Sri Lanka Insurance Corporation (SLIC), the leading player in Sri Lanka’s insurance industry closed 2021 on a high note posting a record GWP of Rs. 43 billion on all classes of business in the teeth of current challenges, a company news release said.
The year saw 14% growth in life insurance premia, up to Rs.21.9 billion, while general insurance reported 5.4% growth in premium value totaling to Rs. 21.2 billion despite stagnant market conditions, the release said.
“The company achieved a combined Gross Written Premium (GWP) growth rate of 9.7% during the year. Life insurance contributed 51% to total GWP and General Insurance 49%.
Marking 60 years of excellence as the insurer of the nation, SLIC recorded many remarkable achievements during year 2021 including (yet again) the highest Life Insurance bonus in the industry of Rs. 8.6 billion, the release said.
The insurer was able to produce 189 MDRT (Million Dollar Round Table) members with five COT (Court of Table) and one TOT (Top of Table) member at the MDRT conference 2021 marking a historic milestone as the highest ever representation from Sri Lanka Insurance.
“In 2021 Sri Lanka Insurance upheld leadership in the country’s general Insurance and motor Insurance sectors while introducing multiple innovative motor insurance products that cater to the unique needs of customer in the motor insurance market,” the release said.
“Further, SLIC was recognized with many awards and accolades in the year. topping many aspects in the Brand Finance report on Sri Lanka’s Most Valuable Brands 2021 edition” including The Most Loved Insurance Brand of the year and the Most Valuable General Insurance Brand of the year, the release said.
These prestigious titles were carried for the fourth consecutive year. Also, SLIC Life recorded the highest brand value growth among the Life Insurance brands in Sri Lanka and was also recognized as a ‘Great Place to Work” in Sri Lanka in 2021, reiterating the company’s commitment towards developing and empowering employee relationships at the workplace, the release said.
It added that it had explored avenues to broaden the protection to communities serving different market segments, age groups and affinity groups through product and market development initiatives.
These included SLIC Speed Investment and SLIC Early cash and SLIC Minimuthu life insurance products that were relaunched understanding and catering to a new generation of SLIC clientele.
“Nagaraja” an exclusive medical insurance cover was also launched as the first product designed in the country to provide protection for Buddhist clergy and their family members and “Motor Plus Commercial” was launched with unique features to complement the needs of commercial vehicle users, it added.
“SLIC has been making steady progress in transforming its operational architecture and front end customer interfaces to ensure digital integration with a Mobile App introducing many enhanced features to constantly evolve with the consumer needs. This proved to be a significant tool during the pandemic period, the release said.
“The motor claim settlement process has undergone a major re-engineering process to facilitate fast-track and contactless claim settlements to customers. SLIC also increased the digital integration with other service providers to expand the number of payment platforms available to customers enhancing the accessibility and switching to contactless mode to ensure health and safety guidelines. The ‘Work Flow Management System’ is transforming all internal manual and paper-based operations to digital-driven systemized operations.”
Commenting on the excellence achieved during the year SLIC Chairman Eng. Vijitha Herath noted “The past year has been a testing time which compelled us to embrace changes and respond to challenges. As a State-owned insurer and the pioneer of the insurance industry, we have been contributing to the country’s development since inception and we have aligned our corporate goals with the country’s development goals. We have pledged to safeguard the nation by delivering exceptional insurance service and today we have become an icon of excellence in the industry exploring avenues to expand protection across every corner of the island.
“We continue to bring a sense of protection to millions of Sri Lankans with our stable financial performance and service enhancement. We reiterate the trust gathered through generations as the largest and strongest insurer and we continue adding value to all our stakeholders evolving ourself to conquer greater heights.”
Chief Executive Officer Chandana L. Aluthgama noted, “Operating in a very competitive landscape we have demonstrated our resilience again with the excellent and sustainable achievements during 2021. We have evolved to be a beacon of light during the turbulent times safeguarding the nation. As we celebrate the 60 years of excellence we are gearing up to keep the positive momentum with our prudent and sustainable strategic initiatives.”
He added they were heading towards an era of transformation and will continue to grow through strategic investments and diversification, internal efficiencies and productivity improvements.
“We were able to raise the bar for the insurance industry with these achievements made possible by the unwavering support and commitment of the management and staff, specially the sales force, guided by the Chairman and the Board of Directors of SLIC.”
Private Tutoring Amidst Sri Lanka’s Economic Crisis: Issues Faced by Students
By Usha Perera
Sri Lanka’s education sector, still reeling from the effects of the COVID-19 pandemic, now faces acute challenges due to the current political and economic crises. The sudden imposition of curfews and the lack of transportation have resulted in school closures and students being deprived of structured and systematic in-school education. In Sri Lanka, closing schools for just one day causes a loss of 25 million learning hours and 1.4 million teaching hours. Alongside this, private tutoring has gained greater importance. This blog discusses the issues faced mainly by Ordinary Level (O/L) and Advanced Level (A/L) students in attending tuition classes based on an IPS study. The study findings are derived from a sample of about 340 students, and 16 teachers and tutors across Sri Lanka.
Affordability of Private Tuition Classes
The surge in the cost of living with wages failing to keep pace with inflation and loss of income generation channels have been unbearable for parents of school-going children. The IPS study found that students who belonged to family income levels below LKR 30,000 spend approximately LKR 3,000-Rs. 7,000 per month while students whose family income was above LKR 200,000 spend approximately LKR 18,000- LKR 20,000 per month on private tuition depending on the grade of the student. This scenario is illustrated in Figure 1.
Further, most O/L and A/L level students spend more than LKR 2,000 per month on data packages for both school and tuition online classes, while most students who spend more than LKR 2,000 per month are concentrated among the higher family income categories. If LKR 2,000 is spent on monthly data packages, it would approximately account for 1% of whose family income is above LKR 200,000, and more than 7% of whose family income is below LKR 30,000. All this highlights the perceived importance of private education, especially among O/L and A/L grades, and the financial burden it imposes on a family’s household income.
These affordability concerns were partly offset by the introduction of free online classes during the pandemic, which has provided considerable relief for financially vulnerable students according to students interviewed for the IPS study. Affordability concerns were further allayed by reduced class fees by some tutors. The fees reductions were made accounting for the structural changes of administrative and operating costs of an online setting applicable based on the scale and intensity of operations of tutors. Financial issues faced by the families experiencing household income losses during the pandemic were also considered in fees reduction.
Accessibility to Online Classes
Online platforms were the sole medium for conducting classes during the pandemic while it becomes an option in the current context considering the social unrest, curfews and travel constraints due to fuel shortages. However, many students faced accessibility issues in joining online classes. The issues faced were poor signal coverage, high data costs, lack of necessary devices, and affordability concerns in the context of lost household income during the pandemic. Most of the students who belonged to a family income level above LKR 200,000 used a laptop/tablet while most of the students who belonged to a family income level of below LKR 30,000 relied on a smartphone. Smartphones were found to be less user friendly for academic use. In addition to the above issues, the ongoing power outages also present impediments to online education.The accessibility issues are mainly experienced by students from families with comparatively lower income levels, and those who had to rely on a smartphone for academic purposes. This implies a close positive relationship between household income and the quality of the education received; financial strength being the primary determinant of accessibility.
However, these accessibility issues were partly offset by the divergent opportunities experienced by students, especially in the context of online platforms. These prospects included the ability to join online classes conducted in distant locations that would otherwise have been restricted due to travel constraints and increased time available due to school closures. As a result, they increased the duration of tuition classes using the saved travel time.
While private tutoring became a way of bridging the gaps in the education system during the crisis, learning losses for the most vulnerable groups have further widened with accessibility and affordability issues. Since these issues were mainly observed among O/L and A/L student groups, there is a higher risk that vulnerable student groups would be highly challenged during their most decisive years leading to higher education and career development. Thus, it is necessary to address the affordability issues, focusing more on the vulnerable student groups. Financial assistance could be provided in terms of a certain number of free hours of teaching for selected financially vulnerable students and allocating a selected proportion of students to be taught at a concessionary rate.
To address the accessibility issues, recording the lessons and distributing the notes on different platforms will help to a certain extent. Providing digital equipment and networks for selected tuition centres and schools could also be considered since the lack of facilities and resources was identified as major accessibility issue for distance education. These would require collaborative efforts among the government, tutors, parents, non-government organisations and any other well-wishers.
Allianz Divitharana: A new take on Life and Health Insurance
The world’s number one insurance brand Allianz has announced the launch of its new Divitharana Insurance product, which provides comprehensive life and health insurance for policyholders and their loved ones, at an easily accessible and affordable price. The product, which has been designed for the mass market, a segment that is highly price sensitive, comes with a host of benefits and features, making it a truly comprehensive insurance product, that covers all of life’s important bases, protecting life’s most precious things.Tailored for the mass market, which includes farmers, fisherfolk, technicians, teachers, executives and other members of the general public, Divitharana Insurance provides life insurance at a flexible and economic price point, with the option for policyholders to settle the premium in monthly, quarterly, biannual or annual instalments, while also providing the convenience of increasing the cover provided during the policy period, without having to go for a new policy. These are particularly important features amidst the present economic challenges the nation is facing, as it allows everyone to have access to good and reliable insurance, regardless of their income level and style.
A key differentiator of Divitharana insurance is that each policyholder will be entitled to an individual investment account, on which an annual dividend will be declared and the proceeds credited to the policyholder’s account. On top of this, policyholders will also be entitled to an additional loyalty bonus of 20%, which will be added to the maturity value for continued on-time premium settlements. other than the life cover provided by Divitharana, policyholders can also opt to include additional covers such as Disability Benefit, Critical Illness and Hospitalisation cover, while also enjoying the flexibility of extending the insurance cover to include their spouse & children.
SLT-MOBITEL doubling the cloud with country’s first-ever VMware Cloud Foundation deployment
Understanding the importance of breaking new ground to reap the benefits of Enterprise premium cloud services, SLT-MOBITEL, the National ICT Solutions Provider, has become the country’s first-ever service provider to enable VMware Cloud Foundation (VCF) deployment in the island and importantly the first telco provider to have two clouds. Amidst the changing dynamics, the deployment milestones are supporting SLT-MOBITEL’s Cloud programme in accelerating digital transformation.SLT-MOBITEL Enterprise premium cloud was launched in 2018. Having a successful journey for over three years, the new mobilization now elevates and transforms the premium cloud through VMWare Cloud Foundation. Importantly, SLT-MOBITEL is the first local organisation to partner VMWare as a Business Continuity Certified Planner (BCCP) and initiate VMWare Cloud Foundation in Sri Lanka.
VMware Cloud Foundation is a suite of VMware products that provide building blocks necessary to implement an integrated software-defined data center platform. Its components combine to automate deployment and lifecycle management, helping to simplify IT operations and reduce administrative overheads for enterprises.With its Cloud Verified Status and as a VCF Enabled Partner, SLT-MOBITEL is now in the forefront as the only service provider in the country offering a range of new differentiated services such as automate infrastructure and application delivery with self service capabilities to help organizations plan, manage and scale their data center operations especially dramatically reduce provisioning times and cut operational costs.
The SLT-MOBITEL VMware VCF deployment ensures customers transition to the industry’s most advanced cloud platform with a complete set of software-defined services for compute, storage, networking, security and cloud management to run enterprise apps in private or public environments.By doubling the cloud SLT-MOBITEL establishes customers have both production and disaster recovery sites with different scales, located at two different Data centres with required ROP and RTO. The Disaster recovery site can be deployed at any scale with respect to production sites according to the enterprise customer’s requirement. SLT-MOBITEL also provides migration as a service with the features from NSX –T.
Through VCF, SLT-MOBITEL is offering customers the benefit of real disaster recovering services, a Software-defined Data Center (SDDC) and monitoring services, latest networking enablers with NSX – T up-to-date versions of VMware software vSphere, vSAN and intelligent, advanced VMware capabilities including ESXI and VSAN and efficient and effective migration services. SLT-MOBITEL also provides IaaS services, Virtual Machines, and Virtual Data Centers along with a range of other support facilities such as Disaster avoidance with Stretch Cluster (RPO 5 minutes), Disaster Recovery as a Service, and Backup as a service.Above VCF deployment is directly done by Vmware Professional Service team to ensure the highest quality deployment .
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