Sri Lanka Insurance recently changed the brand name of its motor insurance from Formula Plus to Sri Lanka Insurance Motor Plus providing added benefits to its customers.

Sri Lanka Insurance Motor Plus is clearly a better product with a number of new features and benefits.

The main focus of the Corporation is to offer a much better motor insurance product to our customers with benefits unparalleled to any other service provider in the country, said Ms. Renuka Ekanayake, the Deputy General Manager (Motor) of Sri Lanka Insurance.

Existing customers will also be converted to Sri Lanka Insurance Motor Plus automatically with all additional benefits with no extra costs.

Adding on to this, she said the Corporation had moved away from the traditional view of focusing on profitable customer segments and expanded the benefits to a wider customer range at national level targeting to be the number one in the Motor insurance industry at the end of this year.

"Today most companies are competing purely on price. Even though our products are highly affordable we do not believe in competing only on a price platform. We have clearly differentiated our product by offering a range of unique benefits that would assist the customers to be more benefited."

Sri Lanka Insurance Motor Plus is an enhanced value proposition, where it offers additional benefits from the point of purchasing up to the claiming stage of an accident.

"Today you can purchase a motor insurance policy from Sri Lanka Insurance, 24 hours a day. We are quite flexible in our product offering and are willing to customize our insurance products to suit your specific needs," Ms. Ekanayake said.

Sri Lanka Insurance also offers tailor made solutions to consumers with unique requirements so that they would be satisfied in claiming.

"We are also offering a unique benefit that no other insurance company currently offers to the customers. That is the facility to extend your manufacturer’s warranty by a further period of one year, with the intention of offering a satisfactory customer service to the buyer."

Ms. Ekanayake also stated that customers could pay the premium through post offices island wide which is another added benefit for the customer convenience in case of time management.

"In the event of an accident, our policy holders have the services of Sri Lanka’s largest and the best trained technical team who provide road side assistance. They are even equipped and trained to provide emergency first-aid facilities to any person who is injured, she added. Also now the customers have the opportunity to get their accident claims through the nearest regional office without coming to Colombo.

"Total customer satisfaction is ensured at every customer contact point in case of an accident. For an example within five minutes of customer notification of an accident a technical officer is geared to contact the customer and should approach the location less than 30 minutes of notification call," she said.

Sri Lanka Insurance has also taken an extra step to allocate a group of trained staff to be in contact with the manufacturing agent to ensure speedy restoration of the vehicle.

"Third party property claims settlements will be processed only with a Magistrate court order. Third party claims arising due to a fault of a Sri Lanka Insurance Motor Plus Policy Holder will be settled within three working days up on completing necessary requirements." she added

Ms. Ekanayake stressed that Sri Lanka Insurance is the only insurance provider that facilities the customers vehicle repairs by the manufacturer’s own collision repair centres. "We have tied up with the 11 main vehicle agents to provide a precise and convenient service to our customers."

The corporation is constantly seeking to present the Sri Lanka Insurance Motor Plus customers a convenient, hassle free motor insurance policy.

There are some of the additional benefits embedded at the launch of "Motor Plus" and she assured that many more innovative policies are on the drawing board for the benefit of the public.