Financial Times

Sri Lanka Insurance to build Rs. 35 billion collision repair centre
SLI Launches its version of on-the-spot insurance scheme
By Akhry Ameer
Sri Lanka Insurance (SLI) has chosen to distinguish itself with a Rs. 35 billion modern collision repair centre announcing the launch of its version of the on-the-spot motor vehicle insurance scheme, recently. The formerly state held insurer joins the newest trend of hassle-free insurance claim processing that does not require police reports.

"Within three months SLI will boast of the most modern collision repair centre now under construction in Sri Lanka, if not in Asia," said Damien Fernando, Director of SLI making the announcement.

The repair centre would function 24 hours, carry out vehicle repairs using professional electronic equipment and would deliver the vehicle to the owner's door-step within the shortest possible time. The owner would also be able to track the status of repair using a website. The state-of-the art equipment includes paint booths, electronically controlled body repair systems, anti-lock braking and airbag replacement systems, many of which are selectively available in repair shops currently.

While extending many of the benefits announced by competitive motor insurers, Fernando highlighted SLI's product saying it will only carry out damage assessment at the scene of the collision. "We all know the limitations of settling on the spot," added Fernando explaining that the insurer will not know the extent of the repair until it is dismantled. SLI's Total Solution would include many additional benefits such as delivery of policies to residences, multiple payment methods, etc. SLI will also extended hospitalisation cover to occupants that include cost of reimbursement of plastic surgery for both males and females.

Questioned on the need for police reports, Fernando said this was previously necessary due to limitations of assessing damages on-site. "We all know the difficulty in getting police reports. The Motor Traffic Ordinance requires all accidents to be reported, it is up to the citizens to respect the law." He added that police reports would be obtained by the company in the case of third-party or public property damages. Asked whether the company was shirking corporate social responsibility indirectly promoting the non-reporting of accidents, he avoided comment and said they do not wish to hassle customers.

The company said it sees a possibility of a shift to comprehensive policies with the recent increase in vehicle prices. SLI currently commands 30% to 35% market share of the motor insurance market.

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