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A pillar of security, not a burden”: IRCSL Chief spells out bold vision for insurance

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Dr. Ajith Raveendra De Mel

“We are heading toward a time when insurance is seen as a vital component of financial security rather than as a luxury or a burdensome requirement.”

This powerful declaration from Dr. Ajith Raveendra De Mel, Chairman of the Insurance Regulatory Commission of Sri Lanka (IRCSL), sets the tone for an ambitious transformation that promises to reshape the nation’s insurance landscape over the next decade. Speaking to The Island Financial Review on the Commission’s 25th anniversary, Dr. De Mel laid out a comprehensive roadmap that aims to double the size of the insurance market and increase penetration from a meagre 1.2% to 3% by 2035.

While doubling the market presents a formidable challenge, the IRCSL leadership insists it is well-prepared to overcome it. The strategy branded “Insurance Vision 2030 & 2035,” rests on three fundamental pillars: efficiency, accessibility, and transparency. These values, Dr. De Mel emphasised, will guide every regulatory decision and industry initiative as Sri Lanka moves towards a future where every citizen understands and values the protection that insurance provides.

“This is not merely about regulating a business,” the Chairman declared. “We are creating a safeguarded country for a better future. Together, we will make sure that our insurance industry is as resilient as our people when the unexpected occurs.”

The transformation strategy is built around a seven-pillar approach designed to address longstanding challenges while capitalising on new opportunities. The first pillar focuses on moving beyond standardised, one-size-fits-all products. The IRCSL is pushing insurers to develop innovative policies that address the diverse needs of modern Sri Lankans from micro-insurance for underserved communities to sophisticated coverage for emerging technology firms. This product innovation is essential to making insurance relevant and accessible to all segments of society.

Digital transformation forms the backbone of the Commission’s vision, with technology identified as the key driver for improving distribution and customer experience. The second pillar emphasises digital onboarding and simplified sales processes, ensuring that coverage is accessible to citizens regardless of their location. This commitment to leveraging technology for public benefit is already yielding tangible results through the introduction of the National Motor Insurance Verification System.

Perhaps the most immediately impactful initiative is the digital transformation of motor insurance verification. For years, physical insurance cards have been a source of frustration for both policyholders and law enforcement, with misplaced or damaged documents causing delays in roadside inspections and claims processing. The new Digital Motor Insurance Card system eliminates this burden entirely. Citizens can now verify their insurance status through USSD service 1338#, SMS to 1338, or the Insurance Verification Centre; all without carrying physical documentation.

The collaboration with the Sri Lanka Police, backed by the Inspector General of Police, ensures that authorities can verify compliance in real-time, streamlining roadside operations while promoting greater adherence to mandatory insurance regulations. This initiative represents a significant step towards aligning the insurance industry with the government’s vision for a modern, digital economy, demonstrating how technology and public safety can work in harmony.

Beyond motor insurance, the IRCSL is establishing a Centralised Insurance Data Repository integrated with the Credit Information Bureau (CRIB). This marks a fundamental shift in how insurance data is managed and utilised. The fragmented data of the past made comprehensive risk assessment difficult, but the new central repository offers a single source of truth for all stakeholders. Insurers can now make better, data-driven decisions, helping to keep premiums stable while preventing excessive indebtedness. Regulators gain enhanced oversight, and the integration with CRIB enables a more holistic approach to credit and insurance risk, ultimately strengthening the stability of the entire economy.



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DIMO KNIGHTS 2026 Reinforces a Culture of Recognition and Growth

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DIMO celebrated DIMO KNIGHTS 2026, recognizing employees whose exceptional dedication, leadership, innovation, and commitment continue to shape the organization’s success. More than an employee recognition event, DIMO KNIGHTS reflects DIMO’s unwavering commitment to cultivating a workplace where people are empowered to thrive, reinforcing the Employee Value Proposition of ‘Making Work Enjoyable and Rewarding’ while bringing its Corporate Purpose of Fuelling Dreams and Aspirations to life.

Held under the theme “Illuminating Leadership, Inspiring Achievement,” the event celebrated individuals who exemplify DIMO’s values and inspire excellence across the organization. By recognizing those who consistently go above and beyond, DIMO continues to foster a high-performance culture where people are empowered to innovate, lead, and create meaningful impact.

A highlight of the evening was the keynote address delivered by Mr. Ravi Kant, former Managing Director and Vice Chairman of Tata Motors India, who shared valuable insights on leadership, organizational transformation, and building resilient organizations capable of sustaining long-term success.

Commenting on the event, Ms. Dilrukshi Kurukulasuriya, Executive Director / Chief Human Resources Officer of DIMO, said: “Our Tribe is the driving force behind DIMO’s continued success. DIMO KNIGHTS is more than a celebration of outstanding performance; it is a reflection of the culture we strive to build every day. By recognizing and empowering our people, we reinforce our Employee Value Proposition of ‘Making Work Enjoyable and Rewarding’ while bringing our Corporate Purpose to life. When our people grow, innovate, and thrive, they create lasting value for our customers, partners, and the communities we serve.”

DIMO KNIGHTS reinforces the organization’s people-first philosophy by fostering a culture of appreciation, continuous learning, and purposeful leadership. The programme reflects DIMO’s conviction that when employees are empowered, recognized, and inspired to excel, they shape the future of the organization through innovation, collaboration, and sustained excellence, strengthening a high-performing culture that delivers lasting value, drives sustainable business success, and reinforces DIMO’s position as an employer of choice.

The evening recognized employees across a wide range of categories, celebrating outstanding performance, innovation, collaboration, customer focus, and leadership. The ceremony culminated with the presentation of the prestigious Innovator of the Year and Employee of the Year awards, with the Employee of the Year accolade presented to Mr. Chathura Gunasekera.

As DIMO continues to invest in developing exceptional talent, initiatives such as DIMO KNIGHTS reaffirm the organization’s belief that sustainable business success begins with its people. By creating an environment where individuals are recognized, empowered, and inspired to achieve their full potential, DIMO continues to cultivate a purpose-driven, high-performing workforce that is equipped to shape the future of the organization while delivering lasting value to all stakeholders.

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Sri Lanka’s lifestyle coffee culture boom and the two faces of its economy

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Cutting the cake for outlet number 100 - a symbol of urban commercial revival set against a backdrop of wider household economic recovery.

By Sanath Nanayakkare

On Baseline Road in Colombo, Barista Coffee recently opened its 100th outlet. For a modern café culture spreading across shopping centers, office districts, and provincial towns, this milestone is a major commercial success. It shows a thriving urban service sector and a growing class of lifestyle consumers who use coffee shops as places to work, socialise, and meet.

This is a curious new picture emerging from Sri Lanka’s post-crisis economic recovery: the coffee cup is getting bigger, even as the household tea cup tells a very different story.

Yet, looking past the espresso machines, a different reality unfolds in the country’s kitchens.

International financial institutions note that while Sri Lanka’s macro-economy is recovering, household welfare and employment remain below pre-crisis levels. Poverty rates sit at roughly double what they were in 2019, and food prices doubled over a three-year span, forcing families to cut back on essentials.

This creates a striking local paradox, especially given Sri Lanka’s proud heritage as a global tea producer. While the world pays top dollar for Ceylon Tea, local market studies and industry reports have long pointed out an unfortunate disparity: many ordinary families find high-quality tea too expensive, often settling for lower-grade alternatives at home.

The growth of a 100-outlet coffee network does not mean prosperity has spread evenly across the island. Instead, it proves that there is a specific, well-resourced segment of consumers with the purchasing power to sustain a premium lifestyle economy, even as many other households carefully calculate the cost of everyday groceries.

Barista’s 100th store is not a bad-news story; it is a testament to acute entrepreneurial grit, shifting consumer behavior, and the vital revival of the nation’s urban service sectors. But it serves as an uncompromising reminder that macroeconomic stabilisation is not synonymous with household recovery.

As Colombo’s coffee culture looks toward its next hundred outlets, the true pulse of the nation’s economic health will not be measured by the espresso machines humming in sleek urban hubs, but by the quiet arithmetic happening in millions of kitchens beyond its doors – where the fundamental question remains whether a family can comfortably afford a better cup of Ceylon Tea.

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Aitken Spence Hotel Holdings Rs. 5 billion debenture issue oversubscribed on opening day

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Aitken Spence Hotel Holdings PLC announced that its maiden listed, rated, unsecured, senior

redeemable debenture issue was oversubscribed on its opening day, 15th September 2026.

The Company sought to raise Rs. 3 billion through an initial issuance of 30 million debentures at Rs.

100 each, with an option to issue a further 20 million debentures in the event of oversubscription of the initial issue, increasing the total issue size to Rs. 5 billion.

The Company said it had received applications for more than 50 million debentures, the full amount on offer, prompting the issue to close at 4:30 p.m. on the opening day (15).

The basis of allotment will be announced to the Colombo Stock Exchange as per regulatory requirements in due course.

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