Business
Insurance industry looks at Bionic Insuring in a ‘new normal’
COVID-19 has disrupted most businesses globally and the insurance industry is no exception. Given the restrictions imposed by the pandemic, insurers have been compelled to accelerate their digital journeys and holistically digitize their operations. In this regard, the Insurance Association of Sri Lanka (IASL) hosted a webinar on ‘What does it mean to be a truly bionic insurance company?’ with Boston Consulting Group (BCG) as its knowledge partner, on February 23.
Prateek Roongta, MD & Partner, BCG facilitated the event and Pallavi Malani, MD & Partner, BCG delivered the keynote presentation, which was followed by a panel discussion comprising Thushara Ranasinghe, MD / CEO of Ceylinco Life Insurance Limited, Sanjeev Jha, MD and CEO of Fairfirst Insurance, and Pranay Mehrotra, MD & Senior Partner, BCG. The panel discussion was moderated by Chilman Jain, Principal, BCG Colombo.
Pallavi Malani of BCG, while addressing 60+ CXOs from Sri Lanka’s insurance industry, explained what being ‘bionic’ means and outlined the imperatives for becoming a bionic insurer in the post-COVID-19 world. In order to achieve bionic outcomes, insurers need to integrate human elements with technology and not replace one with another. “There is a need to empower talent and enhance efficiencies by leveraging the right tech stack and data. However, businesses will still have to engage with new talent pools and create agile teams to effectively make the shift to bionic ways of working”, she said.
Pallavi further discussed the five archetypes within which distinguished bionic players fall – i) Sales digitizers, ii) Data players, iii) Operations optimizers, iv) Innovators, and v) Digital natives. The discussion was made real with the example of PingAn, the largest Life Insurance company in China. Despite a salesforce of 1.3 million agents, PingAn has a ‘digital attacker agency distribution’ model and boasts of approximately 40% higher productivity than the second largest player in China. It has progressed from leveraging traditional technologies to mobile internet, to now using artificial intelligence (AI) across agent recruitment, training, agent management, sales model, and services. “PingAn has truly been a pioneer in digitizing its entire sales force, at scale,” shared Pallavi.
Pranay Mehrotra, Managing Director & Senior Partner, BCG emphasized on the need to use data as a differentiator. Data players are creating value by building digital foundations, developing new technology capabilities, implementing use case driven transformation, and improving overall data governance.
In his opening remarks, Thushara Ranasinghe, MD/CEO of Ceylinco Life Insurance Limited said, “In 2019, the Sri Lankan insurance industry grew by 10.5% and in 2020, it grew by an estimated 16%. Despite the lockdown, insurers were able to witness steep growth, proving that adversity reveals genius”. He stated that the pandemic took everyone by surprise and rendered all business continuity manuals irrelevant. Nevertheless, Ceylinco was able to quickly adapt to the changing situation and recover from the initial shock by installing proper infrastructure in place.
Sanjeev Jha of FairFirst Insurance said, “COVID-19 has taken away our choice to invest in digital initiatives or data optimization. Bionic is the need of the hour. Insurance companies typically are data intensive and cognizant of risks. Organizations that don’t become digitally sensitive would miss the race.”
In line with this chain of thought, Pranay from BCG emphasized the importance of transforming the agency channel. “COVID-19 is expected to accelerate digitization of the agency channel. Omni channel is expected to be a norm in the future. While it hasn’t happened in the last 12 months, a war for talent is imminent. Digitally evolved companies will be better positioned to capture, share, and create value as opposed to their traditional counterparts,” he said.
Business
SLTDA launches NTSP campaign to elevate national tourism quality and standards
by Claude Gunasekera
The Sri Lanka Tourism Development Authority (SLTDA) officially launched its nationwide capacity-building campaign, “Grow your Tourism Business with National Tourism Skilling Programme (NTSP),” August 31, from the scenic regional hub of Ella. Directed under the leadership of the Tourism Deputy Minister, Prof. Ruwan Ranasinghe, the comprehensive initiative aims to transform micro, small, and medium enterprises (MSMEs) by accelerating their digital readiness and business formalization across the local hospitality ecosystem.
The entire islandwide operation is under the direct coordination of Ms. Tharanga Rupasinghe, the SLTDA Director of Standards and Quality Assurance, ensuring that all rural operators align seamlessly with international hospitality standards. By utilizing the framework of the NTSP, the campaign focuses on delivering essential digital payment tools, modern online marketing insights, and compliance frameworks directly to village-level enterprises, handcraft artisans, and independent tour operators. Speaking at the launch event in Ella, Tourism Deputy Minister Prof. Ruwan Ranasinghe emphasised that sustainable growth in the travel sector relies heavily on empowering smaller stakeholders to become resilient, data-driven participants in the modern market. “True economic resilience in our tourism sector cannot be achieved through large-scale infrastructure alone, but must be built from the ground up by transforming our local communities and regional MSMEs into direct, digitally enabled beneficiaries of global travel traffic,” Prof. Ranasinghe noted. Through this synchronized, localized training approach, the SLTDA intends to systematically protect cultural heritage while elevating the service quality benchmarks of regional travel hotspots nationwide.
Regional hospitality groups, led by the Ella Tourism Association, have strongly welcomed the launch of the SLTDA national skilling campaign, calling it a vital step toward safeguarding the destination’s international reputation. Local operators noted that rapid commercial growth in the Uva Province has highlighted an urgent need for structural standardization, making the arrival of the National Tourism Skilling Programme (NTSP) highly timely. The grassroots response focused heavily on the benefits of formalization and digital integration for the region’s diverse service sector. The Ella Homestay Owners Collective praised the focus on digital payment tools, noting that transition support will help smaller vendors capture direct bookings and reduce their reliance on third-party booking commissions.
The Uva Tuk-Tuk and Adventure Guides Association highlighted that the safety and compliance training will build trust with high-spending international travelers, effectively raising service quality benchmarks across the town. Local association leaders emphasized that having Ms. Tharanga Rupasinghe, SLTDA Director of Standards and Quality Assurance, directly coordinate the field training ensures the program addresses practical, local challenges rather than just theoretical rules. Following the initial rollout, regional committees have pledged to work alongside the SLTDA to ensure that even the smallest village artisans and micro-enterprises achieve official registration, positioning Ella as a model hub for high-quality, community-driven sustainable tourism.
Business
Sri Lanka–Indonesia Business Council holds 3rd Annual General Meeting
The Sri Lanka–Indonesia Business Council of The Ceylon Chamber of Commerce held its 3rd Annual General Meeting recently, bringing together Council members and key stakeholders to review the Council’s activities and priorities for the year ahead. The AGM was graced by Dewi Gustina Tobing, Ambassador of Indonesia to Sri Lanka and Patron of the Council
Delivering her address, Dewi Gustina Tobing, Ambassador of Indonesia to Sri Lanka, provided a comprehensive overview of Indonesia’s political and economic landscape, highlighting the country’s focus on promoting economic independence, strengthening sectoral resilience, improving public welfare, and facilitating both inbound and outbound investment.
Re-elected as President of the Council for 2026/27, Sheamalee Wickramasingha, Chairman / Group Managing Director of Ceylon Biscuits Ltd. acknowledged the instrumental role played by the Ambassador in the re-establishment of the Council and reflected on the Council’s key achievements during the past year. She highlighted the successful Sri Lanka–Indonesia Business Delegation to Indonesia, which provided valuable opportunities for Sri Lankan businesses to engage with Indonesian counterparts and explore avenues for commercial cooperation.
Business
LAUGFS Supermarkets opens 46th outlet in Kotahena
LAUGFS Supermarkets has further strengthened its growing retail presence with the opening of its 46th outlet at No. 78, K.B. Christy Perera Mawatha, Kotahena. The new outlet operates 24 hours a day, offering customers a wide range of products together with bakery and hot food options, providing greater convenience and accessibility to the surrounding community.
The new Kotahena outlet further expands LAUGFS Supermarkets’ growing network and reflects the Group’s continued focus on strengthening its presence in strategic locations across the country. The opening ceremony was attended by the Group Chairman, Group Executive Vice Chairman, Acting Group Managing Director/Group Executive Director and senior management.
Commenting on the opening, the Sector Managing Director/CEO – Retail, Niroshan De Silva, said, “The opening of our 46th outlet reflects the dedication, teamwork and determination of our people, who have worked exceptionally hard to bring this outlet together. The new Kotahena outlet is designed to offer customers greater convenience, with an inbuilt bakery and hot food facility that provides freshly prepared food alongside our wide range of products, all under one roof. Our focus is to ensure that every LAUGFS Supermarket operates to the highest standards and consistently delivers quality, convenience and service excellence to our customers.”
The opening of the Kotahena outlet marks another significant milestone in LAUGFS Supermarkets’ ongoing expansion, bringing its products and services closer to more customers while further enhancing its 24-hour retail offering. With its growing network of outlets and continued focus on customer convenience and service excellence, LAUGFS Supermarkets remains committed to strengthening its presence and creating greater value for customers across Sri Lanka.
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