IASL Archives

October 20, 2023

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19^th October 2023, Colombo. Insruance Association of Sri Lanka partnered with AIESEC for the National Leadership Development Seminar 2023, held on the 13^th of October at Carolina Beach Hotel, Chilaw. A special panel discussion was held on the career opportunities the Insurance Industry has to offer for the youth of the country.

The esteem panel consisted of Mr. Mahen Gunaratne, CMO of Union Assurance, Mr. Sampath Thushara, CFO of AIA Insurance and Ms. Kavi Rajapakse, CMO of Softlogic Life Insurance. The session was moderated by Charitha Bandara, Head of People & Culture at Allianz Insurance.

Together, they shared their wisdom and experiences, providing invaluable insights into the world of insurance careers

November 15, 2022

• The 13th edition of the NAFLIA conference is held this year

• The National Life Insurance Awards 2021 will also take place during the same event.

15th November 2022, Colombo: The Insurance Association of Sri Lanka (IASL)’s Marketing & Sales Forum is organizing the 13th edition of its National Forum for Life Insurance Advisors (NAFLIA) Conference 2022, on 16th November 2022, from 9 am onwards, at the Hilton Colombo Main Ballroom. The theme for this year’s conference is aptly titled ‘Rise above the challenges: Transformation has begun’. The National Life Insurance Awards 2021 will also take place during the same event.

The high profile conference and the awards are eagerly anticipated by sales and marketing professionals in the life insurance industry as top performers will be recognized and rewarded at the ceremony amongst their peers at a glittering ceremony. The event will witness life insurance industry professionals, CEOs of Life Insurance companies and members of the Insurance Regulatory Commission of Sri Lanka (IRCSL) congregating at the venue.

Commenting on the upcoming conference, Ms Namalee A Silva (MSF Chair) said, “We are excited and proud to have the entire life insurance fraternity coming together on this celebrated forum provided by National Forum For Life Insurance Advisors (NAFLIA) Conference year after year. The economy and the industry are facing tough challenges and this occasion will provide the ideal opportunity for all our attendees to gain valuable insights into navigating these challenges. As always, the event promises to be captivating. ”

The keynote speaker for the conference will be Rasik Zarook, Chairman of IRCSL while Damayanthi Fernando, Director-General of IRCSL will grace the occasion as the Guest of Honour. Ifthikar Ahamed, President IASL, will deliver a special speech. A motivational session will be held for the attendees, conducted by Mr Nandana Wickramage, Sales and Marketing Consultant. The MDRT panel discussion will be conducted by Mr Rukman Weeraratne with the Industry’s top achievers. The conference aims to provide a credible platform for the Life Insurance industry to come together to exchange and share insights and knowledge on various aspects of the profession.

September 8, 2021

The Insurance Association of Sri Lanka (IASL) conducted its annual Life Insurance Industry Sales Awards for the years 2019 and 2020. This awards ceremony which was held as a virtual event went live on the 1st of September 2021, coinciding with National Insurance Day. The online event was graced by the Chief Guest, Razik Zarook, the Chairman of the Insurance Regulatory Commission of Sri Lanka (IRCSL) and the Guest of Honour, Damayanthi Fernando, Director General.

Iftikar Ahamed, President IASL sharing his thoughts said “I take this opportunity firstly to congratulate the winners as well those who qualified. This is a platform where you are pitted against the very best insurance sales professionals from across the industry. Being able to receive an accolade here is a remarkable achievement, to say the least. Now more than ever the need for insurance solutions is being felt around the country due to the impact of the ongoing pandemic. In that light, we as the insurance industry are obliged to provide our services that help people mitigate their risks to as great an extent as possible. This is where the insurance advisor plays that ever-important role of conducting a proper need analysis in designing and offering customers the policy that addresses the aspects of risks that they intend to cover. Recognizing these skilled Insurance Sales Professionals was a necessity, with the aim of elevating the confidence of insurance professionals, rewarding them for their endeavours as they raise awareness and propel the insurance industry forward.”

This competition was first conducted in 2018 and the awards ceremony was held as part of the National Forum for Life Insurance Advisors (NAFLIA) held in September 2019. However, with the onset of the pandemic and restrictions on public gatherings, the IASL decided to conduct a virtual event this year to recognise the winners for 2019 as well as 2020.

Sharing his thoughts, Dinesh Yogaratnam, Chairman of the Marketing and Sales Forum (MSF) of the IASL said “Developed as a national platform to recognise the best talent in the Life Insurance Industry, these awards were designed to recognise sales personnel based on their performance during the year with an evaluation of policy persistence taking place in the following year, as well as other qualifying criteria having to be met, thereby fostering sustained new business acquisition and retention within the industry. We had a total of 65 sales personnel, 34 for 2019 and 31 for 2020 being recognised at this event. The MSF took it upon itself to go ahead with this online event on the basis that a physical event would not be possible and we are very encouraged and enthusiastic at the reception and responses received. My heartiest wishes go out to the winners as well as those who qualified”.

The award categories included the Best Agent, Best Team/Unit Leader and the Best Branch Manager awards. These Category Awards were based on a categorization of the company they are attached to, by size, in terms of Gross Written Premium (GWP). As such, the 5 companies that are top five in terms of GWP were classified as Company Category Large, the next five as Medium and the rest as Small. The National Level Winners were awarded from amongst the winners of the Category Awards where the top three received the Gold, Silver and Bronze awards, respectively.

September 7, 2021

The global insurance industry has faced a tumultuous rollercoaster of highs and lows in its recent history. With the onset of the COVID-19 pandemic, the industry faced an opportunity to rebuild itself as per the latest societal necessities and market demands. Companies across the globe seized the opportunity to reinvent themselves and promote the importance of health and wellbeing. The significance of the insurance industry has come to the forefront, following recognition of its objectives and innate advantages. Its noble attempts to protect individuals and businesses have not gone unnoticed.

Considering the current insurance climate, insurance agents should focus their operations on the needs of their customers. This focus would facilitate the successful execution of transitions and transformations. Increased unemployment, business closures, restricted travel and tourism and hindered premium distribution have adversely affected insurance premium growth globally. The development of technology in leaps and bounds has facilitated the movement of insurers into a well-equipped digital sphere. Insurers have understood the undeniable need for efficient IT infrastructures and digital channels, as people increasingly focus on paying attention to life, health and other protection products.

Claim experience relating to COVID-19 impacts have fluctuated from country to country based on numerous variables such as policy conditions and coverage differences. Hospital and medical benefits have increased in many developed markets, along with enlarged claim exposure from business lines such as event cancellation, business interruption, travel insurance, credit insurance, workmen compensation and many others. In contrast, claims payments for motor insurance reported a widespread decline resulting from reduced vehicle accidents due to restricted mobility.

The Sri Lankan economy has also faced its share of fluctuations. The demand for most general insurance products has declined, particularly in the insurance classes of motor, marine, travel and aviation, compared to previous years. Accordingly, the general insurance business exhibited a negative premium growth of 2.24% in 2020 against the 7.06% growth reported in 2019. In contrast, the long term insurance business displayed a positive momentum as the total premium income increased by 15.98% (2019: 10.58%), surpassing the Rs. 100 Billion mark for the first time in history.

As per the industry highlights for the first quarter of 2021, the profit (before tax) of Long Term Insurance Business amounted to Rs. 4,038 million (Q1, 2020: Rs. 3,580 million) while the profit (before tax) of General Insurance Business amounted to Rs. 3,210 million (Q1, 2020: Rs. 3,952 million). Thus, profit (before tax) of Long Term Insurance Business has increased by 12.79% and profit (before tax) of General Insurance Business has decreased by 18.78% when compared to the same period in 2020.

The value of total assets of insurance companies has increased to Rs. 798,092 million as of 31st March 2021, when compared to Rs. 713,734 million recorded as of 31st March 2020, reflecting a growth of 11.82% mainly due to an increase in corporate debts, government securities and equity.

The insurance industry was able to achieve a growth of 14.36% in terms of overall Gross Written Premium (GWP), during the first quarter of 2021, recording an increase of Rs. 7,211 million when compared to the same period in the year 2020. Thus, Long Term Insurance Business witnessed a growth of 34.18% and General Insurance Business shows a decline of 0.77% when compared to the corresponding period of 2020.

The industry has highlighted its adaptability to functioning during the pandemic, including the adoption of digital and virtual platforms for an added efficiency in customer service. With an increase in product innovation, digitization of operations, remodeling distribution channels, and usage of customer-centric operating models coupled with cultivating public awareness on life protection, the insurance industry will remain resilient, sustaining itself throughout the pandemic.

September 6, 2021

The Insurance Association of Sri Lanka celebrated National Insurance Day on the 1st of September 2021. Insurance Month will be commemorated to spread awareness about the importance of insurance and its relevance at present. As all industries in the country undergo continuous challenges and changes during the global pandemic, the insurance industry too has been dynamic in its approach to customers in providing timely policy solutions.

Iftikar Ahamed, the President of IASL provided a look inside the insurance industry, detailing the changes in the industry landscape and IASL’s role during this time.

“The pandemic has had mixed effects on the insurance industry in the past year. The Life Insurance Industry Gross Written Premium (GWP) grew by 16% to cross the LKR 100 billion threshold in 2020, and the first six months of 2021 saw a growth of 30%, which is a remarkable number despite the effects of the previous year. The import of motor vehicles had a detrimental effect of the General Insurance sector, which had a negative growth of 1.3% towards GWP of LKR 99.5 billion in 2020. The first half of 2021 too recorded a negative growth of 0.3%.

“As the apex body of the industry, insurance awareness month is utilized to spread awareness of the relevance and importance of insurance to every Sri Lankan. We have seen many insurance providers explore new avenues that would be timely solutions for our customers as they push the traditional limits in solutions and selling by transitioning into the digital sphere, reducing overall turnaround times. These have to be taken to the public in quick and efficient ways, where aggressive marketing and sales becomes key. The Insurance Awareness month therefore, becomes more crucial this year.”

Speaking on how the pandemic has affected the industry and the steps taken to ease the burden of those affected as well as the government, Iftikar Ahamed continued “The insurance industry has stood by its policyholders by coming forward to meet their COVID claims despite the pandemic, which is usually an exclusion. Especially during the third and fourth waves honouring claims has been a moment of truth for many customers and a true testimony to the fact that we are there for Sri Lanka.

“In addition, rewarding and recognizing efforts, especially at times such as these, is important for the industry given that their role has been extremely challenging during this period. The National insurance awards took place on 1st September as a virtual event where the brightest and the best talent in the industry received awards for both 2019 and 2020, since we could not have this event last year.”

When asked his opinion on how insurance companies might successfully maintain customer interest, Iftikar Ahamed further added, “The attention and interest of the public on insurance and the protection that it affords is now quite evident. The industry needs to capture this moment and maintain engagement with meaningful benefits whilst ensuring that all policyholders are treated fairly and equitably.”

It is hoped that the message of insurance will be further disseminated following Insurance Month 2021, and that it will result in increased awareness and understanding among the people of Sri Lanka. A subject that can be embedded into the daily life of an individual from dawn to dusk, it is vital that the public can access their preferred insurance solution at the time, place, price and in the manner they want.

September 3, 2021