Asian Alliance Insurance: A decade of life insurance

Friday, 1 July 2011 01:44 -     - {{hitsCtrl.values.hits}}

Asian Alliance Insurance PLC (AAI) completed a decade of offering unique Life Insurance solutions to its customers. AAI celebrated the ten year anniversary of its Life Insurance arm on 11 June 2011 by holding a series of multi religious activities including a Pirith ceremony followed by an alms giving the next morning at their Colombo Central branch; the Company launched their Life distribution ten years ago from Colombo Central branch.

AAI initiated its Life Insurance arm on 2 June 2001 with 100 professional insurance advisors. AAI stepped into the Life Insurance industry by recording the highest new business which amounted to Rs. 120 million in the foremost year as a new entrant. During the past decade the company has developed by consolidating the strengths in their Life Insurance segment. AAI has successfully made their mark by achieving the highest average policy value in the industry with an Average Policy Value of Rs. 52,500/-.

The Life Operations Division is led by Siri Jayasinghe, a veteran in the industry with over 50 years of hands on experience.   Chula Hettiarachchi, General Manager – Marketing & Sales has been the Head of the Life Sales arm since the company’s inception. With the guidance and leadership of these experts supported by the well experienced Regional Management team and talented sales force, the Life insurance arm of Asian Alliance has grown rapidly and progressively over the past decade. Bringing substantial and varied benefits to its policyholders, Asian Alliance Insurance has been gaining ground over the ‘giants’ in the industry throughout the course of the past ten years. AAI’s credo of professionalism has helped make an enduring mark in the field of insurance in Sri Lanka. 

As a result of the strategic expansion of AAI’s Regional Distribution Network, the company now offers insurance solutions to its customers via 23 branch offices including Jaffna peninsula, backed by a professional sales force of over 700 advisors. The Life Insurance business which creates a significant contribution for AAI’s performance, recorded a Gross Written Premium (GWP) of Rs. 1.2 billion in 2010 whilst achieving an Annualized New Business Premium (ANBP) of Rs. 600 million in the same year. This amounts to more than 20% of the company’s sales turnover and highlights the efficiency of the Life Insurance division.

Amidst the competitive landscape of industry, the profitability of AAI Life insurance business reached Rs. 253 million. The Life Fund surpassed the Rs. 1.9 billion mark creating another milestone in the history of the company in the year concluded. AAI continued to issue a bonus of Rs. 279 million to Life policyholders, amounting to 14% of the Life fund which is the highest in the local insurance industry.

AAI’s Life Insurance arm has already achieved its targets for 2011. This is a remarkable accomplishment and the management of the company believes that 2011 will be the most successful year for the Life Insurance business at AAI.

The success of AAI’s Life Insurance business lies in the “process driven strategy” adopted by them.  The company has established a distinctive position in the market through its unique products and the partnerships it has built with its policyholders. This is further strengthened by the company’s innovative business model and selling process which deliver true value to the needs of AAI’s policyholders.

AAI will continue to consolidate its position in the market and strengthen its unique value propositions. The company will continue to leverage on the management talent, who are both academically and professionally qualified and trained, whilst nurturing the staff members to professionalise themselves which in turn will strengthen their credo of professionalism.  This will drive AAI’s Life arm to be a force to be reckoned with within the Sri Lankan Life Insurance landscape.

Over the years the company has learnt to successfully adapt, change and compete according to the dictates of the marketplace. Today Asian Alliance Insurance has built up an enviable reputation in the industry as an insurer that delivers value to all its policyholders, exceeding their expectations.