Ceylinco Life has closed 2021 on a high note, winning its eighth consecutive title as World Finance magazine’s ‘Best Life Insurer in Sri Lanka’ in recognition of its sector-leading performance in another challenging but productive year.
The World Finance Global Insurance Award recognises Ceylinco Life as an organisation that is committed to continuously improving its overall processes, efficiency and relationships to serve customers better. It is based on an assessment of multiple aspects of operational performance by the UK-based international magazine that analyses the financial industry, international business and the global economy.
“Ceylinco Life is driven by a culture that looks for opportunities in every challenge that the company faces,” commented Managing Director Mr Thushara Ranasinghe. “The pandemic required us to look at multiple aspects of the business to ensure not just continuity, but equitable growth that balanced customer and employee safety against uninterrupted access to products and services, speedy claim settlement, new product development, policyholder benefits and community relations. The fact that we achieved an exceptional degree of consistency across all of these aspects in 2020 and 2021 is a source of confidence for all stakeholders.”
The assessment criteria for the World Finance award includes underwriting processes and process efficiency; policy maintenance – the process of reviewing clients’ policies, appropriateness of coverage and cost per policy; exposure to risk; customer retention rate; time taken to settle claims; new customer acquisition rate and financial stability – Premium Income, Market share, Life Fund and company profits.
The judging panel represents the expertise of over 230 years of financial and business journalism, supported by a research team that works round the clock to ensure the award winners are the most deserving in their sector. Additionally, reader insight and experience are relied upon to provide nominations. The judging panel is required to avoid bias towards criteria such as depth of practice and size of the company, in order to get an insight into different geographies and niche areas.
Ceylinco Life is the only life insurance company in Sri Lanka to win this award for the past eight years, in a testament to the Company’s enduring commitment towards not just financial soundness, but innovation and dedication that sets it apart in efficiency, overall process management, and customer relationships.
Begun in 2007, World Finance magazine’s award programmes are tailored to provide a comprehensive analysis of the very best in each market.
Voted the ‘Most Popular Service Provider’ in Sri Lanka’s Life Insurance industry in 2021, Ceylinco Life has been the country’s leading life insurer for more than half of the 33 years it has been in existence. The company was ranked the ‘Most Valuable Life Insurance Brand’ in Sri Lanka by Brand Finance also in 2021, during which it was also named one of the 10 Most Admired Companies in Sri Lanka by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA), voted the ‘Peoples Life Insurance Service Provider of the Year’ for a record 15th consecutive year, and was certified as a ‘Great Workplace’ in Sri Lanka by Great Place to Work®.
Ceylinco Life has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance sector for innovation, product research and development, customer service, professional development, sustainability, and corporate social responsibility.