18 January 2018 12:00 am Views - 3081
Arpico Insurance PLC was incorporated as a Public Limited Company in 2011, and received the license as a Life Insurer in the same year by the Insurance Board of Sri Lanka primarily providing life insurances.
The company reached a GWP of Rs.100 million within the first year of its commercial operations.
It was Group Chairman Dr. Sena Yaddehige’s visionary leadership thinking that made the group venture into the insurance business in 2011. He saw life insurance as a social need and had the objective of offering an affordable insurance solution for Sri Lankans with living benefits, and making it accessible to a wider audience through a network of branches. With his guidance Arpico Insurance PLC has performed successfully in the insurance business and has been awarded outstanding titles.
The company completed the year 2016 on a high note, recording a GWP of Rs.740 million and with a profit of Rs.107 million, which is a growth of 56 percent and 328 percent respectively. Having triumphantly completed its first five years in the industry, Arpico Insurance has won the award for the ‘Fastest Growing Life Insurance Company in Sri Lanka for 2017’ in its sixth year of operations.
“Our company is built on values which are its pillars of strength and the force behind its success. As a growing insurer, we believe that it’s important to be unequivocally ethical and authentic in all our actions,” says Acting Chairman Viville Perera as mentioned in the company’s 2016 annual report.
Within a short span of time Arpico Insurance PLC has been able to create a steady competition in the field of insurance for its competitors. These accomplishments are backed by the strength of Arpico Group of Companies, namely Richard Pieris and Company PLC, which has been in existence for the past 85 years winning the confidence of the Sri Lankan community as a strong business conglomerate.
‘Insurance for the living’ the company’s tagline boosted to its pinnacle in the insurance industry, highlighting a new concept of customer benefits. In essence, by obtaining an Arpico life insurance cover, the customers are provided with necessary additional benefits based on their needs in terms of health and education facilitating the customers an undisturbed family life.
Arpico Insurance PLC has 33 branches at the moment and will expand its network up to 45 branches by March 2018. The company offers wide range of products to the customers including Arpico endowment plan, Arpico term assurance plan, Arpico education plan, Arpico hospitalisation plan, Arpico investment plan, Arpico group assurance plan, Arpico loan protection plan and the privilege customer insurance scheme.
Life insurance is a segment that is yet to penetrate among the people in Sri Lanka, especially in rural regions. According to statistics, only about 14 percent of the population is said to have obtained life insurance covers and the awareness is now steadily picking up. With September 1st being declared as the National Insurance Day, spreading awareness across the country has positively influenced and the government and the IBSL have been actively involved in this venture.
Arpico Insurance has taken steps to educate people especially in the rural areas spreading awareness about the importance of a life insurance cover. Perera stated that the company has taken initiatives to educate the public in terms of their insurance needs, why they need a life insurance cover and how it can help them.
With the intention of interacting with customers more efficiently, Arpico Insurance has launched a DAV station along with a mobile app, stepping into an extra mile.