1. Introduction
Sri Lanka Insurance Corporation was established in 1962 as a State Owned Corporation. It was converted to a Limited Liability Company for a brief period of 6 years and was re-instilled in the state sector on the 4th June 2009. Sri Lanka Insurance is now backed by government protection and service excellence on par with the best in the private sector. At present Sri Lanka Insurance has over 120 Branches Island with an unmatched assets base under management (refer figure 1) with a Life fund of over Rs.43 billion and over one million policies in force
Sri Lanka Insurance is the first insurance company in Sri Lanka to be assigned a global rating, for financial strength and stability, by an international rating agency (Fitch Ratings, London). The company obtained a key rating of AA-(Lka) for National Insurer Financial Strength and A+ rating for National Long Term Credit for the third consecutive year from Fitch Ratings (London). National Insurer Financial Strength denotes significant financial strength relative to all other insurance entities in the market and the potential for government support. The national long term rating (NLTR) denotes Sri Lanka Insurance’s high creditworthiness and low expectations of credit risks pertaining to long term debt.
Sri Lanka Insurance has been awarded the prestigious ISO 9001:2008 certificate. This certificate covers all the activities of the Head of the company and branches located in various part of the country and branch in Maldives. The International Standards certification takes into consideration five aspects of process perfection when awarding. The criteria are Quality Management Systems, Management Responsibility, Resource Management, Product Realization, Measurement, A...
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...itical Illness Cover
Extended Permanet Disability Benefits(Due to Accident)
Extended Permanet Disability Benefit (Due to Sickness)
Hospitalization cover (Arogya)
3.8 Mortgage Life Insurance
4. Conclusion
Using its innovative customer promotions the Sri Lanka insurance company has been able connect on a personal level with all age groups. For instance they have introduced a SMS service through which customers can take as much as 10 policies.
The company is currently promoting the benefits that can be during the life to live a comfortable life through the life insurance policies. They are trying to overcome the belief that the people have that life insurance benefits can be only enjoyed after death. For the promotion to be successful awareness is very important for Sri Lanka’s insurance penetration to grow. 10%
Appendix
Figure 1
Figure 2
Arens, Alvin A., Elder, Randall J., and Beasley, Mark S. (2012). Auditing and Assurance Services:
ISO 9001 is a quality management standard that helps a company or an organisation to continually monitor quality across all operations. As an internationally recognised quality standard, it outlines ways to achieve, as well as
The hired firm then presents its findings in a Service Organization Controls (SOC) report, which allows the auditor to determine whether or not the intermediary’s controls can be relied upon. A SOC 3 Seal of Assurance was given to certify that the edu.confirmation.com website has been examined by an independent accountant. This report is based on management’s assertions that the entity’s business is in conformity with the applicable Trust Services Principles and Criteria. The principles that must be met in order to earn the Seal are security, availability, processing completeness, confidentiality and privacy. Certain criteria must be met also in order to display the Seal, which are the following: objectivity, measurability, completeness, and
For the first 30 years of the company's existence it enjoyed huge profits from selling only automobile insurance. These large profits were achieved, due in part, to its targeted market which are generally people in the age range of 30-60 who are classified as a low risk "good drivers". The company's structure of selling insurance directly to the customer while providing excellent customer service is also a driving force to its success.
Insurance is a subject that not everyone wants to talk about because it’s something that only gets brought up when they have an incident that happens to them or they might just not know enough about it. The insurance business is a huge business, which many people don’t realize that the top richest companies are all insurance companies. It is an interesting industry that not enough people know a whole lot about and through watching the film “Cedar Rapids”, you get some accurate depictions on the inside of the industry through an insurance agent’s and even though it’s not shown, an insurance broker’s point of view. Throughout this film there were some interesting points that many people might not be able to tell, but some are accurate in
There are advantages to purchasing universal life insurance because it is cheaper than whole life insurance. Universal also offers adjustable premiums and cou...
Business Insurance News, Analysis & Articles. Web. The Web. The Web.
The Asia/Pacific market is a key opportunity for ING insurance. There is huge economic growth the Chinese and Indian markets therefore encouraging much investment in both countries. These investments came as two joint ventures in China as well as one in India and a high stake in a top Indian bank, Vysya Bank. ING dominates the markets in Australia/New Zealand, Taiwan, Malaysia, Hong Kong, Japan and Korea as well as investing in smaller markets such as Singapore and the Philippines. ING currently ranks within the top five financial providers in the Asia/Pacific region serving more than six million clients.
Patel, Kavita. “Helping Consumers Understand and Use Health Insurance in 2014” Institute of Medicine. Institute of Medicine. 29 May. 2013. Web. 31 Jan. 2014. .
This distinction is achievable with a strong workforce that represents the value of the company and communicates it effectively with their clients (QuickMBA.com). Even more important, this provides the opportunity to up-charge a premium price for the insurance products (Chapter 7, 184).... ... middle of paper ... ...
Insurance Commission of The Bahamas. 2013. Number of Licensees by Type. Available at: [Accessed Feb 16th, 2014]
J. David Cummins, A. S. (1999). Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management: Efficiency, Technology, and Risk Management. Springer.
It is known as ISO 9000 family and the ISO 9001 is the one which is concerned about the requirement of the QMS. Of course, that creates the needs for understanding these standards in order to get the certificate from the organization which is authorized by the ISO. That also creates the need for the training which is very important for companies to implement the QMS. The standards have been developed the course of the quality history from needing a quality control to a quality assurance. Basically, implementing a Quality Management System is important for companies to succeed in today’s market, and will enhance customer satisfaction, and improve internal process. It becomes more and more a necessity for international companies because it saves a lot of money in one hand and time in the other. Nevertheless, implementing such system requires an effort, training, and using consultant companies to ease the establishment of the system and to get the certificate eventually.
The insurance is meant to cover the cost costs associated with long-term care for those who have had strokes, chronic diseases, or Alzheimer’s diseases, as well as those who can simply no longer manage to live on their own. It is imperative that I be able to reap the cost-benefits to of being protected against the financial consequences of the high cost due to increasing life expectancies and the resultant rise in the chance that you may eventually need some level of care. In short, creativity in decision making is vital to effective choices. Therefore, it is essential to consider all of the possible alternatives will help you make more efficient and favorable decisions. Moreover, when life events affect your financial needs, the financial planning process will provide a vehicle for adapting to those changes. Also, specific financial goals are vital to financial planning. Others can suggest financial goals for you; however, you must decide which goals to pursue. Your financial goals can range from spending all of your current income to developing an considerable savings and investment program for your future financial
The debate on the effectiveness of ISO 9000 commonly centers on the following questions: Are the quality principles in ISO 9001:2008 of value? Does it help to implement an ISO 9001:2000-compliant quality management system? Does it help to obtain ISO 9001:2000 certification? Effectiveness of the ISO system being implemented depends on a number of factors, the most significant of which are: Commitment of senior management to monitor, control, and improve quality. How well the ISO system integrates into current business practices. How well the ISO system focuses on improving the customer experience. How well the auditor finds and communicates areas of improvement.