5 September 2024 02:46 pm Views - 67
The Sri Lankan insurance industry has weathered numerous challenges alongside its citizens in recent years. Even during a time of economic transformation marked by inflation, increased taxes, and a higher cost of living, the industry remains committed to empowering Sri Lankans through insurance and serving as a strong pillar of economic stability. The resilience and adaptability of the Sri Lankan insurance sector have turned these challenges into opportunities. As healthcare costs, medicine prices, and general inflation rise, insurance offers stability and assurance, protecting individuals in both their current lives and future endeavours against unforeseen circumstances.
In a rapidly evolving digital landscape, the insurance industry in Sri Lanka is continuously adapting to meet the changing needs of its customers. With advancements in digitalisation, including the integration of artificial intelligence, machine learning, and machine-to-machine services, the industry is enhancing its offerings, making insurance products more accessible and user-friendly. The introduction of digital payment gateways, customer apps, and streamlined onboarding processes are just a few examples of how the industry is leveraging technology to provide greater convenience and efficiency to policyholders.
As a highly regulated sector, the insurance industry in Sri Lanka offers a robust framework that ensures customer protection and trust. The Insurance Ombudsman service, established in collaboration with the regulator, provides a platform for consumers and companies to address grievances, further reinforcing the industry’s commitment to transparency and accountability. Moreover, the industry plays a pivotal role in the country’s economy, not only by protecting financial assets but also by creating job opportunities for thousands of individuals throughout the years. The industry also plays a key role to empower youth and women by creating opportunities to develop themselves as insurance professionals.
Founded in 1989, the IASL comprises all 28 registered insurance companies in Sri Lanka and operates with a vision to unite insurers on a collaborative platform, addressing collective interests and challenges. Central to its mission is its commitment to safeguarding the Sri Lankan public with comprehensive insurance coverage, ensuring protection for all.
Accordingly, Insurance Awareness Month 2024 is set to engage and educate, with the IASL spearheading a series of cross-platform, cross-channel events and campaigns designed to deepen the public’s understanding of insurance’s vital role. As the insurance industry continues to innovate and evolve, the IASL remains steadfast in its mission to facilitate collaboration within the industry and empower Sri Lankans.