Business

Janashakthi outperforms General Insurance market

Colombo 24th May 2007. Sri Lanka’s Number 1 service provider, Janashakthi Insurance Co. Ltd. (JICL) has reported a growth of 37% for the 1st quarter 2007 in general insurance with its flagship motor insurance Brand ‘Janashakthi Full Option’ reaching a record growth of 40% and registering the highest absolute premium value growth in the motor insurance industry. The general insurance category of the company has achieved in excess of Rs. 1.028 billion during the 1st quarter 2007 with a Rs. 277 million increase, compared to the corresponding period of last year.

The life insurance business of the company has also recorded a remarkable performance with the Gross Written Premium (GWP) registering an impressive growth of 27%. The new business continues to grow above the industry average level, First Year Premium (FYP) growing by 28% with over 13,600 new policies under written. Renewal premium also showed an impressive growth of 26% with the company adopting focused marketing initiatives targeting the retention of existing business.

"We are very pleased with the overall performance both in general and life insurance businesses of the company during the first quarter of the current year. Total consolidated Gross Written Premium (GWP) of the company reached Rs. 1.3 billion, a 34 % growth. The life business continues to perform well and I take this opportunity to commend our professional team of dedicated life insurance advisors who have today reached the pinnacle in the financial services sector with their selection to premier Million Dollar Round Table (MDRT) and other global associations such as LIMRA Inc. of USA" said Prakash Schaffter, Managing Director of Janashakthi Insurance Co. Ltd. "Despite the stiff competition and difficult market conditions within which we operate, we are confident of continuing with our current above industry growth momentum during the rest of the year", he added.

General Manager - Sales and Marketing of Janashakthi Insurance Co. Ltd. Ravi Liyanage said, "The general insurance market has been extremely competitive but nevertheless we have outperformed the industry with the major contribution accruing from our flagship brand ‘Janashakthi Full Option’ which has shown exceptional growth both in volume and value, the highest amongst the three leading Insurance companies in the country". Mr. Liyanage also commented that Janashakthi Full Option is rapidly gaining market share due to constant deliberations of a dedicated team of cross-functional professionals, who manage the complete cycle of all ‘Consumer Touch Points’ as a process. They continuously work towards exceeding the evolving expectations of the consumer within a very dynamic and vibrant market place. Our proactive initiatives in delighting the motorists of this country has lead to Full Option producing many industry ‘firsts’ in both product and processes which includes the ground-breaking innovation of introducing the ‘Full Option Safety Net’, a state-of-the art vehicle tracking and immobilising system. Furthermore the 15% upfront No Claim Bonus, 75% Highest No Claim Bonus, 15 Days grace period, Pedestrian No Fault Scheme are some of the other innovations offered to the motor insurance policyholders of this country giving them the best value for their money. "We will enhance the ‘Fullness’ of our ‘Full Option’ brand at every given opportunity", Liyanage added.

Janashakthi Insurance Co. Ltd. is the first Insurance Company in Sri Lanka to be awarded the ISO 9001:2000 international quality accreditation for its Life and General Operations. Janashakthi is the first and only insurer in Sri Lanka to adapt its operational procedures and systems for the continuous improvement of its Quality Management System for both life and general insurance. ISO 9001:2000 certification is awarded to companies that meet with the highest Quality Management Standards stipulated by the International Standards Organisation.

Janashakthi Insurance Co. Ltd. which exercises its social responsibilities as a corporate entity recently provided safe bottle lamps to over 500 families in Polonnaruwa to reduce the alarming rate of serious burns that affect poorer segments in this country which do not have access to other safer energy sources.

 

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