From left: LOLC Life Assurance CEO Nadika Opatha, LOLC General Insurance Chief Executive Officer Kithsiri Gunawardena, Group Managing Director and CEO Kapila Jayawardena and Ch17 Loyalty CEO Jumar Preena – Pic by Upul Abayasekara
- Launches first ever Lifestyle Motor Insurance Product ‘Honours’ and leads the way in which in the direction of Digital Insurance transformation
LOLC General Insurance (LOLC GI), one of many fastest-growing General Insurance corporations in Sri Lanka is disrupting the overall insurance industry by making motor insurance a life-style product with its distinctive loyalty program ‘Honours’ with wealthy rewards, along with unveiling its first ever Electronic Point-of-Sale (ePOS) – the digital coverage issuance community.
LOLC GI’s new way of life loyalty program ‘Honours’ is crafted with seamless and pleasant experiences that present shoppers with actual worth. Loyal prospects might be grouped into 4 tiered multi-level memberships akin to Classic, Silver, Bronze and Platinum and constantly rewarded with advantages on daily basis.
The rewards scheme is relevant for all LOLC GI Motor Policyholders who will obtain precious reductions and advantages by way of the loyalty accomplice community – Channel 17 (CH17). The first ever ‘reward-back’ program provides prospects a money again scheme operated by the use of service provider reductions/loyalty factors, which LOLC GI believes will offset the price of buyer insurance premium and extra.
Loyalty factors could also be accrued by way of the accomplice service provider community and may be redeemed in the direction of a buyer’s personal coverage renewal or contribute to a social trigger. The Honours program will unveil the widest insurance loyalty platform in Sri Lanka, with a attain of over 1,000 accomplice areas.
Simple, but descriptive, ‘Honours’ the Loyalty Program displays an eco-system designed to gas a sustainable business mannequin throughout difficult financial instances. LOLC GI understands the difficulties confronted by prospects because of the present state of affairs and that of the retailers who’re additionally constrained because of inflation and present macro-economic elements. Seeking to assist each stakeholders get better, LOLC General Insurance strives to guard its prospects and to assist the Sri Lankan business sector.
Thus, ‘Honours’ has been designed not as a typical loyalty platform, however a strategic eco-system constructed to learn motor policyholders while making certain SME companies and different business entities in Sri Lanka stay lively.
Customers can accumulate ‘Honours’ loyalty factors whereas transacting with any of the retailers throughout the community and are free to redeem factors by way of selective companions or throughout their coverage renewal. Going additional, ‘Honours’ allows its policyholders to donate the accrued factors to LOLC’s humanitarian program ‘Divi Saviya’ aimed toward defending households affected by the Sri Lankan financial disaster. Honours is a complete community, designed to self-sustain and defend Motor coverage holders, SME’s, shareholders, staff and residents of Sri Lanka.
Further, LOLC GI firmly believes that going digital is the way in which ahead to minimise the pressure on the economy. Digital merchandise are straightforward to transact, more cost effective to distribute and calls for much less sources not like conventional channels. LOLC GI’s Electronic Point-of-Sale (ePOS) answer provides enhanced comfort and course of simplification. Customers are supplied their coverage in beneath 5 minutes, with the added benefit of actual time coverage processing and involving zero paperwork.
Delivering an end-to-end answer, the ePOS allows Digital Certificates, Proposals and actual time premium settlements. Due to the corporate’s expanded attain, over 250 ePOS Centres are situated islandwide and simply accessible to prospects.
Firmly believing that insurance must be a product which is simple to understand to the top buyer, LOLC GI aspires to extend the user-friendliness of its merchandise for its prospects all through the coverage life cycle and launches its journey in the direction of an ergonomic coverage design platform know as ‘Build Your Own’ (BYO). BYO provides a novel intuitive citation design, for straightforward buyer reference throughout completely different motor insurance merchandise and ideas together with tailored insurance options to suit every buyer’s pockets.
Additional options of the platform consists of product comparability, the widest vary of add-on covers and a free LOLC Credit Card with straightforward fee plans, (topic to eligibility). Delivering a differentiated expertise, the answer ensures that your entire product and options of the motor insurance market is on the palm of the client.
LOLC GI aspires to be the premier motor insurance model evolving by way of these three new improvements to the market. LOLC General relaunched its motor insurance model positioning itself as LOLC Motor Insurance ‘Benefit Everyday’, pushed by the Honours Loyalty Program, the EPOS digital answer and the BYO platform, perfected to supply advantages every day to Sri Lankans as the one way of life motor insurance model within the nation.
LOLC General Insurance is a totally owned subsidiary of the LOLC Group, amongst Sri Lanka’s largest and most diversified conglomerates with operations in 21 international locations in Asia, Africa and center east. At current, LOLC General Insurance is assessed as a large-sized firm and the fifth largest General Insurer in Sri Lanka.
The firm was recognised because the quickest to realize the Rs. 7 billion milestones throughout the General Insurance industry. During 2021, LOLC General Insurance recorded a premium earnings development of 19.2% which was the very best development recorded by a mid/giant sized firm within the General Insurance industry and reported paid claims of Rs. 2.5 billion.
