Ceylinco Life has retained its title as World Finance’s ‘Best Life Insurer in Sri Lanka’ in 2020, reaffirming its consistency in performance in a year made adverse for business by the COVID-19 pandemic.
Bestowed on the Company for a record seventh consecutive year, the World Finance Global Insurance Award recognises Ceylinco Life as an organisation that is committed to continuously improving its overall processes, efficiency and relationships to serve customers better.
The accolade is based on an assessment of multiple aspects of operational performance by the UK-based international magazine that analyses the financial industry, international business and the global economy. The assessment criteria included underwriting processes and process efficiency; policy maintenance – the process of reviewing clients’ policies, appropriateness of coverage and cost per policy; exposure to risk; customer retention rate; time taken to settle claims; new customer acquisition rate and financial stability – Premium Income, Market share, Life Fund and company profits.
The judging panel represents the expertise of over 230 years of financial and business journalism, supported by a research team that worked round the clock to ensure the award winners are the most deserving in their sector. Additionally, reader insight and experience were relied upon to provide nominations. The judging panel is required to avoid bias towards criteria such as depth of practice and size of the company, in order to get an insight into different geographies and niche areas.
“The disruptions caused by the pandemic to business processes and productivity can adversely affect the customer experience, but this award reaffirms our strict adherence to best practices at all times, ensuring that customer satisfaction levels are maintained,” Ceylinco Life Managing Director Thushara Ranasinghe said. “Such consistency is achieved through continuous training and motivation of staff at all levels and an ingrained culture of commitment to excellence. We value this award because it is based on a stringent independent assessment of the qualitative aspects of performance, rather than numbers alone.”
Ceylinco Life is the only life insurance company in Sri Lanka to win this award consistently over the years. It is a testament to the Company’s continuing commitment towards not just financial soundness, but innovation and dedication that sets it apart in efficiency, overall process management, and customer relationships.
Ceylinco Life closed 2019 with a consolidated income of Rs. 32.1 billion, gross written premium income of Rs. 18.7 billion which positioned it as the market leader for life insurance in Sri Lanka for the 16th consecutive year, net profit of Rs. 6.7 billion, an investment portfolio of Rs 116.9 billion, and total assets to the value of Rs. 133.4 billion.
Begun in 2007, World Finance magazine’s award programs are tailored to provide a comprehensive analysis of the very best in each market.
Sri Lanka’s leading life insurer for more than half of the 32 years it has been in existence, and certified as a ‘Great Workplace’ in Sri Lanka by Great Place to Work, Ceylinco Life was ranked the Most Valuable Life Insurance Brand in Sri Lanka by Brand Finance this year and declared the ‘Peoples Life Insurance Service Provider of the Year’ for the 14th consecutive year at the 2020 SLIM-Nielsen Peoples Awards. The Company was also accorded an ‘Honourable Mention’ as one of the ‘Most Admired Companies in Sri Lanka’ in 2019-20 by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA).
Ceylinco Life has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance sector for innovation, product research and development, customer service, professional development and corporate social responsibility.