LOLC Insurance in record-breaking performance in Q3 2024
View(s):LOLC Life Assurance continues to strengthen its position in Sri Lanka’s insurance industry, achieving cumulative growth up to Q3 2024, and 56 per cent cumulative growth in Gross Written Premiums (GWP) compared to the same period last year, marking the highest growth rate in the industry.
This achievement was driven by customer-focused strategies and innovative offerings, including the E-Proposal Platform, One-Click Platform, and Cashless In-Patient Claims Process which have enhanced efficiency, and customer convenience, the company said in a media release.
The launch of Health Maxx, Sri Lanka’s first Rs. 100 million health insurance cover with in-house claim settlements, has set a new benchmark for comprehensive health protection. Additionally, the introduction of LOLC Takaful Life has expanded the company’s offering with Sharia-compliant insurance solutions across diverse customer segments. Ms. Nadika Opatha, Director/CEO of LOLC Life Assurance, said, “This remarkable growth reflects the trust our policyholders place in us and the unwavering dedication of our sales and operation teams, supported by our extensive branch network. We remain focused on setting new industry benchmarks to better serve our customers, and we sincerely thank all our valued stakeholders for their continuous support.”
LOLC General Insurance also delivered 12 per cent cumulative growth in GWP by Q3 2024, surpassing the industry average. This growth was driven by strong performance in both motor and non-motor insurance segments, supported by the flagship loyalty programme, ‘Honours’.
Kithsiri Gunawardena, Chairman of LOLC General Insurance, highlighted the factors behind this growth, stating, “Our consistent growth reflects our ability to deliver innovative and customer-focused solutions that meet diverse client needs. Through strategic market segmentation and focussed engagement, we continue to unlock untapped opportunities while strengthening customer relationships.” He further added, “Our extensive branch and distribution channel network allows us to effectively cater to a wide demographic, addressing evolving needs with service excellence.”
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