Spreading the message of Life Insurance the Ceylinco Life way
The fifth annual Life Insurance Week programme of Life insurance leader Ceylinco Life begins on 11th February 2012. In this interview, the company's Managing Director and CEO R. Renganathan elaborates on this pioneering initiative.
Excerpts:
Ceylinco Life is about to launch another 'Life Insurance Week.' What is this about?
Life Insurance Week is a high intensity public awareness campaign conducted by Ceylinco Life in February each year, to take the message of life insurance to the masses of our country. The campaign actually lasts longer than a week, because it is preceded by mass media campaigns that build up to the events of the week.
During the seven days from 11th to 17th February, our sales force, which numbers about 5,000, visits thousands of homes while our branch offices conduct events in support of the Life Insurance Week.
Why is such an initiative necessary?
Only 10.9 per cent of our population is currently protected by life insurance. This is far too low. There are many reasons for this, including low disposable incomes, but one of the most obvious and fixable problems is inadequate awareness of what life insurance really is, and its value. This is what the Life Insurance Week initiative addresses.
How do you present life insurance to your target audience?
Life Insurance provides protection against considerable financial loss, resulting from a variety of unexpected situations. If the insured dies, the proceeds are paid to the beneficiaries. The money helps them buy time to adjust to the change. It frees up cash to pay financial expenses, providing sufficient cash to keep life moving as it was before the death of the policyholder. It is therefore an investment against the uncertainties of the future. It is also a form of saving, because the policy pays a significant maturity benefit if it has not been claimed at the end of its term.
What makes life insurance important from the point of view of a family?
If the breadwinner is suddenly parted from the family, the insurance policy will help in many ways, such as paying for the continuance of the education of the children. There are also policies that provide coverage against critical illnesses and provide a monthly income in the event of total and permanent disability. If there is no claim on the policies, the maturity payment can help in releasing the pol- icyholder from debt, and provide much needed funds to enjoy retirement without being a burden on anyone.
Ceylinco Life has conducted Life Insurance Week programmes for the past four years. What tangible results have you achieved?
Over the past four years, visits to homes during the Life Insurance Week have generated an additional 50,000 policies. This means that 50,000 families or approximately 200,000 more people now enjoy the protection of life insurance from Ceylinco Life. They in turn will be examples to others, so these programmes have a long term impact in creating wider awareness of the value of life insurance to the community.
Doesn't this programme also benefit your competitors by helping them to sell life insurance?
We are sure that it does, and we have no concerns about that. Ceylinco Life has been the undisputed market leader in Sri Lanka's life insurance sector for the past seven years. We believe that growing the market and raising the profile of life insurance are responsibilities that come with leadership.
We have the largest branch network in the industry; we have a truly island-wide presence and a highly trained team of sales professionals. Our market leadership is the best demonstration of the fact that Ceylinco Life is the most trusted life insurance company in the country. Therefore it is logical that we take the lead in spreading the message of life insurance.