Allianz Lanka wins Claims Initiative of the Year
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.
Cabinet approves rationalization of VAT exemptions and abolition of SVAT System
The Cabinet of Ministers granted concurrence to the resolution forwarded by the Minister of Finance, Economic Stabilization and National Policies to remove most of the releases from Value Added Tax (VAT), further retaining releases that ease the pressure on low – income families to secure the fundamental sectors of the economy as well as the releases for sectors such as education, health and agriculture, as well as to revise the provisions applicable for the Value Added Tax (VAT) act so that the Simplified Value Added Tax (SVAT) methodology can be canceled with effect from 01.01.2024 by introducing a more formal methodology for repaying the Value Added Tax (VAT) and to instruct the Legal Draftsman to prepare a draft bill for the purpose.
Venora Lanka Power Panels to set up assembly plant in Australia
By Hiran H.Senewiratne
Sri Lanka- based, export- oriented manufacturer, Venora Lanka Power Panels (Pvt) Ltd, with a state of the art electric panel factory at the Export Processing Zone, Biyagama, will set up an assembly plant in Australia.
“Once we set up the electric panel assembly plant in Australia, we will export all our panels from Sri Lanka and that plant will do 30 percent value addition to the product to supply that market, the company’s chairman/ Managing Director, engineer Sagara Gunawardena told The Island Financial Review.
Gunawardena said that the company is a value- addition assembly plant and he would be investing AUS $ 2 million for the project to be set up in Melbourne and hire 100 engineers and other professionals. He explained that the venture has enormous potential.
Venora Lanka provides power panels to mega projects in Sri Lanka and exports to Bangladesh, Maldives, Kenya, Ethiopia, Seychelles and Myanmar. Panel assembling is strictly in compliance with IEC 61439 standards, it was explained.
Gunawardena added: ‘I firmly believe that, being a truly customer focused organization, every employee and every process in the organization has to be aligned behind delighting customers. Therefore, at a time when the country is facing a major dollar crisis, my company would be aiming at bringing dollars into the country, while providing employment for local professionals, especially engineers.
‘At Venora Lanka we do not try to change customers’ mindsets. Instead, we take time to understand what they really want and focus our brand on delivering that. Venora is values- driven first and cost- driven second – creating a unique brand proposition.
‘Since the US dollar rate has come down, it is our concern that importers and suppliers do not change their prices, which is really affecting the manufacturing sector.
Company sources added: ‘The company has several wings of operation, such as local and overseas projects, switch board assembling, telecommunication infrastructure installations, earthing, lighting and surge protection, incorporating world renowned brands.
‘Venora Lanka Power Panels is the first Sri Lankan company to receive the licence, in accordance with the UK Trade Mark Act 1994, to use the trade mark “Best Enterprise”. It won a global award at the event, ‘Golden Awards for Quality and Business Prestige’, held in Geneva, Switzerland, in 2015.
‘Within a short span of time, with the perfect blend of progressive thinking and expertise, Venora Group has expanded to consist of, Venora International Projects, Venora Telecom, Venora Industrial Solutions and Venora Lanka Power Panels (BOI approved). Further, Venora has established its overseas presence through Venora Engineering Kenya and Venora Engineering Myanmar.’
Share market moves into positive territory; indices up
By Hiran H. Senewiratne
CSE trading got off to a positive note yesterday but during the last session of the day the momentum slowed. However, the market is now moving towards positive territory following the Central Bank announcement of a downward trend in interest rates, market analysts said.
Amid those developments the market witnesses improvements in both indices and in the turnover.
The All- Share Price Index up by 12.8 points and S and P SL 20 rose by 6.97 points. Turnover stood at Rs 710 million with one crossing. The crossing was reported in JKH which crossed 430,000 shares to the tune of Rs 60.2 million; its shares traded at Rs 140.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 212 million (1.5 million shares traded), Access Engineering Rs 44.7 million ( three million shares traded), Lanka IOC Rs 34.5 million (264,000 shares traded), Browns Investments Rs 28.6 million (5.3 million shares traded), LOLC Finance Rs 23.8 million (4.7 million shares traded), Capital Alliance Rs 22.9 million (615,000 shares traded) and First Capital Holdings Rs 19.2 million (574,000 shares traded). During the day the 31.4 million shares volumes changed hands in 9000 transactions.
Yesterday, the Central Bank’s US dollar buying rate was Rs 285.16 and the selling rate Rs 298.85.
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