Sri Lanka Insurance revamps brand identity
For a product to be successful, the logo needs to be attractive which then, draws the attention of the consumer spontaneously.
This comment came from Hemaka Amarasuriya, a veteran business professional now heading the Sri Lanka Insurance Corporation (SLIC), when he spoke at the launch of a revamp of the company’s brand identity, last week at the SLIC Head office, Vauxhall Street, Colombo.
The revamping focused on four areas – product and IT development, expansion of branch network and ensuring a progressive team.
Mr. Amarasuriya said that he too had noticed that the present logo though attractive, that attractiveness was not competitive enough to stand strong among not only other rival insurance brands. The logo should be attractive among all the other distinct logos in the market.
He said: “It should be like a magnet to attract the consumer” and quoted the English saying ‘One swallow does not a summer make’ indicating that though the logo is changed, the competition will not change, but all of them must strive to bring back the lost glory to be the giant in insurance in Sri Lanka.
To establish that stability that has been enjoyed by the SLIC, he said that the branch network should also be expanded to match with other large businesses operating with branch network. He said they have only around 150, but like established banks their range is 220 to 300. By the end of the year they are working hard to double the number.
He said that in this regard they expect to open up several new branches during the next couple of months and the new branches have to be aligned with modern office automation and equipped with the newest office equipment. Once the new branches are established they could be models for the old once to be modernized, he pointed out.
Another important aspect, he pointed out is that their services have to be based on the consumer needs and demands and they should keep abreast with the market trends, Mr. Amarasuriya indicated.
Chandana Aluthgama, CEO, SLIC said that the revamping would turn a new page in the SLIC which has been running for the last 56 years and is moving with the modern trends.
They have gained 19 per cent progress in the life insurance sector and 28 per cent in the general insurance sector. He said that the change-over to a new logo is an opportune turning-point to change their journey to a new era with new concepts and modern technology.
He noted that being a state owned institution SLIC has become well recognised in the country and has a distinct advantage over their rival private sector insurance companies. Though they are the market leader in the motor insurance department which falls into the general category, they are striving to be the market leader in the entire general insurance division, very soon.