integrity, and the highest reporting standards. As the economic landscape continues to shift, the trust and confidence of our stakeholders is our most valuable attribute. A comprehensive annual report becomes a beacon of stability and assurance in these extraordinary times. It exemplifies our commitment to excellence and reinforces our ability to navigate these uncharted waters. We will continue to uphold these high standards as we move forward, forging a path of strength and trust for Softlogic Life and all our stakeholders.”

Softlogic Life Chief Financial Officer Nuwan Withanage said, “We are delighted and honoured to win the Overall Excellence Gold Award for Integrated reporting for Integrated Annual Integrated Report 2022, demonstrating our commitment to Transparency, Accountability, Governance and Sustainability. In 2022, we took many initiatives to improve our transparency further in financial reporting, such as disclosure on strategic Key Performance Indicators, while continuing to obtain External Assurance and compliance with global standards such as Integrated Reporting, GRI and SASB. These measures prove our dedication to driving long-term value for our clients and communities. To be adjudged the Best CFO at the CMA Awards is a milestone achievement in my professional career and I deeply appreciate the Company’s support throughout that journey.”

September 1, 2023

Colombo, 01^st September 2023: Sri Lanka’s second-largest life insurer Softlogic Life has been nominated as a finalist for the esteemed ‘InsurTech of the Year’ award at the 27th Asia Insurance Industry Awards. The nomination underscores Softlogic Life’s unwavering dedication in pushing the boundaries of innovation within Sri Lanka’s insurance landscape. This recognition not only shines a light on Softlogic Life’s accomplishments but also highlights the ever-increasing role of technology and innovation in shaping the future of the insurance sector across Asia.

The finalists for this year’s awards have been unveiled, featuring a distinguished list of 50 top insurers, reinsurers, brokers, risk managers, and service providers from the region. Renowned for its rigorous standards and transparent selection process, the Asia Insurance Industry Awards are overseen by a panel of expert judges drawn from various domains of the insurance industry. The initial round of remote selection involved meticulously evaluating over 200 entries spanning 17 categories. Softlogic Life emerged as a standout nominee through this evaluation process, demonstrating remarkable strides in the InsurTech landscape.

Commenting on this latest nomination, Softlogic Life Managing Director Iftikar Ahamed said, “Over the past few years, innovation has been the driving force behind Softlogic Life’s transformative journey. We have consistently pushed the boundaries of what is possible in the insurance landscape, harnessing technology to create unprecedented value for our customers. Our nomination for the ‘InsurTech of the Year’ award is a testament to the tireless efforts of our team and the profound impact of our innovative solutions. We firmly believe that embracing innovation isn’t just an option; it’s imperative in today’s rapidly evolving world. Softlogic Life remains committed to pioneering new horizons in the insurance industry, empowering our clients and setting new standards of excellence.”

The nomination is a testament to Softlogic Life’s continuous focus on introducing many industry-first and world-first innovations for its policyholders. State-of-the-art solutions such as one-day automated claims settlement, Instaclaim app, 1-minute hospitalisation claim settlement, a 100% digitalised sales platform, automatic policy issuance, and mobile-based micro products have paved the path for the company to deliver superior customer service while enhancing its competitive position. Furthermore, these innovations have enabled Softlogic Life to protect over 1.5 million Sri Lankan lives while significantly contributing to growing the country’s insurance penetration.

In its 27th year, the Asia Insurance Industry Awards has become a much sought-after mark of excellence and peer group endorsement for insurance players and professionals. The Awards have been hosted annually since 1997 by Asia Insurance Review— the voice of the insurance industry of Asia for the past three decades.

August 2, 2023

Asia Advisors Network and LIMRA, this year’s competition resulted in 77 finalists from 14 markets and 38 different companies across Asia.

Mr. Pushpitha’s achievement at the 8th Asia Trusted Life Agents & Advisers Awards is a testament to his unwavering commitment to deliver exceptional service to his clients, along with a fiery determination to reach the highest standards of professionalism. With over 19 years of experience in the industry, he stands out as the only Sri Lankan nominated for the “Insurance Agent of the Year” category and the only finalist in the history of the award to have obtained the TOT (Top of The Table) MDRT qualification for six consecutive years.

Iftikar Ahamed, Managing Director of Softlogic Life, expressed his pride in Mr. Pushpitha’s remarkable achievement stating, “It brings us great joy to celebrate Sajeewa’s victory and recognition at the esteemed Asia Trusted Life Agents & Advisors Awards 2023, as it truly embodies the exceptional work culture nurtured within Softlogic Life. We are on a mission towards being the best in the business and Sajeewa has really put us on the map by conquering all of Asia. As stated by Asia Insurance Review, our Advisors are the ambassadors, who work tirelessly to promote the crucial role insurance plays – a role that is priceless, especially in today’s challenging world of inflation, pandemics and geopolitical woes. This award is therefore such an important accolade and a tribute to Sajeewa’s commitment, persistence and courage. His unwavering dedication is truly exemplary, and we hope to see him thrive and bring further glory to Sri Lanka.”

Throughout his career, Sajeewa Pushpitha has been an active member of MDRT (Million Dollar Round Table) and boasts an impressive record of two MDRT COT (Court of the Table) awards and MDRT Life membership with seven IQA (International Quality Award) platinum awards. His achievements also include multiple top recognitions at Softlogic Life’s annual awards gala and the honor of receiving the International Quality Award from LIMRA for seven consecutive years.

“I extend my heartfelt congratulations to Sajeewa for achieving this extraordinary milestone,” stated Indu Attygala, Deputy Chief Executive Officer of Softlogic Life. “His consistent dedication to excellence has made him a true asset to Softlogic Life. This achievement exemplifies our company’s core values and growth-driven culture that fosters the development and well-being of our team members, enabling them to deliver exceptional service to our valued customers. Grabbing the coveted ‘Insurance Agent of the Year’ award is yet another addition to Sajeewa’s exceptional portfolio of achievements, and we look forward to his continued growth at Softlogic Life.”

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