Business
Fairfirst Insurance – investing in technology to make the customer journey better

Butterfly Project Team achieving technological advancements to extend the flexibility of Fairfirst’s work processes to teams, business partners and customers.
Fairfirst is upgrading its technology backbone to a state-of-the-art, best-in-class, technology platform that will make the customer journey at Fairfirst much better. This comes as no surprise as Fairfirst places itself as amongst the most innovative and tech-driven service brand in the industry hence taking a lead role in its tech-driven agenda with the support of a design-led thinking culture.
In mid-July, “Project Butterfly” went Live at Fairfirst. The first line of business that went live is Personal Accident Insurance policy. And very recently the Marine Insurance policy went live as well. Other portfolios are sequenced and will continue to be rolled-out over the next few months.
Project Butterfly is a business transformational project that was implemented to replace a 23-year-old legacy system. The new technology platform is a state-of-the-art IT system deployed by one of the top-most global technology vendors and with serious financial investment which has taken the company’s infrastructure to a whole new level
Clement Fernandopulle, Chief Technology Officer, Fairfirst Insurance stated, “We embrace a design-led thinking culture and in this way, we are able to focus on a tech-driven agenda. Project Butterfly is one such technological achievement that extends the flexibility of our work processes to our teams, business partners and customers. We make sure that whatever breakthrough we make has an equal benefit across all functions.”
They say a business is only as happy as its people which is quite so with Fairfirst’s new system bringing about new benefits and features. The expectation of Project Butterfly is to improve a myriad of areas related to 5 key components:
Modernize
Modernizing and replacing in-house systems to incorporate more functionalities and advanced technology
Consolidate
Removing of redundant technologies and consolidating technology platforms as applicable
Standardize
Standardizing all operational functions in to a single core system
Centralize
Centralizing functions to the extent possible considering regulatory requirements
Optimize
Optimizing systems by re-engineering the application landscape and processes around it
Wasantha Welikala, Senior Manager – Information Technology adds, “Our optimism and willingness to #GiveItATry has always created magic. Designing a customer-centric system not only helps the company but also our business partners who help deliver our promises of Empathy, Authenticity and with Responsibility. Project Butterfly will further add many more beautiful colours to our capabilities, as it progresses and reaches completion later in the year.”
Fairfirst Insurance is part of the Canadian-based Fairfax Group. Fairfax, through its subsidiaries, has an international insurance and reinsurance business with a global underwriting reach, longstanding relationships and a broad product range. Fairfax has a strong foothold in the growing insurance and reinsurance markets of Southeast Asia, Eastern Europe, West Asia and Brazil.
Business
Environmental devastation seen as precipitating economic crisis in Northern Sri Lanka

As parched soil cracks underfoot and once-thriving fields lie fallow, the farmers of Mannar are living on the frontlines of a crisis that is no longer just environmental — it’s economic. Climate change has tightened its grip on this northern region, and with each failed monsoon and dwindling harvest, the livelihoods of entire communities are evaporating.
The Centre for Environmental Justice (CEJ), along with local stakeholders, has raised urgent concerns over the increasingly hostile conditions faced by farmers in the region. At the heart of the problem are erratic weather patterns — prolonged droughts, unpredictable rainfall, and extreme heat — all of which disrupt the delicate balance required for traditional farming practices.
“The erratic weather patterns triggered by climate change are not only drying up water sources but also pushing already vulnerable farming communities deeper into poverty, Dilena Pathragoda, Executive Director, CEJ told The Island Financial Review.
He added: “The economic consequences are severe — from crop failures to loss of livelihoods — and without timely interventions and climate-resilient strategies, the long-term sustainability of agriculture in regions like Mannar is in jeopardy.”
In 2024 alone, nearly 3,000 acres of paddy land in Mannar District were left uncultivated due to lack of water, according to data from local agrarian offices.
In other words, this represents an estimated loss of over Rs. 225 million in potential harvest income, based on average yields and market prices. Farmers who once cultivated rice, onions and vegetables with predictable seasonal success now face devastating uncertainty.
The failure of rain-fed tanks (reservoirs) and the drying up of canals have made irrigation nearly impossible in some areas. In Nanattan and Musali divisions, water availability dropped by some 60 per cent compared to historical averages. As water becomes scarcer, so do incomes, leading many families to take on debt or abandon agriculture altogether in search of daily-wage labour.
This agricultural downturn is having ripple effects throughout the local economy. In Mannar, where over 60% of households depend directly or indirectly on farming, the collapse of agricultural productivity has led to rising food prices, shrinking local markets, and reduced cash flow for small businesses. Fertilizer vendors, seed suppliers and even transport workers are reporting significant losses.
“Some farmers have seen their seasonal incomes drop from Rs. 200,000 to under Rs. 50,000, noted one local agriculture officer. “Many are defaulting on informal loans and are now relying on relief aid to survive.”
Economists warn that this trend, if unchecked, could contribute to broader socio-economic instability. Rural depopulation, youth migration, and heightened inequality are already being observed in vulnerable districts. Women, in particular, face added burdens as household food security becomes more precarious and access to clean water requires greater physical labor.
Despite these challenges, experts insist that solutions are within reach. Climate-resilient farming techniques — such as drip irrigation, drought-tolerant crops, and community-managed water systems — have shown promise in pilot projects across other dry zones. However, scaling these up requires political will, coordinated planning, and substantial investment.
Environmental advocates also call for a shift in national agricultural policy. “Rather than pouring money into outdated infrastructure or monoculture subsidies, Sri Lanka must pivot towards sustainable, adaptive farming models, said Pathragoda. “This includes better support for farmers’ education, access to technology, and integrated land and water management.”
Civil society groups, including CEJ, are urging both the government and international donors to treat the Mannar crisis as a wake-up call. Climate finance mechanisms, they argue, must be made accessible to grassroots communities, not just large-scale development firms. Moreover, climate justice must take center stage — recognizing that those suffering most have contributed least to the global emissions causing these disruptions.
As Sri Lanka navigates an uncertain economic recovery, ensuring food security and rural resilience is more than an environmental imperative — it’s a matter of national stability, Pathragoda stressed.
By Ifham Nizam
Business
CSE and NCE partner to empower Sri Lankan exporters

The Colombo Stock Exchange (CSE) and the National Chamber of Exporters of Sri Lanka (NCE) entered into a strategic partnership to support Sri Lankan exporters by enhancing their access to capital market opportunities and broadening visibility for their businesses.
The partnership agreement was signed by Shiham Marikar, Secretary General / CEO, The National Chamber of Exporters of Sri Lanka, and Ms. Vindhya Jayasekera, Chief Executive Officer Designate, CSE. The signing ceremony was attended by Ms. Dilini Gamlathge, Assistant Director, Member Services/Operations, The National Chamber of Exporters of Sri Lanka; Ms. Punyamali Saparamadu, SVP Commercial, CSE; Ms. Himashi Wickramasinghe, Manager, Commercial, CSE; Ms. Shivandini Liyanage, SVP, Legal, Enforcement and Compliance, CSE; and Kanishka Gunawardana, Manager, Enforcement and Compliance, CSE.
This partnership with the CSE will provide NCE members—both experienced exporters and aspiring ones—with access to vital capital market knowledge and services to support their business expansion efforts.
This collaboration aims to offer exporters tools and resources to strengthen their market presence and growth potential. It also creates a platform for SMEs within the export sector to consider listing on the Colombo Stock Exchange, particularly through the Empower Board—dedicated to facilitating capital raising for small and medium-sized businesses.
Through this partnership, CSE will also gain direct access to a network of established exporters, enhancing the reach of capital market education, awareness-building, and strategic financing solutions among key players in Sri Lanka’s export economy.
The collaboration will further enable opportunities for joint forums, knowledge-sharing sessions, and networking events, providing exporters with guidance on alternative avenues for capital generation and highlighting the benefits of corporate good governance and transparency through listing.
This partnership adds credibility to the CSE and NCE’s shared efforts and signals trustworthiness to potential stakeholders, offering significant advantages for fostering growth, strategic opportunities, and long-term development within Sri Lanka’s export sector.
Business
A case for a visa-free tourism regime in SL

Sri Lanka should not have any restrictions for tourist arrivals and a visa-free regime is the need of the hour to woo more visitors, said travel and aviation expert Nihal C.B. Perera.
The founder of a family-owned company in Sri Lanka, Sparklink Travels, Perera said that Sri Lanka should offer the same ‘Visa Free facility’ initiated by Singapore and now successfully implemented by Thailand.
A former Ceylon Tourist Board, Development and Publicity Director, he said that during his time, they leased or gave several unused state land areas to build hotels. “But we told the investors that the construction has to start in six months, and this happened.”
One such venture was the opening of the Pegasus Reef Hotel at Wattala.
Perera also initiated the creation of special tourism zones in Bentota, Hikkaduwa and several other areas.
After a nearly 15-year stint at the Tourist Board, he formed his own travel company, Sparklink Travels, in 1979 with just 4 employees. “With the rapid expansion of business, and being recognized as an IATA-accredited travel agency, we increased our employee strength and moved into our own four-storey building in Bambalapitiya. We also opened a branch in Australia, he said.
“After the COVID pandemic, we also negotiated with airlines and refunded all passenger tickets purchased and cancelled due to COVID-19, Perera explained.
He recalled the days when people were issued small booklet-type air tickets and how his staff had to visit the airline offices to collect them. Perera added: “The online has changed these and I think this is a time-saving move.
“Unlike two decades ago, online and payment gateways have enabled people to book their own air tickets from home and we too have changed our strategies to find new businesses.”
Today, Sparklink Travels continues with his son Praki Perera, heading the company’s operations in Sri Lanka and Australia.
Their dedication ensures that the company remains a premier provider of air travel, cruises and tours, with professional services tailored to enhance the true essence of travel.
Perera, who has been a pioneering force in Sri Lanka’s tourism sector, was also honored as a ‘Tourism Legend’ at the annual industry awards.
By Hiran H. Senewiratne
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