Ceylinco Life wins record 8th successive Best Life Insurer in Sri Lanka award

Ceylinco Life has closed 2021 on a high note, winning its eighth consecutive title as World Finance magazine’s Best Life Insurer in Sri Lanka, in recognition of its sector-leading performance in another challenging but productive year.

The World Finance Global Insurance Award recognises Ceylinco Life as an organisation that is committed to continuously improving its overall processes, efficiency and relationships to serve customers better. It is based on an assessment of multiple aspects of operational performance by the UK-based international magazine that analyses the financial industry, international business and the global economy.

“Ceylinco Life is driven by a culture that looks for opportunities in every challenge that the company faces,” commented Managing Director Thushara Ranasinghe.

“The pandemic required us to look at multiple aspects of the business to ensure not just continuity but equitable growth that balanced customer and employee safety against uninterrupted access to products and services, speedy claim settlement, new product development, policyholder benefits and community relations. The fact that we achieved an exceptional degree of consistency across all of these aspects in 2020 and 2021 is a source of confidence for all stakeholders.”

The assessment criteria for the World Finance award includes underwriting processes and process efficiency, policy maintenance – the process of reviewing clients’ policies, appropriateness of coverage and cost per policy, exposure to risk, customer retention rate, time taken to settle claims, new customer acquisition rate and financial stability – premium income, market share, life fund and company profits.

The judging panel represents the expertise of over 230 years of financial and business journalism, supported by a research team that works round the clock to ensure the award winners are the most deserving in their sector. Additionally, reader insight and experience are relied upon to provide nominations. The judging panel is required to avoid bias towards criteria such as depth of practice and size of the company, in order to get an insight into different geographies and niche areas.