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Thursday, April 4, 2013

People’s Insurance Limited launches new website, paving the way for the future

The website being launched
The website being launched

People’s Insurance Limited new website

People’s Insurance Limited, a fully-owned subsidiary of People’s Leasing & Finance PLC, launched an exclusive website dedicated to its customers. The People’s Insurance Website will offer prospective and existing customers comprehensive information about every aspect of the company and its products and services. Easy to navigate, the user-friendly People’s Insurance website showcases the company’s unique insurance products and guides customers on how to identify the product that best suits their needs. The attractively designed website is also accessible on all desktop and mobile devices.

Speaking at the event, Mr. Amaratunga, Chairman of People’s Insurance Limited
Speaking at the event, Mr. Amaratunga, Chairman of
People’s Insurance Limited

Speaking at the event, Mr. Amaratunga, Chairman of People’s Insurance Limited, commented: “People’s Insurance Limited has been envisaged as an insurance company that will fulfill the rapidly evolving insurance needs of the people and provide them with secure solutions for a lifetime. We have been in operation for the last 3 years and we hope that the milestones we have achieved in that short time showcases our commitment to the people of the country. The launch of our new website marks another step that demonstrates our commitment to building long-term relationships with our customers. Online insurance transactions are becoming the norm and People’s Insurance’s technologically advanced website guides customers to the right solutions, making for a pleasant interaction. We believe that we stand at the threshold of a bright future and that it is time to accelerate our operations to reach out to a wider network whilst being focused on customer responsiveness, professionalism, transparency and accountability. With the solid foundation and support provided by our parent company, People’s Leasing & Finance PLC and ultimate parent, People’s Bank and our continued investment in human capital and advanced technology, we are confident that we are geared to move to the next level.” 

Having commenced commercial operations in January 2010 as a non-life (general) insurance provider, People’s Insurance has pioneered some unique features in its technically advanced website to enhance customer convenience. The website offers a ‘Call me Back’, whereby customers can send in their queries online to the company without having to visit a branch location. The professional team at People’s Insurance will then follow up on inquires and make necessary updates from the manager tool. This feature will help to boost sales on account of its speed and efficiency, coupled with cost savings to customers. A detailed FAQ section has also been incorporated in the website to educate users on the benefits of insurance and industry specific terms, so that People’s Insurance customers can make an informed decision. 

People’s Insurance has a wide range of products to suit both individual and corporate clients under lifestyle products and business products. Lifestyle products cater to needs of individuals and insurance covers include dwelling fire, home insurance, personal accident and motor vehicle insurance. Business products cater to requirements of corporate clients and insurance covers which include commercial fire, business interruption (consequential loss), plate glass, burglary, fidelity guarantee, machinery/electronic equipment, contractor’s all risks, workmen’s compensation, public liability, motor vehicle, marine (cargo) and goods in transit insurance. 

Established with a vision ‘to be appreciated for building lasting trust based on strength, stability and sustainability’, People’s Insurance operations are backed by international reinsurers with standards approved by the Insurance Board of Sri Lanka (IBSL). Within one year of commencing operations, the company recorded Gross Written Premium (GWP) of Rs. 933 million while GWP exceeded Rs. 1 billion in June 2011. Furthermore, People’s Insurance was the first insurer to achieve Rs. 1 billion within a mere 18 months of operations, posting a Rs. 2.4 billion GWP and generating a profit after tax of Rs. 72 million for the year ended 31st December 2011.

The company recorded an outstanding financial performance in 2012 with an increase in Gross written premium (GWP) of 22% from Rs. 2,415 million to Rs. 2,944 million, which is above the growth rate of the non-life insurance industry estimated at 20%. This growth enabled the company to position itself in the fifth position in the non-life insurance industry in terms of the market share. Further, it recorded an impressive underwriting profit of Rs. 42 million. Meanwhile, Profit after tax increased significantly by Rs. 163 million (226%) from Rs. 72 million to Rs. 235 million reflecting outstanding underwriting results and investment performance. 

These excellent financial results reflect the company’s strong fundamentals and cutting edge strategy to propel itself at the forefront of the insurance industry. The company stands on the solid foundation and support provided by the Group, particularly, People’s Leasing & Finance PLC and People’s Bank, which stands as an epitome of stability, trust and integrity in the domain of finance in Sri Lanka. 

People’s Insurance released its first annual report for 2012 together with its first financial statements which were prepared in accordance with the revised Sri Lanka Accounting Standards (SLFRS/LKAS). The company has focused on setting high benchmarks in all aspects its operations, successfully concluding the implementation of a customised enterprise resource planning (ERP) system, which has automated and integrated its key business processes - underwriting, claims and general ledger across the company, including the regional offices and window offices.

With an aim to serve the country better People’s Insurance recently opened regional offices in both Galle and Negombo and entered into a Bancassurance agreement with People’s Bank that will support the company and help distribute People’s Insurance products and services through the Bank’s branch network, currently ensuring that customers are offered insurance services from over 700 branches island wide. The company has also developed and inaugurated its state of the art call centre equipped with the latest technology. People’s Insurance is truly poised to meet the rapidly evolving demands of its customers.

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