(COLOMBO, LANKAPUVATH) – In line with the Company’s regional expansion drive, Janashakthi Insurance PLC (Janashakthi Life) opened its latest branch in Panadura. The new branch increases the number of branches in the Kalutara district to four (4) as well as the number of branches in the Western Province to twenty-three (23). As such, the Company is well-geared to serve customers through offering convenient access and multiple resources to elevate the customer experience. Janashakthi Life’s regional expansion drive is part and parcel of the Company’s larger growth strategy of service enhancement and product innovation to cater to the evolving insurance requirements of customers.
“As a leading life insurer in the country, we have a key role to play in ensuring that the protection needs of the community are met especially during these uncertain times. Mindful of this fact, ever since the pandemic began, we’ve been adapting our strategy in response to current and anticipated situations through product innovation, digitalization and enhanced and empathetic customer service. The new Janashakthi Life branch in Panadura is part of that grater agenda of delivering service beyond insurance to be part of the social and economic revival of the country. As such, we’ve been committed to maintaining our stability as a company while also assisting our customers with timely claim payments and benefits. Our performance in the last financial year as well as in the recently concluded second quarter testifies to our resilient spirit amidst challenges,” commented Ravi Liyanage – Director/ Chief Executive Officer of Janashakthi Life.
Janashakthi Life recorded a growth of 50 per cent for the second quarter in gross written premium with year-to-date growth of 45 per cent reaching a premium income of LKR 2.4 Bn as at end of the second quarter of the financial year 2020/21. The Company recorded a profit before tax of LKR 287.1 Mn while the investment income and net claims and benefits to policy holders recorded nearly LKR 1 Bn during the same period. Yet, the most significant achievement during the second quarter was the increase of 145% in first year regular premium, which allowed the Company to gain two market positions up in first year premium compared to 2020.
He further added, “the current situation in the country requires businesses, in particular insurance players to remain strong and create sustainable growth strategies in order to protect the economy and offer necessary protection to customers in their time of need. Our expansion strategy falls in line with this dire need of the time. Our regional expansion drive, introduction of innovative insurance solutions such as ‘COVID Guard’ (for the first time in the world) and our customer service excellence are all essential components of this growth strategy which seeks viable business expansion and stability in the long run.”
Responding to the prevailing crisis, Janashakthi Life launched several innovative insurance solutions and products including ‘Life Unlimited’, which provides lifelong hospitalization insurance, Janashakthi COVID Guard – a world’s first in providing financial protection from COVID-19 among other products in recent times. In its role as a pioneering life insurer, Janashakthi Life provides a range of Life Insurance solutions and services that cater to different stages of the life cycle of an individual from childhood to retirement including educational needs, savings and investments, health requirements and mortgage protection. Consequently, the Company enables policy holders to enjoy fulfilling, stress-free lives through offering solutions that facilitate their individual goals and lifestyles through every stage of their lives.
Moreover, Janashakthi Life continues to strengthen its digitalization drive through the introduction of multiple ways of paying premiums through online platforms and bank transfers. The online payment portal is geared to facilitate multiple online transactions and has been increasingly gaining momentum due to its accessibility and convenience. Accordingly, policyholders can carry out their policy payments online and maintain active policies to ensure that their protection needs are fulfilled during these challenging times.