MBSL Insurance revs with Taprobana 4WD Challenge

MBSL Insurance, the fully-owned subsidiary of Merchant Bank, which has been earning a name for its innovative insurance products, was the principal sponsor of the Taprobana 4WD Challenge, conducted from 16 to 21 October and attracted an audience of seasoned drivers, navigators and their loyal fans.

The race was flagged off by Deputy Minister of Cooperatives and Internal Trade Neomal Perera at Waters Edge, with the challenge then continuing in the jungles off Buttala.

Managing Director of MBSL Insurance Sydney Gajanayake stated: “We are pleased to be associated with this event which attracts a high end audience and is set to grow in popularity. We look forward to continuing our association with this event in future years.”

Gajanayake held up ‘Click and Go’ as an example of the kind of innovative product that is unique to MBSL Insurance. This new product makes claiming under motor insurance very easy and hassle free.

He went on to state: “Being a newcomer to the industry we have clearly understood that in order to survive in the industry one has to meet the demands of the market.”

With ‘Click and Go,’ when a customer meets with an accident they can simply take pictures of their damaged vehicle from their camera phone and send it to us via MMS or email. This is a product that will assist female drivers and the business community, who do not like to wait at the accident scene due to busy schedules.

Also in today’s busy environment no one for that matter likes to waste his or her valuable time waiting for an assessor to arrive after an accident has taken place. A majority of the new generation mobile phones today has the camera facility therefore it is easy for an individual to take the necessary photographs and MMS it to the MBSL Insurance call centre hot line.

“The key-differentiating factor is that our policyholder will not have to wait until an assessor arrives at the accident scene. Therefore through this product the waiting time factor has been completely eliminated. Our fully fledged IT centres and well equipped motor engineers will assess the repair dispatch an assessor with the claim form to your doorstep. Upon mutual agreement of the claim amount, you can sign the form and the claim will be settled by crediting your relevant bank account or by the delivery of a cheque.

“This method greatly reduces the unnecessary paperwork time, which include submitting of estimates and documents. This method can be effectively practiced for most of the accidents, which take place. Our main focus is to cut down on the claim process time and this we have done effectively through efficient software and advanced technologies. Currently we see a very positive response from the market and our revenue in improving gradually. We are hoping the company would achieve a turnover of Rs. 700 + million this financial year,” added Gajanayake.

The company underwrites both life and general insurances and currently has 25 branches and 40 development centres operating island wide.

MBSL Insurance has re-insurance treaties with a panel of internationally reputed “A” rated re- insurers and these arrangements are regularly reviewed to ensure the most prudent terms are negotiated.