A pioneering Life insurer, Janashakthi Life has continued to gain and nurture the trust of customers across Sri Lanka with ethical and transparent conduct in all business affairs along with exceptional focus on customer service. Janashakthi Life has a strong presence across the island, with an expanding Life Insurance network of over 72 branches and a dedicated call centre.
Over a span of 27 years, Janashakthi Life has continued to revolutionize the insurance industry and journeyed forward to become a leader in the Life insurance industry in Sri Lanka, delivering a service beyond Insurance to all its customers and stakeholders while remaining true to its purpose of uplifting lives and empowering dreams.
Janashkathi Insurance PLC, Director / Chief Executive Officer (CEO), Ravi Liyanage recently sat down with Daily News to discuss the firm’s plans to revolutionize the country’s life insurance sector and its commitment to delivering excellence.
Following are the excerpts of the discussion:
“Janashakthi Insurance is one of the leading insurers in Sri Lanka established with the bold aim of providing protection and financial security to Sri Lankans all over the island. Founded in 1994, we have been pioneering the insurance industry for over 27 years now as a household brand where the general public recollects and engages with its warmth of assured protection.Beginning with very humble and local roots, today we stand tall in fulfilling regional and global standards in every front of the business.”
Janashakthi Life has been operating in Sri Lanka for almost 3 decades now. Commenting on Janashakthi Life’s approach to pioneering change in the life insurance sector he said, “Our approach and march towards revolutionizing the industry are in few folds. Firstly, we are transforming to be an insurer who will constantly innovate financial and protection solutions to fulfill all consumer needs in our operating space benchmarking best in class across industries.
Another emphasis on revolutionizing the industry is that our greater focus on digital space not only making consumer experience greater but also making seamless operation across the entire value chain in developing business value proposition. In doing so we integrate seamlessly consumer front and all customer touchpoints which includes 72 branches, and over 1200 sales force.”
“Our sales force being the front runner of our business are well trained to identify individual specific insurance needs and augment and tailor-make solutions to match consumer needs. We also track post purchase behaviour of the consumer to understand consumer expectations of our services. Customer onboarding to claims processing is integrated seamlessly to provide unmatched consumer experience to make all our policyholders contended about the services of their insurance,” he further added.
Commenting on the recent achievements and recognitions of the Organization he said, “Last year, Janashakthi Life was rewarded and recognized among the top 10 fastest growing brands in Sri Lanka and also placed among the 50 most respected entities by LMD.Our record-breaking achievements can be seen in several sectors including, Gross Written Premium (GWP), we reached 45% growth despite the industry growth at figure of 21%. A 115% growth in First Year Regular Premium while the industry average sits at 29%. The shifting by 2 positions upwards in the market place of First Year Premiums, in a span of 1 year is a commendable achievement. Premium of Regular Business had grown by 28%, Single premiums by 96% while the industry records 58%. Surplus transfer has also grown by 85% in 2022 from 2021”.
Furthermore, “we have remodeled the distribution model have established 4 parallel channels for expansion. Record-breaking achievements have come from the people’s strength. The company has reached above and beyond global recognition this year where 108 employees have qualified to take part in the Million Dollar Round Table (MDRT)- a prestigious US based forum where the world's leading life insurance and financial service professionals in over 70 countries are invited to take part in it.”
Janashakthi Life has a special feature, which is building a “High Performance Culture”. Commenting on how this is incorporated into the environment and the operations of the company he said, “‘High Performance Culture’ comes from various sources and initiatives. Firstly, as an equal opportunity employer, we promote an equal employment environment. People work while being assured that meritocracy is being recognized. One of the key features in a high performing culture is regular measurement and dissemination of measured information as feedback to employees that reinforces feedback and accountability in a very transparent manner.”
Furthermore, “a performance driven culture has been facilitated by a rich reward mechanism for employee engagement. This mechanism is designation based; task based to include ‘every tier’ of the organization. Employees welfare has been key factor in creating a hygienic environment. Feedback mechanisms adopted by our Human Resource team monitor whether we live up to our core values and employee expectations in staff welfare and other factors.”
In conclusion, commenting on Janashakthi Life’s strategy for sustained growth and future outlook he added that “Innovation is the key strategy for growth in a matrix of products and markets. Constant appraisal of the consumer for current, emerging and potential products and focused approach in market development based on strong segmental and geographical penetration via multi distribution channels to reach the potential consumers is the core of a sustained approach to organizational growth. Growth is also achieved by enhancing an unmatched service experience whereby the consumer churn is minimized for sustainable retention of the consumer.
In conclusion he stated, “We are looking at revolutionising the insurance landscape in Sri Lanka by being the most innovative insurer in the country. We will continue to augment the current status quo of products and solutions, reach unconquered market spaces and lead the way with innovation, new technologies and more specifically digital space.
As we continue to navigate this challenging economic landscape prevailing in Sri Lanka, we will continue to play our part to uplift the lives of our citizens. The company is geared to remain resilient while continuing to provide solutions that cater to the evolving protection needs of Sri Lankans across all key segments.”
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