(LANKAPUVATH | COLOMBO) – Sri Lanka’s second largest life insurer Softlogic Life was recently honored as South Asia’s best private-sector insurance company at the coveted South Asian Business Excellence Awards 2022.
The awards ceremony, held in Dhaka on 22 September, bestowed Sri Lanka’s number one health insurance company with two accolades−‘Best Insurance Company (Private Sector)’ and ‘Best Use of IT & Technology’−for embracing creativity and disruptive innovation amidst ongoing macroeconomic challenges to sustain business growth, elevate industry standards and improve the quality of life of Sri Lankans.
Celebrating the best of South Asia, South Asian Business Excellence Awards 2022 honored organizations of all types and sizes, and the people behind their success, from private to public, for profit to nonprofit. The awards acknowledge and reward the exceptional work and the results gained by the trailblazers of the corporate domain, in the face of an ever-increasing competitive market. Beating some of the biggest brands in the region, Softlogic Life was conferred with the prestigious −‘Best Insurance Company (Private Sector)’ award under the Insurance category for proving its mettle through adaptation, innovation, and perspiration in challenging times.
Commenting on the remarkable achievement, Iftikar Ahamed, Managing Director of Softlogic Life Insurance PLC, commented, “We are extremely honored to be recognized with two key achievements at the South Asian Business Excellence Awards 2022, including the Best Insurance Company award. Over the years, our innovations and service levels have set new benchmarks in the industry, helping us to defy all odds amidst a tough economic business landscape to climb through the ranks to become Sri Lanka’s 2nd largest life insurance. These global awards reflect how well we have understood consumer’s needs and strived to improve the quality of life of our policyholders through innovative and digitalized life insurance solutions. I congratulate everyone at Softlogic Life for this exceptional achievement.”
Additionally, the ‘Best Use of IT & Technology’ award is a further testament to Softlogic Life’s continuous focus to introduce many industry-first and world-first innovations for its policyholders. State-of-the art solutions such as one-day automated claims settlement, 1-minute hospitalization claim settlement, a100% digitalized sales platform, automatic policy issuance, and mobile-based micro products which have paved a path for the company to deliver superior customer service while enhancing its competitive position. Furthermore, these innovations have enabled Softlogic Life to protect over 1.5 million Sri Lankan lives whilst making a significant contribution towards growing the country’s insurance penetration.
During the six months ending 30th June 2022, Softlogic Life has posted a Gross Written Premium (GWP) of Rs. 11.4 Bn with an increase in top-line growth of 24% vs. an overall industry growth of 18.7% compared to last year. The market-share of 17.1% recorded as at 30th June 2022 now ranks Softlogic Life as the second largest in the life insurance market, overtaking industry heavyweights who have been prevalent for many decades in comparison.The company has also been instrumental in delivering its promise to all of its customers by recording the highest COVID claim settlement of over Rs 1.4 billion Covid-19 claims being paid by June 2022.