By Dilina Kulathunga
LIC (Lanka) Limited, a unit of Life Insurance Corporation (LIC) India, the world’s biggest life insurer sending a strong signal to the market said yesterday that they are to aggressively scale up operations to become the market leader in the life insurance business.

According to LIC India Chairman S.K Roy, the company was prepared to infuse capital to support the expansion if needed.

“I have no doubt in my mind that LIC Lanka is going to assume leadership position in Sri Lanka sooner than later. That is our final objective,” he said in an affirmative note in an exclusive interview with Mirror Business.

This is followed by the life businesses of Sri Lanka Insurance Corporation, AIA Insurance Lanka PLC, Union Assurance PLC and Asian Alliance Insurance PLC.

Roy further was bullish over Sri Lanka’s prospects and also appeared not disturbed by the prevailing tough competition in the domestic insurance market with the entry of large Asian and European insurance giants in recent times.

“I don’t think LIC Lanka has to worry about the advent of any competitor because LIC India stands behind it. So, my message to LIC Lanka is not to worry because we are the biggest,” he remarked.

As part of LIC Lanka’s strategy, they will expand the distribution network, geographical reach in terms of branches and will also introduce new products fine-tuned to the lcoal market.

According to Roy, LIC India is the largest life insurance in the world in terms of number of policy holders served and settlements. The company has more than 300 million policy holders.

In the domestic market however the brand LIC is still not amongst the leading names despite being in business in Sri Lanka for the last 10 years. Radical measures are needed in order to increase its brand equity in Sri Lanka and more importantly to reach the grass root levels.

However Roy believes their intended expansion drive will put them among the top names in Sri Lanka.

LIC Lanka currently has 28 branches and closer to 1,000 employees including the commission-based agents scattered across the island. LIC India has been in business since 1956.

Sri Lanka has 15 life insurance companies with three dedicated life insurers including LIC Lanka Limited and 12 composite life insurers.

Pic By : Pradeep Dilrukshana