Business
Insurance industry looks at Bionic Insuring in a ‘new normal’
COVID-19 has disrupted most businesses globally and the insurance industry is no exception. Given the restrictions imposed by the pandemic, insurers have been compelled to accelerate their digital journeys and holistically digitize their operations. In this regard, the Insurance Association of Sri Lanka (IASL) hosted a webinar on ‘What does it mean to be a truly bionic insurance company?’ with Boston Consulting Group (BCG) as its knowledge partner, on February 23.
Prateek Roongta, MD & Partner, BCG facilitated the event and Pallavi Malani, MD & Partner, BCG delivered the keynote presentation, which was followed by a panel discussion comprising Thushara Ranasinghe, MD / CEO of Ceylinco Life Insurance Limited, Sanjeev Jha, MD and CEO of Fairfirst Insurance, and Pranay Mehrotra, MD & Senior Partner, BCG. The panel discussion was moderated by Chilman Jain, Principal, BCG Colombo.
Pallavi Malani of BCG, while addressing 60+ CXOs from Sri Lanka’s insurance industry, explained what being ‘bionic’ means and outlined the imperatives for becoming a bionic insurer in the post-COVID-19 world. In order to achieve bionic outcomes, insurers need to integrate human elements with technology and not replace one with another. “There is a need to empower talent and enhance efficiencies by leveraging the right tech stack and data. However, businesses will still have to engage with new talent pools and create agile teams to effectively make the shift to bionic ways of working”, she said.
Pallavi further discussed the five archetypes within which distinguished bionic players fall – i) Sales digitizers, ii) Data players, iii) Operations optimizers, iv) Innovators, and v) Digital natives. The discussion was made real with the example of PingAn, the largest Life Insurance company in China. Despite a salesforce of 1.3 million agents, PingAn has a ‘digital attacker agency distribution’ model and boasts of approximately 40% higher productivity than the second largest player in China. It has progressed from leveraging traditional technologies to mobile internet, to now using artificial intelligence (AI) across agent recruitment, training, agent management, sales model, and services. “PingAn has truly been a pioneer in digitizing its entire sales force, at scale,” shared Pallavi.
Pranay Mehrotra, Managing Director & Senior Partner, BCG emphasized on the need to use data as a differentiator. Data players are creating value by building digital foundations, developing new technology capabilities, implementing use case driven transformation, and improving overall data governance.
In his opening remarks, Thushara Ranasinghe, MD/CEO of Ceylinco Life Insurance Limited said, “In 2019, the Sri Lankan insurance industry grew by 10.5% and in 2020, it grew by an estimated 16%. Despite the lockdown, insurers were able to witness steep growth, proving that adversity reveals genius”. He stated that the pandemic took everyone by surprise and rendered all business continuity manuals irrelevant. Nevertheless, Ceylinco was able to quickly adapt to the changing situation and recover from the initial shock by installing proper infrastructure in place.
Sanjeev Jha of FairFirst Insurance said, “COVID-19 has taken away our choice to invest in digital initiatives or data optimization. Bionic is the need of the hour. Insurance companies typically are data intensive and cognizant of risks. Organizations that don’t become digitally sensitive would miss the race.”
In line with this chain of thought, Pranay from BCG emphasized the importance of transforming the agency channel. “COVID-19 is expected to accelerate digitization of the agency channel. Omni channel is expected to be a norm in the future. While it hasn’t happened in the last 12 months, a war for talent is imminent. Digitally evolved companies will be better positioned to capture, share, and create value as opposed to their traditional counterparts,” he said.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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