LOLC General Insurance achieves Rs. 6 b in premiums in less than 10 years
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Mr. Kithsiri Gunawardena
LOLC General Insurance, a fully owned subsidiary of the LOLC Group, recently became Sri Lanka’s first general insurance company to achieve Rs. 6 billion Gross Written Premium (GWP) in less than 10 years.
The company reached the Rs. 6 billion mark in December 2020, becoming the fastest general insurance company to achieve this milestone in the industry, said LOLC General Insurance CEO Kithsiri Gunawardena in a media statement issued by the company.
“During the last few years we have continuously streamlined the processes and achieved greater coordination between different units of the company. The staff was motivated to work as one team and embarked on a customer-centric approach. A scheme was introduced where a pre-designated percentage of the company profits was shared with our staff thereby elevating them to become true stakeholders of our business. We also critically analysed our expenses and introduced mechanisms to achieve greater efficiency and productivity,” he said.
Despite 2020 being the most challenging year for most businesses in the country and a year in which the insurance industry was seen recording negative growth, he said LOLC General Insurance managed to record its best performance during this year. Although external operating conditions remained challenging, the general insurance business performed steadily.
He said the opportunities for growth are immense in the market. With a saturated motor market and the challenge of limited new registrations for the foreseeable future, the price and service will be key in this sphere. “The non-motor market is noticeably underpenetrated and this gives LOLC General Insurance opportunities to grow with our unique products and services to customers,” he said.
Discussing future plans, Mr. Gunawardena said 2021 will see innovations in terms of customer engagement with respect to digital transformation as well as unique product ranges and service standards being introduced.
The countrywide reach will be enhanced with the formation of new regions/branches and close to 70 dedicated service points being established.
“With LOLC expanding into many markets in Asia and Africa, we too hope to expand the insurance services and products to several selected and potential international markets in the near future. LOLC Group has a very strong and highly respected brand presence in all the markets we operate,” he added.