Asian Alliance Insurance posts 31% growth in life GWP in 1H
11 August 2015 02:40 am
Asian Alliance Insurance that is part of the Softlogic group, posted an impressive 31 percent growth in top line life gross written premium (GWP) thereby reinforcing its position as the fastest growing insurer in the top league of the industry. GWPs for the first half of 2015 were Rs.1.8 billion and combined with general insurance premiums of Rs.879 million, the insurance group posted a consolidated top line of Rs.2.7 billion.
The Asian Alliance brand is moving forward with great momentum having chosen to deliver a number of customer-centric initiatives on a technology-enabled platform. The company boasts of many industry firsts and has just recently introduced the latest Click4Life app that brings a whole host of features, benefits and convenience to their life customers, onto the palm of your hand, via your mobile smartphone. This follows a number of other technology-related measures that were introduced that included Kiosk Smart Advisor Machines at branches. Higher non-medical and financial underwriting limits have been provided to their top sales advisors based on certain parameters whilst non-medical plain vanilla business is underwritten and processed on a straight-through basis utilising the robustness of the company’s proprietary IT system.
Asian Alliance’s flagship motor product Click2Claim continues to garner rave reviews from customers and is revolutionising the motor insurance in the country. In the event of an accident, with just five photographs or clicks connected to your mobile smartphone app, enables you to proceed on your journey without any hassle and have your claim received via the nearest ATM at top speed. Asian Alliance has also made great strides in travel insurance with over 20 percent market share with their Travel Smart product that can also be accessed online. Health insurance that has been identified as a key growth area is also a priority supported by the group’s healthcare sector Asiri Hospitals that are the market leader for private healthcare in the country. Asian Alliance Insurance is currently ranked fifth in the health league and is poised for strong growth with its ‘Asian Health Alliance’ initiative that also combines Apollo Hospitals India.
“The consistent high growth in life insurance business is a strong endorsement of the business model and strategies that have been adopted by the company that is now being complemented by customer-centric solutions driven by mobile technology,” Asian Alliance Insurance PLC Chairman Ashok Pathirage said.
“This performance is especially noteworthy on considering the prevailing economy and business sentiment. 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 the short term 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.”
Asian Alliance Insurance PLC is held by 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 that are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany, respectively.