Asian Alliance changes to Softlogic Life Insurance

By Zahara Zuhair
Asian Alliance Insurance PLC, which commenced operations in 2001, announced its corporate name change to Softlogic Life Insurance PLC, with the launch of its brand Softlogic Life.
Noting that they want to change the landscape of insurance in Sri Lanka through innovation, Managing Director Iftikar Ahamed said that they believe that aligning their brand with their parent company, the Softlogic Group, is likely to deliver a whole host of benefits.
Softlogic Life Insurance will encourage customers to empower their lives through better choices in lifestyle, with particular focus on 
managing health.
The product includes new health solutions that will offer the much needed care and security to meet customers’ health-related contingencies. Some of the health management services that will be provided under this insurance are, home visits by doctors, emergency medical assistance, home nursing care, door-step medical tests, home delivery of medicines and drugs and a doctor on call.
He said that they are going to cover three pillars, which are wellness, nutrition and fitness as their proposition 
in insurance.
“We are going to use technology, new innovations and gadgets in order to do this. For an example, to find out how much exercise you have had and the amount of sleep, nutrition level and calories, etc.,” he said.
“We think we need to step out of traditional insurance. When someone talks about insurance you talk about passing away or dying, we are not interested in that, we want you to live life today and enjoy,” he noted.
He said that another side they are looking at is that as Sri Lanka has South Asia’s fastest ageing population, to provide insurance-based products for them. 
He said that in Sri Lanka, penetration in life insurance is a mere. 0.48 percent and the regional average is 1.82 percent which is almost four times in terms of the country’s insurance potential. The company noted that they would continue to service them with innovative products. 
“Another thing is the app. So let’s say you are in hospital, all you have to do is write-up your records and bills and we will tell you instantly how much we will pay on that bill. We will inform the hospital immediately. We have cashless arrangements with 60 hospitals in the country. There is no further requirement to hang around there until your bills are approved,” 
Ahamed said.
“We are also introducing another service. Let’s assume it’s 10.30 in the night, you need medication and you forget to get the medicine at that time and it’s urgent. Once you life up us on your App, we will be filling that prescription and you will have that prescription served within an hour,” he added.
It was noted that there will be no change in ownership of the company and Softlogic Life Insurance PLC will continue to be majority held by Softlogic Capital PLC.