Market leader Ceylinco Life looks to the future
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Ceylinco Life (Insurance) has stayed firm in its 2-decades journey of market leadership in Sri Lanka’s life insurance sector achieved with two key figures in its organisation – Chairman Rajkumar Renganathan and Managing Director/CEO Thushara Ranasinghe sharing their thoughts in a joint media release.Responding to a query about market leadership, Mr. Renganathan said in life insurance, the key metric that determines market leadership is premium income. The company with the highest gross written premium income for that particular year is the largest life insurer in the market. “When we talk about 20 years of market leadership, it means that Ceylinco Life has achieved the highest premium income every year since 2004,” he said, adding however that capital adequacy, profitability, Life Fund and Re-insurance arrangements also need to be considered.
Mr. Ranasinghe said that a customer has to trust the life insurance company to manage its affairs well and stay financially strong for at least the duration of his or her policy, and to fulfill its promises. “The significance of our market leadership, in that context, is that is affirms that Ceylinco Life is the most trusted life insurance company in the country,” he said.
Discussing the challenges they have faced, Mr. Renganathan said that every company faces challenges, but Ceylinco Life has had to face challenges that were not related to its operations. These were challenges that could have derailed any company. “Ceylinco Life not only weathered those challenges but retained its market leadership and the trust and confidence of customers, and has continued to grow in size and stature, winning global and local awards, breaking new ground in innovation and digitalisation and focusing on sustainability, while retaining its close engagement with customers as well as larger communities via enduring good citizenship initiatives,” he added.
On sustainability, Mr. Ranasinghe said in terms of the environment pillar, the company has set a goal of reducing its carbon footprint by 5 per cent every year. For 2023 alone, it achieved a 9 per cent reduction in the carbon footprint. Its initiatives included investments in green buildings which have resulted in more than 30 eco-friendly branch buildings being constructed to date for our branches.
Discussing the future, Mr. Renganathan said the company has put into place a succession plan to ensure continuity. The chosen successors will be people who are professionals with proven leadership qualities and who are capable of responding to a rapidly changing environment and customer needs.
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