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Allianz Lanka wins Claims Initiative of the Year

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Gany Subramaniam, CEO of Allianz Insurance Lanka Ltd

Allianz Insurance Lanka Ltd received the prestigious ‘Claims Initiative of the Year – Sri Lanka’ award at the Insurance Asia Awards 2021 held recently.

Organized by Insurance Asia, a renowned publication devoted to insurance companies, investors, professionals, and policymakers, the Insurance Asia Awards are known as Asia Pacific’s most acclaimed awards programme for the most outstanding insurance firms in the region.

Allianz Lanka was recognized at this prestigious forum for its steadfast commitment to honouring its promise to policyholders and swiftly settling all valid claims in a professional manner as well as its continued efforts to upgrade its service levels, simplify its processes, and introduce innovative solutions that deliver greater value to its customers.

In light of the unprecedented challenges brought about by the tragic events of Easter Sunday in 2019 and the global pandemic in 2020, the insurer strived to offer policyholders much needed additional support. As part of these efforts, Allianz Lanka leveraged technology to further accelerate the processing and payment of claims in a safe and secure manner, settling around 500,000 claims in 2019 and 2020, thereby helping customers recover and get back on their feet, faster.

“We are honoured to stand alongside leading insurers from around the Asia Pacific region and receive the ‘Claims Initiative of the Year – Sri Lanka’ award at the prestigious Insurance Asia Awards for our commitment to securing people’s lives and to giving courage to our customers for what’s ahead. Given the devastating impact of the global pandemic and financial crisis on both businesses and consumers, our teams have gone beyond their call of duty to support our customers, uphold our promises to them and deliver more value,” said Gany Subramaniam, CEO of Allianz Insurance Lanka Ltd. “The heightened concerns around health and safety as well as the periodic movement restrictions have accelerated our ongoing digital transformation process, enabling us to serve our policyholders in a more efficient and effective manner. We look forward to continuing to leverage emerging technologies to deliver innovative services and solutions that give our customers greater confidence in tomorrow.”

In Sri Lanka and around the world, Allianz has always put its customers at the centre of everything it does and sought to understand their evolving needs and expectations as well as any issues they might be faced with to ensure that it can always offer the right mix of products and services. The insurer is transforming itself into a more simple and digital organization. Focusing on the things that really matter to its policyholders, Allianz is working on reducing the number and complexity of its products and processes, guided by the Allianz Customer Model. New business models, harmonized assets, automation, state-of-the-art data analytics are powering its digital drive aimed at empowering its teams, freeing up their time for innovation and customer service.

The Insurance Asia Awards 2021 was held digitally and saw over 100 insurance companies from around 25 countries in the Asia Pacific region being recognized for their conscious efforts to deliver exceptional value and pathbreaking insurance solutions to their stakeholders through this global pandemic. Having received the highest number of nominations since its inception, this year’s winners were picked by an expert panel of judges consisting of Liza Drew, FSO Indirect Tax Leader, Asia Pacific at Ernst & Young; Richard Holloway, Managing Director, South-East Asia & India, Life at Milliman; Giam El Leen, SEA Assurance Leader at Deloitte; and Ruud Sommerhalder, Asia Pacific Insurance Leader, Partner at PwC Hong Kong.



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Ceylon tea, spices and cashew attract many visitors at World Food Istanbul trade fair

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Pure Ceylon Tea, authentic Sri Lankan cashew and spices attracted large number of visitors to the Sri Lanka stand at the World Food Istanbul Trade Fair which was held from  September 9 – 12 in Istanbul, the Colombo foreign office said.

The Embassy of Sri Lanka in Ankara organized B2B meetings through virtual platform for the Sri Lankan companies which displayed their products at the Sri Lanka stand which was frequented by prominent Turkish and foreign companies at the fair.

The Embassy in collaboration with Sri Lanka Tea Board and the Sri Lanka Export Development Board organized Sri Lanka’s participation at this year’s fair.

Three Lankan companies; Dtriangle (Pvt) Ltd, Expo Lanka (Pvt) Ltd and Rancrisp Cashew participated at the fair under the umbrella of the Sri Lanka Export Development Board.

The Embassy also arranged a tea tasting event for the visitors to the fair and the Ambassador of Sri Lanka to Turkey M. Rizvi Hassen participated at the media briefing, organized by the Turkish business journalists association in Istanbul, at the Sri Lanka pavilion.

The World Food Istanbul Trade fair is the largest Food Products and Technologies Fair in Eurasia, attended by manufacturers, buyers and suppliers from 40 countries. It was held with the support of Turkish Ministry of Trade, KOSGEB, IHBIR, Turkish Cooks Association, Gastronomy Tourism Association and World Gourmet Society (WGS).

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Sampath Bank Commences Restoration of 10th Tank Under Its ‘Wewata Jeewayak’ Programme

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Sampath Bank last week embarked on its tenth village tank restoration project at Athawetuna Wewa in Divulwewa, Anamaduwa under its flagship community outreach initiative, Wewata Jeewayak, recently, the bank announced.

“This is yet another timely initiative by the Bank to support the nation and empower its farming communities to overcome the challenges brought about by the global COVID-19 pandemic and rebuild their lives,” a news release issued in this connection said.

The 20-acre Athawetuna Wewa is the primary source of irrigation for over 60 acres of paddy fields. It also plays a key role in animal husbandry and other livelihood development activities in the Divulwewa and neighbouring villages, serving over 500 people.

“With no major maintenance work carried out for over 20 years, the tank’s bund has suffered considerable damage and it has become shallow due to the accumulation of sludge. Its irrigation canal, sluice gates and spill too are in need of repairs. The current dilapidated state of the tank has limited paddy cultivation in the area to one season alone, thereby affecting the livelihoods of the entire community,” a bank news release said.

It said Sampath Bank will be working together with the Perakum Farmers Association (Perakum Govi Sanvidanaya); the Department of Agrarian Development, Puttalam District Office, Chilaw; and members of the local community to renovate the tank completely.

Rituals were conducted to invoke blessings on the project and the community before members of the Farmers Association commenced work on it.

The other nine tanks restored under this project are: Udamaththala Wewa in Lunugamwehera (2001), Ilukpelassa Wewa in Thanamalwila (2002), Konketiara Wewa in Hambantota (2002), Dematawa Wewa in Panduwasnuwara (2014), Halmillakulama Wewa in Nochchiyagama (2017), Ambagaha Wewa in Kahatagasdigiliya (2018), Dhanyawa Wewa in Divulankadawala (2018), Nelawagama Wewa in Nochchiyagama (2020), and Kindagalla Wewa in Bibile (2020), under the programme.

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LCB Finance IPO seeks Rs. 500 mn zero cost cash 

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Lanka Credit & Business Finance Limited (LCB Finance) has announced plans for a public offering of its shares  on the Colombo Stock Exchange through an Initial Public Offering (IPO). The company plans an October 25 listing to raise Rs 500 million, company sources said.

“LCB Finance, which initially began as a grassroot level financial institution, witnessed exponential growth and expansion across the country over the years,” it Chairman Prof. Abeyratne Bandara said.

Under this IPO the company will issue 1.25 million shares at four rupees each to raise Rs 500 million to strengthen its balance sheet and fund future expansion, he said.

Bandara said that as a financial institution committed to support low income earners with a range of micro finance products, LCB was recognized as the Emerging Finance Company of the Year 2019 and awarded “Fastest Growing Non-Banking Financial Firm in Sri Lanka 2021” at the Global Economics Awards 2021 in UK.

The company’s customer base comprise farmers, fishermen, vendors, labourers and small business owners among others, making it a truly people’s development financial institution, Prof Bandara said.

As at end of the March 31, 2021 Financial Year, LCB’s Core Capital was Rs. 2.16 billion, Profit before tax (PBT) Rs. 100 million, Operational Profit Rs. 122 million, Total Assets Rs. 3,672 million, Capital Adequacy ratio 58%, Credit Portfolio Rs. 2.56 billion, the company’s CEO/Executive Director K.G. Leelananda said.

Over the past three years we have made of collective effort and focused on overall betterment of communities. The signature of that trust is deeply ingrained in the business culture of the firm, he said.

“We cater to the needs of individuals across all categories of the economy, the overall logic of operations is strongly inspired by and flavoured with the idea that challenges are best met collectively and that such an approach adds value to individual effort,” he said.

ICRA had rated LCB at [SL] B+ Stable. Following due consideration of the rapid development of the company, this was revised to [SL]+ Stable.

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