Continuing their winning spirit, Sri Lanka’s number one health insurance company Softlogic Life bagged the top three country awards at Emerging Asia Insurance Awards 2018, including the coveted ‘Best Life Insurance Company of the Year’ award.
At the competition organised by the Indian Chamber of Commerce, Softlogic Life received two other awards – Best Service Provider of the Year and Best Growth in Insurance – at a gala awards ceremony held in Bangkok, Thailand. Emerging Asia Insurance Awards honours upcoming insurance companies from India, Thailand, Bangladesh, Nepal, Bhutan, Mynmar, Laos and Cambodia by acknowledging and recognising their efforts and encouraging industry players to further contribute more meaningfully towards the growth of the insurance sector.
The ‘Best Life Insurance Company of the Year’ award recognised Softlogic Life’s track record of innovation and growth, leadership in product portfolio, a broad strategic vision, a high level of employee satisfaction and a strong commitment to meet customer demands. As the fastest-growing life insurance company in Sri Lanka, Softlogic Life was the quickest in the sector to reach revenue of Rs. 7.5 billion. The Company has embraced creativity and disruptive innovation such as its Life Up smart application, One Day Claim Settlement, Digital Branch, Medicine to Door Step, Express Digital Policy Insurance, Per Day Insurance and a bundle of digital-first initiatives to elevate the standards of Sri Lankans by bringing together world-class solutions that enhance quality of life for their customers.
Whilst Softlogic Life’s rapid growth in the local life insurance industry within the last five years - 31% compound annual growth against an industry average of 14% - was recognised by the ‘Best Growth in Insurance’ award, the ‘Best Service Provider of the Year’ award recognised Softlogic Life’s excellence in response to their innovative approach towards claim settlements. Their pioneering ‘One Day Claim Settlement’ has made waves in the industry and extended the credibility of this measure by publishing their ‘claim meter’, with a score of over 90% claims paid in one single day achieved during the second half of the year. Their unwavering efforts were honoured with the prestigious ‘Excellence in Claims Service’ award at the Sri Lanka National Insurance Industry Awards 2017 by Fintelekt.
Commenting on Softlogic Life’s latest global achievement, Softlogic Life Managing Director Iftikar Ahamed said, “It is a great honour for Softlogic Life to be felicitated at one of the most important insurance awards ceremonies in Asia. We have grown at double the rate of the industry growth over the past six years, which has helped us to deliver outstanding financial results and gain substantial market share. Our range of innovative life insurance solutions that have been crafted to meet the various needs of our customers has set us apart from other industry players.”
“As a company, we have always focused on instilling quality in our business and will carry on with our continuous improvement framework. These awards are an acknowledgement of our efforts to build a customer-centric and authentic life insurance business. While these accolades encourage us to bring best-in class products and services for our customers, Softlogic Life exists to nurture our customer’s well-being so that they can enjoy their life today,” Ahamed commented further.
Since August 2017, Softlogic Life has won a number of awards which includes Gold award in the Overall Insurance Sector at the National Business Excellence Awards 2017, Excellence in Agency Distribution and Excellence in Claims Service awards at the Sri Lanka Insurance Industry Awards by Fintelekt, the Most Innovative Mobile Messaging Campaign award at the Global Smarties Awards in New York and the Gold award at the APAC Mobile Marketing Awards for the same mobile campaign. The company was also recognised at the CMA Excellence in Integrated Reporting Awards 2017, winning an award as one of the Ten Best Integrated Reports among Sri Lankan corporates and was chosen as a great place to work in Sri Lanka by the Great Place to Work Institute for the second consecutive year.
Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognised as one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company also include FMO and DEG, who are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany, respectively.