SLI accords high priority to youth in a new strategy
View(s):Sri Lanka’s pioneer insurance provider– Sri Lanka Insurance Corporation (SLIC) – is now adopting a new strategy to expand the market for younger people who want insurance.
It has introduced a market penetration strategy by rapidly expanding the delivery network and by launching a range of new niche insurance products, customised products for specific customer segment especially for youth, SLIC Chairman K.A. Vimalenthirarajah said.
The strength of the state run insurance entity has been its heritage and brand value that has thus far appealed to a large and long-standing customer base, he said.
Sri Lanka Insurance has transformed to a rejuvenated look with a fresh new logo that still respects heritage, he pointed out.
The corporation’s online insurance portal meets the needs of younger customers for the user-friendly products that they can interact with in real-time.
SLIC’s new strategies will be identifying and tackling parts of its business that are not performing optimally, taking corrective measures to boost their value addition to the corporation, he reiterated.
It will identify gaps that exist in the market that can be addressed with innovative new products and modify existing products to better suit the changing needs and lifestyles of customers, he opined.
“We will get closer to wherever our customers are by expanding our branch network and equipping our sales force with the latest technology, enabling them to be connected and be up to date on the latest developments of SLIC and the market in real time,” he added.
He stressed the need of re-engineering the insurance systems to optimise efficiencies and bring more convenience to our customers and exceed their expectations.
SLIC recorded a profit before tax of Rs. 1,595 million in the first four months of 2019 and recorded total revenue of Rs. 15.4 million, which was an increase of 4 per cent compared to Rs.14.8 billion in the same period of 2018.
(BS)