April 03, 2008 (LBO) – Sri Lanka’s Sampath Bank launched a life insurance policy scheme for its customers Thursday in a tie-up with Eagle Insurance, saying it wants to further diversify its financial services.
The bank, which has already diversified into leasing and stock brokering and general insurance, said its entry into life insurance will provide an additional product for its customers.
The bank aims to sell its life insurance scheme with Eagle Insurance to its 1.2 million customers.
Eagle Insurance says Sri Lanka’s insurance penetration rate is low, being around eight percent of the total population.
“The penetration rate of insurance in Sri Lanka is quite low and we want to leverage on our customer base to push this product,” Lasitha Suraweera, Sampath Bank’s chief marketing officer, said.
Sampath Bank has a 106 branch network across the island.
Eagle Insurance says they are aiming to market insurance through multiple channels.
“In the traditional insurance model, insurance policies are promoted through agencies but world over insurance companies are looking at multiple channels of distribution, especially banks,” says Gehan Rajapaksa, general manager, bancassur