Ceylinco Life named as ‘Best Life Insurer in Sri Lanka’ for ...

Ceylinco Life has retained its title as World Finance’s ‘Best Life Insurer in Sri Lanka’ in 2020, reaffirming its consistency in performance in a year made adverse for business by the COVID-19 pandemic.

Bestowed on the company for a record seventh consecutive year, the World Finance Global Insurance Award recognises Ceylinco Life as an organisation that is committed to continuously improving its overall processes, efficiency and relationships to serve customers better.

The accolade is based on an assessment of multiple aspects of operational performance by the Uk-based international magazine that analyses the financial industry, international business and the global economy. The assessment criteria included underwriting processes and process efficiency; policy maintenance – the process of reviewing clients’ policies, appropriateness of coverage and cost per policy; exposure to risk; customer retention rate; time taken to settle claims; new customer acquisition rate and financial stability – premium income, market share, Life Fund and company profits.

The judging panel represents the expertise of over 230 years of financial and business journalism, supported by a research team that worked round the clock to ensure the award winners are the most deserving in their sector. Additionally, reader insight and experience were relied upon to provide nominations. The judging panel is required to avoid bias towards criteria such as depth of practice and size of the company, in order to get an insight into different geographies and niche areas.

“The disruptions caused by the pandemic to business processes and productivity can adversely affect the customer experience but this award reaffirms our strict adherence to best practices at all times, ensuring that customer satisfaction levels are maintained,” Ceylinco Life Managing Director Thushara Ranasinghe said.

“Such consistency is achieved through continuous training and motivation of staff at all levels and an ingrained culture of commitment to excellence. We value this award because it is based on a stringent independent assessment of the qualitative aspects of performance, rather than numbers alone.”