SLIC should look to increase local insurance penetration
Business community, politicians and others should all forget their differences and unite and try to help Sri Lanka to get out of this current ‘mess’ , said President’s Counsel Ronald Chithranjan Perera is after assuming office as the 26th Chairman of State-owned Sri Lanka Corporation (SLIC) yesterday.
He said that for the first time in the country’s history Sri Lanka has a President (Ranil Wickremesinghe) whose political party has only one member and a Prime Minister who has only 3 members from his respective political party in Parliament. “However majority wants them to continue and others too should assist them to bring back economic stability to the country.”
He said that this scenario of parliament is a classic example of ‘modern day innovation’ and this novel thinking pattern should be similarly grasphed by Sri Lanka insurance staff’s mindset. “The staff should think in new ways to maintain SLIC’s position as the number one insurer in Sri Lanka competing among 26 foreign and local players.”
Sri Lanka Insurance staff should look to increase the local insurance penetration which is only around 2%, the new Chairman said. “Since it is compulsory all vehicle owners have insurance, however in contrast insurance in the rural market is virtually untapped and this is an area that should be pursued.”
He also said that due to lack of innovation and not moving with technology and new demands of the modern day world companies like Kodak, Polaroid and IBM computers perished but facebook which was founded by entrepreneurs less than 40 years old in 2004 has captured the world. “This was all because of innovation.”
“Today when you go to a private hospital to be treated for a stomach ache when you get the bill you get a heart attack!” he quipped. Hence Sri Lanka insurance should try to introduce new and attractive packages for mainly health and also for houses. (Against burglaries, fires and other accidents)
Perera also said that banks have several savings packages for new born and when they reach 18 years they get a ‘lump sum’ “SLIC too can come up with a similar innovative package where the child can get a ‘lump sum’ which can be used for higher education.”
He also identified events insurance similar to insuring cricket matches as another area with opportunities and also a new attractive package for Sri Lanka expatriates towards providing a pension for them.
Finally he cautioned the staff to be very professional and friendly to customers as unlike previous times social media can play a huge role in damaging the credibility of the institution by posting incidents of this nature. Prior to this appointment, Perera was the Chairman of the Bank of Ceylon from January 2015 till November 2019.