Softlogic Life leads with over 80% claims settled in one day

Softlogic Life Insurance PLC has leveraged its strong synergy with healthcare and healthcare solutions where the Group’s Asiri Hospitals have backed them in gaining a leadership position in the competitive life insurance space.

As the leader in Health, the company has focused significantly on the claim settlement process which is the biggest pain point for most customers when they have to get a claim paid by an insurance company. 

The company has set up a ‘cashless’ settlement system with more than 60 hospital locations around the country, ensuring direct settlement of bills to the hospital, enabling customers to walk out without having to make payment for their hospitalization. Usually customers have to make payment to the hospital and then submit bills for re-imbursement to the insurance company. 

Softlogic Life has become a force to be reckoned with in the local life insurance industry and is one of the fastest-growing life insurance companies in Sri Lanka. With the introduction of world-class solutions that include tie-ups with Parkway Hospitals Singapore and Apollo Hospitals India, they provide the best in healthcare both overseas and at home through the Group’s Asiri Hospitals. The diversity of Softlogic Life’s solutions provides the customer the freedom and the opportunity to ‘live life to the fullest”.

While marching forward with an unwavering passion, Softlogic Life was recently conferred with the prestigious ‘Excellence in Claims Service’ award at the Sri Lanka Insurance Industry Awards 2017 by Fintelekt, further strengthening its position as the undisputed claims service leader in the life insurance sector of Sri Lanka. The Excellence in Claims Service Award honored Softlogic Life’s unwavering efforts which demonstrated company’s overall leadership and commitment to effective and speedy claims settlement in Sri Lanka. The parameters for evaluation included volume and value of claims settled, average turnaround time for claims payment, repudiation rates and speed in claims settlement.

This performance, which is above par in the local life insurance industry, was greatly supported by the company’s focus on the use of technology for improvement in customer service through better empowerment and convenience during the claims settlement process. 

The expertise of implementing technology-backed solutions to deliver convenience, flexibility and vitality to its customers has been a key characteristic of Softlogic Life. The ‘LifeUp’ smartphone application by Softlogic Life brings much value to its policyholders in finding out details of their policy and further enables a host of services that even include order of medicines to your doorstep. 

The company has also rolled out three unique services - doctor visit to your doorstep, ambulance for medical emergencies and medical tests at your doorstep – which reiterated the company’s eminent position in health insurance, bringing convenience and peace of mind for customers in an emergency medical situation. 

Panning out his views about their outstanding industry recognition, Softlogic Life Insurance PLC Managing Director, Iftikar Ahamed said, “We always look at how to provide the greatest convenience and value to our customers and we see claims settlement as ‘that moment of truth’. We are a company that is passionate about doing the best for our customers and are always working on areas to improve the service benchmark via customer-centric innovations.”

Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognized as one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in healthcare, retail, ICT, leisure, automobiles and financial services. Significant stakeholders in the company also include FMO and DEG, who are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany, respectively.