July 06, 2007 (LBO) – Sri Lanka Insurance Corporation (SLIC) says is aggressively chasing the motor insurance sector, an official said. SLIC says its overall premium is showing a growth of about 30 percent with the last two quarters as a result of adopting aggressive marketing techniques.
“New blood has given life to the products with aggressive marketing,” Nalaka Godahewa, chief executive of SLIC told LBO.
As a part of its marketing scheme, SLIC launched a campaign to lure more vehicle owners with a range of prizes from cash to vehicle electronics with a one million cash prize on offer every two months for its “Formula Plus’ policy holders.
The Formula Plus policy holders have a separate repair centre where SLIC takes care of repairing vehicles, reducing the hassle for customers.
SLIC is trying to raise awareness on general insurance in Sri Lanka where insurance penetration is as low as three percent.
SLIC manages 50 billion rupees in assets, over one million policies in force and a 32 billion life fund. .