Sri Lanka Insurance, the country’s pioneering Insurance Company, has the first and the only state-of-the-art Collision Repair Centre - Formula World, it provides the best services free of charge to all its ‘Formula Plus’ Motor Insurance policy holders, who have comprehensive insurance cover.

Located at Seeduwa, this 8100 square foot building space sprawled over 2 acres of land, can accommodate over 300 vehicles and is equipped with the latest technology in the automotive repair industry, not found in most Collision Repair Centres in Asia today. Formula World is one of the first Collision Repair Centres in the world managed and owned by an Insurance company providing exclusive service free of charge to its comprehensive motor policy holders.

Formula World was built on the notion of providing the utmost ‘peace-of-mind’ and a ‘hassle-free’, motor vehicle repair experience to its Formula Plus Motor Insurance policy holders. Hence, it is based on four principles- Convenience, Care (i.e. Safety), Expertise and Precision.

Formula World uses high-tech equipment to detect, adjust, repair and/or replace motor-vehicle body panels and related components. The process itself sees the use of the latest laser measurement to repair ‘Uni-Body’ frame systems to ensure complete accuracy and precision when aligning damaged areas (E.g. ‘Crush Zones’) and when correcting structural and other faults in the frame or body of the vehicle. Once, all body repairs/replacements are complete computerised paint matching and mixing equipment ensures precise paintwork and a high quality finish for the vehicle. Finally quality assurance experts will inspect the vehicle under specially designed lights to ensure that it is defect-free prior to delivery to the owner. All the repairs will be certified by the Formula World Centre with a limited warrantee. This state- of –the-art Collision Repair Centre will be upgraded to ISO standards shortly.

Questions

1. What was the company’s main objective in investing on such a significant project?

We as a corporate, is always considerate towards the convenience of our clients. We found that the main problem of vehicle owners today is to get their vehicles repaired by a professional body. Even though the insurance companies settle claims by paying cash at the sight of the accident, finding a suitable garage to attend to the repairs is a major hurdle as the expert knowledge on the scientific dimensions of a motor vehicles is very rare in Sri Lanka today. Passengers traveling in Vehicles repaired by these garages are in great danger in case of a second accident. Because the vehicle is not repaired for Manufacturer’s specifications the ability of the vehicle to sustain external pressure is reduced thus the external force has a greater ability to crush the Vehicle which will harm passengers traveling in these vehicles.

Formula World was established to bridge this gap, and to provide professional expertise in vehicle repairs, largely this would reduce potential danger to human life. Today we see an increase in the number of fatal accidents, which can easily account for over a 1000 accidents , Sri Lanka Insurance Formula Plus as the leading motor insurance brand in the country takes upon it’s self the responsibility of providing safe repair methods for Vehicles.

2. What is unique in repairs at Formula World as opposed to normal garages?

Formula World was built on the notion the notion of providing Formula Plus Customers Convenience, Care (i.e. Safety), Expertise and Precision , Ensuring safety

To achieve it’s vision, Formula World has a dedicated fleet of special recovery trucks on call 24hrs-a-day, that will transport the damaged vehicle to the Collision Repair Centre, thus, freeing the policyholder from the burden of finding a qualified vehicle towing service. Moreover, once safely at Formula World, the customers can be rest assured that the vehicle will be repaired to manufactures specifications by an army of qualified technicians who are trained by overseas qualified specialists. Once all body repairs/replacements are complete using the most modern methods and equipment in the motor repair industry in the world computerised paint matching and mixing equipment ensures precise paintwork and a high quality finish for the vehicle. Finally quality assurance experts will inspect the vehicle under specially designed lights to ensure that it is defect-free prior to delivery to the owner. All the repairs will be certified by the Formula World Centre with a limited warrantee. This state- of –the-art Collision Repair Centre will be upgraded to ISO standards shortly. This make Formula World unique and is the only State- of – the – art repair centre in south east Asia.

3. Why is it so important that the vehicles should be repaired to Manufacturer’s Specifications?

If the vehicles are repaired to manufacturer’s specifications, it ensures the safety of all passengers, by balancing the strength of the vehicle using the pressure points so that at a collision the pressure is absorbed and released at correct points of the vehicle without danger to the passenger. Formula World uses high-tech equipment to detect, adjust, repair and/or replace motor-vehicle body panels and related components. The process itself sees the use of the latest laser measurement to repair ‘Uni-Body’frame systems to ensure complete accuracy and precision when aligning damaged areas (E.g. ‘Crush Zones’) and when correcting structural and other faults in the frame or body of the vehicle. Thus minimising damage done to passengers in case of a second accident.

4. Doesn’t a normal garage facilitate these requirements?

No. The normal garages don’t have modern technical equipment, expertise and knowledge to undertake the repairs maintaining the standards of manufacturer’s specifications.

5. Currently about how many vehicles are being repaired at Formula World per day?

About 200 vehicles are repaired monthly at the formula World.

6. What is your message to vehicle owners on the safety aspect of their vehicles?

As vehicle owners you should make sure that you and your passengers are protected at times of accidents and repairs. Hence you should commit yourself to go an extra mile to confirm that the vehicle is out of danger and repaired to the manufacturer’s specifications and through this you can avoid the dangers in loss of human lives.

7. Finally how can you obtain the services of Formula World?

Formula Plus Motor Policy holders with Comprehensive Cover will be entitled for this service

8. As an Insurance provider the responsibility you have towards the community is far great. From this initiative how would you cater in to this matter?

As we know any type of collision (major/minor) can have an impact towards the vehicle, passengers and pedestrians. The architecture of the modern vehicles designed has unique standards in maintaining safety standards to protect passengers and pedestrians.

Therefore when a vehicle is damaged these safety features might not function, it will disable the functions incorporated by the Original Equipment Manufacturer (OEM).

At Formula World these types of damages are detected via high tech equipments and are able to reproduce/replace them up to the standards specified by the OEM.

After a repair at Formula World we guarantee that the vehicle been manufactured according original standard. Therefore we can ensure that our work practices produces a vehicle that is safe to drive, sate to travel & will have minimum impact at next the accident.

As the pioneer in the insurance industry we are proud to own the first ever Collision Repair Center (CRC), and to facilitate to increase the safety levels of vehicles.

(9) The motor insurance Market in Sri Lanka is highly aggressive in the current context. What is the value preposition of Formula Plus which differentiate from its competition?

Current trend in the motor insurance industry is almost offering bundled benefits & incentives towards its customers.

The approach we made was totally different. Our concern was that the main reason why people purchase Motor Insurance is "to repair the vehicle for it to be same as it was before the accident". Which means there should be a sufficient claim amount and place to do a perfect repair.

Thereby we have identified the fact that people are highly concerned to have a Perfect Repair in a more convenient way.