From left: MTI Consulting CEO Hilmy Cader, SLIC Chairman Hemaka Amarasuriya, and SLIC CEO Chandana L. Aluthgama
Sri Lanka’s pioneer insurance provider, Sri Lanka Insurance Corporation (SLIC) has selected MTI Consulting to develop SLIC’s three-year strategic plan that is to be aligned with fast-tracked branch expansions and modernisation of its operations.
The internationally acclaimed MTI’s 8S Model will be utilised to develop the strategic direction for SLIC to focus on long-term strategic implications and to be future-proof in an industry that has become ripe for disruption.
Established in 1962, SLIC is the largest State-owned insurance company in Sri Lanka. SLIC has been living up to its motto, ‘Like a father, Like a mother’, providing both general insurance as well as life insurance. The Company is also the first and only local insurer to secure Fitch Ratings’ AA+ (lka) rating for its long-term financial stability and strong capital position.
“The insurance industry in both the global and local context has become challenging, making it tough for market leaders to maintain their position due to disruptions to the industry brought in from conventional as well as emerging players with the advancements in technology. Therefore, in order to survive, we need to re-think our insurance offerings and develop strategic responses for such disruptions,” stated SLIC CEO Chandana L. Aluthgama on the development of the strategic plan.
SLIC Chairman Hemaka Amarasuriya expressed that “having a well-structured strategic plan will provide a clear direction for the future of our business and its successful long-range implementation for diverse opportunities while managing a dynamic growth phase in the history of the senior insurance Institution in Sri Lanka”.
“With the use of MTI’s 8S Model, which is customised according to the insurance industry and offerings of SLIC, we expect to develop a strategic plan that will enable the organisation to achieve its full potential along with the ability to be better equipped internally to face change, challenges and seize opportunities that will place SLIC as the insurance leader in Sri Lanka,” commented MTI CEO Hilmy Cader.
MTI Consulting is an internationally-networked boutique management consultancy, offering advisory services in strategy, strategic planning, corporate re-structuring, process re-engineering, performance management, international market entry, feasibility studies, due diligence, corporate finance, mergers and acquisitions, HR, executive search/head hunting, marketing strategy, branding and market research. Since its inception in 1997, MTI has worked on over 640 assignments in 43 countries, covering a diverse range of industries, clients and business challenges.