Reinforcing its status as one of the country’s fastest growing insurers, Asian Alliance Insurance PLC achieved a gross written premium (GWP) of Rs.867 million for life, a 21 percent increase compared with the previous year, whilst the consolidated group premiums that included general insurance, were recorded at Rs.1,317 million for the first quarter of the 2015 financial year. Profit after tax for the period was Rs.251 million for the company and the group profit was Rs.200 million.
The Asian Alliance brand has gained considerable momentum over the past months and is being driven on the platform of innovation with value and customer convenience being foremost in mind. The company has stepped up the intensity of its operations with a number of industry firsts in its life business. Higher non-medical and financial underwriting limits have been provided to top sales advisors based on certain parameters whilst non-medical straight forward businesses are underwritten and processed on a straight-through basis, utilising the robustness of the company’s proprietary IT system.
Self-service insurance facilities that are linked to kiosks are being rolled out to branches to enable sales advisors and even customers to carry out their requirements without depending on any office staff, at their own convenience and on their own time. The general insurance business launched a revolution in the motor industry with the most innovative Click2Claim product that delivers the fastest claim settlement in the market, whilst eliminating the hassle and inconvenience that follows a motor accident.
The product is receiving rave reviews and has picked up strongly, enabling considerable operational convenience and cost efficiencies that are at the centre of the new GI strategy that is being executed with a strong focus.
“The growth in the life insurance business in particular is a strong endorsement that reflects the success of Asian Alliance Insurance PLC’s innovation-driven strategy,” Asian Alliance Insurance PLC Chairman Ashok Pathirage said. “This performance is especially noteworthy, considering that this comes during a challenging period – the first financial quarter since the segregation of life and general insurance segments. With increasing life insurance penetration being a pressing national need, the rapid increase in gross written premium of life insurance is particularly heartening.”
“With continuous investment in staff, as well as introduction of cutting-edge solutions such as self-service insurance and a number of industry first moves, Asian Alliance Insurance has laid a solid foundation not only for short but more importantly for long-term growth,” Asian Alliance Insurance PLC Managing Director Iftikar Ahamed said. “We are confident that this will increasingly reflect in our future financial performance.”