Business
AIA’s new ‘MyPos’ redefines the way agents do business
AIA Insurance has revolutionised the way agents interact with customers, through yet another breakthrough in digital innovation; Introducing the all new AIA MyPoS; a cutting-edge solution designed to give AIA Wealth Planners and Bancassurance Executives everything they need to make a sale, in a single app.
This all new MyPoS, which is based on much research and the experience of AIA’s distribution excellence across Asia has completely changed the paradigm. To start with it has introduced a much deeper needs analysis tool, which engages the customer, provides insights into their financial and insurance needs and lets AIA’s Wealth Planners and Banca Executives provide advanced life, health and protection solutions in simple, easy terms, in the new MyPos, which operates on the Android and IOS platforms. It generates insurance quotes and enables comparisons, real time, while AIA’s distribution engages with their prospective customers. The entire process from lead generation to prospecting and proposing a product has been seamlessly integrated along with an underwriting rules-based engine to enable straight through processing of a large portion of policies. In a large percentage of cases, policies that are entered through MyPos, can be issued within 24 hours with minimal human interventions, thus making the experience for the customer easy and improving the productivity of AIA’s distribution team significantly.
This is a pioneering effort in digital transformation by AIA to make the insurance business faster, easier, more precise and more efficient. D J Weeratunge one of AIA’s Business Development Managers explained, “the new MyPos has significantly reduced the time it takes to canvass new business, thereby enabling me to be far more productive than I could have imagined! My interactions with customers are much smoother now and the customers really do seem to appreciate that we respect their time and address their requirements real time.” He added, “Our main goal is to make it convenient for customers to do business with us and this new MyPos is a revolutionary tool that allows us to do just that. My experience with it has been very positive and I am happy to see AIA leverage on innovatory digital assets to enhance our customer’s experience.”
K P Sooriyarachchi, an AIA Wealth Planner said, “the new MyPos has made our lives so much easier. Everything we need when approaching a potential customer is at our fingertips in one easy to use, integrated system and it really does help us to offer personalised and customized service to our customers to best suit their needs.”
AIA’s Deputy CEO and Chief Agency Officer Upul Wijesinghe noted “this cutting-edge solution is a result of our commitment as a company to accelerate innovation and drive digital adoption while simplifying the process of insurance sales. We are constantly striving to make our internal processes faster and better and also to ensure that the customer’s buying and onboarding journey is made easier. The convergence of human and digital has the potential to transform the business of insurance and that’s exactly what this new MyPoS does. Putting this new and upgraded digital tool in the hands of our Wealth Planners empowers them to provide superlative service to our customers through a seamless sales journey across channels.”
AIA’s Chief Technology Officer Umeshi de Fonseka added “This is a world class tool, which is used in many other AIA business units and we’ve acclimatized it for the Sri Lankan market to ensure that our customers and Wealth Planners benefit from the best practices. At AIA, we believe digital transformation to be the key enabler in our quest towards being the #1 insurer in Sri Lanka. AIA’s MyPoS is the latest addition to our portfolio that uses next generation platforms with human centric design principles for ease of use. It is a fully integrated tri-lingual platform, which seamlessly integrates with the core system, workflows, documents management and payments as well the AIA customer portal. It facilitates automated underwriting, real-time analytics, dashboards to monitor progress of Wealth Planners and has advanced financial need analysers with predictive features. It also has offline functionality making it accessible to all corners of the country and has set a new and risen benchmark for the industry and simplified insurance disruption.”
Business
Inflation curbed by govt. fuel subsidy introduction and surcharge on vehicle import tax – CBSL Governor
By Hiran H. Senewiratne
The government’s decision to introduce the fuel subsidy and the surcharge on the vehicle import tax helped curb inflation to a great extent, Central Bank Governor Dr. Nandalal Weerasinghe said.
‘The government this week approved a Rs. 40 billion fuel subsidy for the next three months on top of Rs. 57 billion provided from April-June, Governor Weerasinghe told the media yesterday at the Central Bank head office in Colombo at the CBSL’s monthly monetary policy review meeting.
‘If not for fuel subsidy and surcharge on the vehicle import tax, the inflation would have been higher than the current level, the Governor said.
‘There could have been higher imports and reserve building up would have been difficult. Inflation has risen beyond the Central Bank’s upper band of 7 percent since July, he said.
‘The country’s inflation hit a 37-month high of 8 percent in August after the government raised fuel prices more than 50 percent following the Middle Eastern escalation by end February, Dr Weerasinghe said.
The Central Bank’s inflation target for the past three years have been 5 percent with lower band of 3 percent and higher band of 7 percent, Governor said.
The Governor added: ‘The government provided Rs.57 billion as a fuel subsidy mainly for diesel. The latest Rs.41 billion has been allocated only for diesel as it is used for public transport.
‘The government also imposed a temporary 50 percent surcharge on Customs Import Duty on new personal vehicles on May 16 and has extended it until December 31, a move that will help to prevent outflow of foreign currency.
‘The Central Bank also tightened the monetary policy in May, raising the key monetary policy rate by 100 basis points, to curb excess demand in the economy to control demand-driven inflation.’
Meanwhile, head of the CBSL’s Economic Research Department L.R.C. Pathberiya said, ‘Credit growth has slowed to 24.5 percent year on year in August from a higher level of 30 percent a few months ago, after the Central Bank’s monetary policy tightening in May.
‘However, the Central Bank is optimistic about the current credit growth, he explained.
Pathberiya added: ‘The credit to the private sector from commercial banks has slowed, but we believe it is sufficient for economic growth.
‘The nation’s economic growth slowed to 4.2 percent year-on-year, its lowest in 11 quarters’’.
Business
PM warns Sri Lanka’s waste crisis is a ‘disaster waiting to happen’
By Ifham Nizam
Prime Minister Dr. Harini Amarasuriya warned that Sri Lanka’s worsening waste-management crisis, particularly the uncontrolled accumulation of plastic waste and poorly managed landfills, was a “disaster waiting to happen”, urging scientists, researchers and policymakers to help the government find practical solutions before the problem reaches a critical point.
Addressing the launching of the Open University of Sri Lanka organized, ‘International Conference on Plastics, Innovations and Environmental Sustainability’ (ICPIES 2026) as Chief Guest, at the Cinnamon Lakeside Hotel yesterday she said waste management, waste reduction and recycling had become national priorities, with the government placing greater emphasis on the issue in its preparations for the 2027 Budget.
‘This is becoming a critical issue and something that, at any moment, if we don’t manage it properly, could become a huge disaster. It’s a disaster waiting to happen, Dr. Amarasuriya said.
She said unregulated and poorly managed landfills, particularly in and around Colombo, posed serious environmental and public risks, while increasing urbanisation was extending the waste-management challenge beyond the capital to other parts of the country.
‘As a member of Parliament for the Colombo District, I can tell you that one of the biggest challenges we are facing is waste management and actually managing the recycling of waste, and particularly of plastic products. This is something that we are battling every day, she said.
The Prime Minister said the government could not regard economic development as meaningful if it came at the expense of the country’s environment and natural resources.
‘If we are to speak of a beautiful life, we must first ensure that the air we breathe, the water we drink, the soil on which we live, the food we eat is clean and secure, she said.
She pointed to the scale of the global plastics crisis, noting that around 400 million tonnes of plastic waste are generated worldwide each year, while between 19 and 23 million metric tonnes of plastic waste enter natural ecosystems annually.
Plastic waste eventually breaks down into microplastics, which can enter aquatic organisms and subsequently the human food chain, she said.
Dr. Amarasuriya also linked plastic consumption and environmental degradation to the wider climate crisis, warning that the consequences of climate change were already being experienced by communities around the world.
She referred to devastating floods and landslides in the Himalayan region and said the impacts of climate change demonstrated that environmental damage could have consequences far beyond national boundaries.
Coastal clean-up projects and other waste-separation and recycling initiatives are also being implemented, while the government is working with the Western Provincial Council on a refuse-derived fuel project at Karadiyana.
The third ICPIES, held under the theme “Eco-Driven Innovations,” brings together researchers, policymakers, industry representatives and other stakeholders to examine plastic pollution, microplastics, circular-economy approaches, waste-management policy, technological innovation, artificial intelligence and smart environmental monitoring. The conference ends today.
Senior Professor P. M. C. Thilakarathne, Vice Chancellor of the Open University of Sri Lanka, was the Guest of Honour.
Business
Mention of possible future inflation dampens investor appetite
By Hiran H. Senewiratne
Stock investors were worried yesterday following Central Bank Governor Dr. Nandalal Weerasinghe’s mention at the CBSL monthly monetary policy review meet of possible future inflation pressures that may impact the economy.
The All Share Price Index went down by 4.89 points, while the S and P SL20 rose by 16.1 points. Turnover stood at Rs 1.55 billion with four crossings.
Those crossings were; Access Engineering crossed 1.5 million shares to the tune of Rs 119.8 million; its shares traded at Rs 79.60, Sampath Bank 450,000 shares crossed tfor Rs 63 million; its shares sold at Rs 140, Sunshine Holdings 750,000 shares crossed to the tune of Rs 21.4 million; its shares traded at Rs 28.50 and Softlogic Life 290,000 shares crossed for Rs 20.4 million; its shares sold at Rs 70.40.
In the retail market companies that mainly contributed to the turnover were: Access Engineering Rs 150 million (1.9 million shares traded), JKH Rs 113 million (six million shares traded), Softlogic Life Rs 80 million (one million shares traded), Softlogic Capital Rs 64.7 million (6.7 million shares traded), Lanka Realty Rs 64.3 million (1.3 million shares traded), Colombo Dockyard Rs 53.7 million (452,000 shares traded) and Sierra Cables Rs 50 million (1.43 million shares traded). During the day 58.9 million share volumes changed hands in 13536 transactions.
It is said that mixed market reactions were noted especially in manufacturing while banking, insurance and FMCG sectors performed well. Further, construction sector counters, especially Access Engineering, and banking sector counters, especially Sampath Bank, performed well.
People’s Leasing & Finance PLC announced its allotment basis for 100 million listed debentures it issued to raise Rs 10 billion, after receiving applications for the full amount.
Yesterday the rupee was quoted at Rs 330.68/75 to the US dollar in the spot market from Rs 330.70/90 the previous day, while bond yields were quoted steady to lower, dealers said.
An auction of Rs 80,000 million Treasury bills was ongoing.
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