Address:
Level 16, One Gall Face Tower, Colombo 02, Sri Lanka.
Telephone:
24 x 7 Care Centre number - +94 1312
Email:
info@softlogiclife.lk
Web:
http://www.softlogiclife.lk/
Q: Could you describe the state of business in the country and how it has impacted the life insurance sector?
A: Year 2019 has been challenging with a multitude of issues impacting the economy. The country’s growth slowed dramatically following the Easter Sunday attacks in April, which occurred after GDP growth fell to its lowest level in 17 years in 2018. This was coupled with a declining business confidence index and sense of uncertainty ahead of the recently concluded presidential election.
As for the state of the financial services industry, it has been buffeted by high non-performing loans that stemmed from the drop in economic activity and therefore, lower disposable incomes in the hands of individuals.
The result of these developments is that the life insurance sector was negatively impacted with slower growth observed over the course of the first half of the year, which was recorded at nine percent. In contrast, growth amounted to 12 percent during the same period in the previous year.
Q: How has Softlogic Life Insurance grown as a business over the past 12 months?
A: Softlogic Life has been able to buck the overall trend and weak economic sentiment by forging ahead with a comprehensive business strategy to record 26 percent growth compared to the life insurance sector’s growth of nine percent – almost three times that of the sector.
As a company, we have worked to eliminate the negative connotations of insurance advertising in our communications, and change the perception of these products and services. These efforts have enabled the organisation to steer towards a compound annual growth of 35 percent over five years versus the sector’s 16 percent increase whilst consistently increasing its market share.
Q: Could you list the company’s main achievements over the last year?
A: The organisation has received many accolades while achieving this growth trajectory. Among the most recent was being named Brand of The Year at the SLIM Effies 2019 and conferred Gold in the Service Brand of the Year category at the SLIM Brand Excellence Awards 2019, as well as being recognised among 200 companies in Forbes’ Asia’s Best Under A Billion 2019 list.
Pursuing transparency resulted in Softlogic Life’s annual report winning Gold at the SAFA Best Presented Annual Report Awards 2019, which considers the performance of the entire South Asian region.
Meanwhile, implementing some of the best human resources practices led to the organisation being named one of the top 25 companies in the country in the Great Place to Work survey for the fourth consecutive year.
Q: What are the innovations Softlogic Life has introduced to the market in the recent past?
A: Softlogic Life has established a reputation for being innovative, focussing on introducing better, faster and more convenient solutions for customers. This includes taking steps to make the claims process convenient and reduce turnaround time.
For instance, we settle more than 85 percent of claims in a day. In addition to important measures such as this, we’ve introduced the LifeUp app, which allows customers to pay and manage their policies with ease, while the InstaClaim app enables the payment of claims by sending bills directly through WhatsApp and Viber.
We also make use of robotic process automation (RPA) for auto-underwriting, which enables instantaneous policy issuance. Furthermore, Softlogic Life’s 24/7 doorstep medical services and remote discharge facility in urban areas have helped many policyholders avoid inconvenience.
A recent initiative was the launch of a postal insurance plan, expanding accessibility to the most remote parts of Sri Lanka. As a responsible corporate, Softlogic Life is always keen to go beyond and cater to the most vulnerable segments of the population, providing them with financial independence at affordable rates.
Q: And finally, what are the company’s priorities in the prevailing corporate environment?
A: As a responsible organisation, Softlogic Life is about doing the right and most relevant thing in the corporate environment. This includes excelling in the business in which we engage and ensuring that the expectations of all stakeholders are met in their entirety, all the while ensuring sustainability in addition to long-term growth and development.