Endorsing its presence and commitment to quality in all areas of operations, Amãna Takaful (ATL) PLC won two highly acclaimed awards in multiple subject areas, at the inaugural Sri Lanka Insurance Industry Awards 2016.
The first award category in which ATL clinched an award for the night was the Marketing Initiative/Campaign Award. The campaign nominated for this award was ‘Open to All’. Launched in January 2015, this campaign was aired through all mediums of communication.
The Strategy of the ‘Open to All’ campaign was to change the public’s perception. The insight for the campaign came from a market study commissioned by the company amongst its target audiences. The findings revealed that Amana Takaful PLC is perceived by a majority of the public as an organisation, catering exclusively to a specific community. As such, the company needed to redefine its presence and identity and reposition itself amongst the insuring public as a whole.
Records further showed that at the time, the percentage of revenue contributed by the Muslim community was only 60 percent and the rest contributed a substantial 40 percent that was identified as a potential opportunity for further penetration into this segment. The campaign constituted of two phases. During the first phase, the single-minded message of ‘Open to All’ was established amongst the public, thus laying the foundation for a smooth transition to the second phase, which is themed ‘Come Step In’/‘Come Discover’/‘Come Quench’ and is currently ongoing.
Commenting on its triumph ATL CEO Fazal Ghaffoor said, “Our objective was primarily to change perception and communicate the clear message that our products and services are designed to cater to every corporate and individual who had an insurance need. This provides an impetus in increasing the company’s growth and revenue potential by promoting our unique and unconventional approach and vision to a wider audience.”
The second award, which was received for Product Innovation, was clinched for its life insurance product DeergaYou – an insurance plan that never retires. This innovative retirement plan made its mark as the first-ever product of its stature in the industry. This breakthrough product caters to the growing demand for a pension plan that secures the financial security of customers in their golden years by encouraging one to save regularly between the ages of 18 to 55 and thereafter benefit from an increasing monthly pension payment. Affordably priced to encourage everyone to set aside a ‘small amount of their income’, makes saving both convenient and easy on the wallet, in building a long-term fund.
The main intention of DeergaYou is to enable a dignified and financially independent retirement for its participants. Due to increasingly higher standards of healthcare and a greater awareness of the importance of healthy living, life expectancy has increased globally. With most expected to live well into their 70s, they must be prepared to face the challenge of sustaining themselves monetarily during this period not only food and drink but more prominently for medication and sustaining their lifestyles.
Increase in cost of living will be an added pressure on the savings accumulated. Therefore, retirement remains a taboo subject for many, signifying a drop or loss of income and change to one’s standard of living. Thus, fashioning one’s own private pension becomes more of a necessity than a comfort factor. A private pension will ensure an additional cash payment that supports their pension or investment income giving financial freedom in their golden years.
“These accolades that have been evaluated by industry experts and recognizes ATL’s creative and innovative spirit in key areas of marketing and operations at a national level, are a strong endorsement of our strategy and mission and reflects the company’s commitment and passion to perform at the highest level,” Ghaffoor further added.
The recently concluded Insurance Industry Awards made its debut entrance into the Sri Lankan arena in association with Fintelekt and the Insurance Association of Sri Lanka (IASL). It saw the participation of many movers and shakers of the local insurance industry vying to take top-notch positions is their selected categories which ranged from excellence in claims service, excellence in motor insurance, product and technology innovation, amongst others.